S&P Global Credit Markets Digest
NEW YORK--Sept. 5, 2002--Here is the current lineup of top articles and research from Standard & Poor's Credit Information Services:COMING UP:
| -- | Property Tax: The Underused Tax of Mexican Municipalities |
| -- | Hardening Asia Pacific Reinsurance Market Somewhat Eroded by Other Factors |
| -- | Life Reinsurance Faces Mixed Prospects |
| -- | Biggest Challenge Facing Energy Merchant Companies: $30 Billion of Mini-Perm Refinancings |
| -- | European Local Government Financing Systems |
| -- | Accounting Treatment of Securities in Latin America |
| -- | Analytical Tools and Methodologies for Assessing U.S. Utilities |
| -- | As European Securitization Market Matures, Surveillance Gets Teeth |
| -- | The Credit Costs of Partial Electric Restructuring |
| -- | U.S. Banks' Exposure to Telecoms |
PUBLISHED:
RESEARCH REPORTS
CORPORATES
| -- | Ratings On DPL Inc. and Subsidiaries Lowered to 'BBB'; Outlook Stable |
| -- | As Focus Returns to Pricing After Sept. 11, Global Pharmaceuticals Still Sturdy |
| -- | European Aerospace Industry Has Had a Tough Year |
| -- | U.S. Housing Market Performing Well Since Sept. 11 |
| -- | Trucking Industry Rating Methodology |
| -- | European Corporates Shake off Effects of Sept. 11, But Still Await a Full Recovery |
| -- | Consequences of Sept. 11 Attacks Underscored Energy Sector's Troubles |
| -- | U.S. Retail Accelerates After Post-Sept. 11 Sluggishness |
| -- | U.S. Gaming Bounces Bank, But Lodging Hampered By Less Travel Since Sept. 11 |
| -- | U.S. Media & Entertainment Scripting Slow Comeback Since Sept. 11; Advertising Sales Hold the Key to Recovery |
| -- | Improved Prospects for U.S. Defense Stem From Sept. 11 |
| -- | S&P: U.S. Airlines Mending After Sept. 11; Global Carriers, Airports Stable |
GLOBAL FIXED INCOME RESEARCH
-- U.S. Bond Market Volatility in the Year to August 2002
FINANCIAL SERVICES
| -- | Report Says U.S. Health Insurance Market Physically Fit |
| -- | Tab for Sept. 11 Insurance Claims Years From Being Finalized |
| -- | Planning Pays Off for Financial Institutions Despite Damage on Sept. 11 |
| -- | Corporate Governance and Accounting Standards Top Executive Insurance Conference Agenda |
| -- | Insurance Industry Renews Sense of Vital Identity After Sept. 11 |
| -- | Bank Industry Risk Analysis: Slovak Republic |
SOVEREIGNS
| -- | Sovereign Ratings History Since 1975 |
| -- | Revised Criteria for Rating Danish Covered Bonds Opens Possibility of 'AAA' Ratings |
| -- | Sovereign and Regional Governments in Germany and Austria Weather Storm of Disastrous Floods |
STRUCTURED FINANCE
| -- | Restructured Asset Certificates with Enhanced Returns (RACERS) 2002-15-PT Trust Certs Assigned Rtg |
| -- | Another Month of Improved Card Charge-Off Rates in July 2002 |
| -- | Mortgage Underwriting Models Are Not Always Created Equal? |
LOCAL & REGIONAL GOVERNMENTS
| -- | Florida Enters 2002 Hurricane Season With Restructured "Residual Market" for Property Insurance |
| -- | Municipal Market Summary August 2002 |
RATING ACTIONS
CORPORATE RATINGS
| -- | St. Paul Cos. Inc.'s $1.683B Universal Shelf Assigned Preliminary Ratings |
| -- | Dofasco Inc. Ratings Affirmed; Outlook Stable |
| -- | Hong Kong's PCCW-HKT Outlook Revised to Positive on Improved Debt Control |
| -- | State of Western Australia's 'AAA/A-1+' Ratings Affirmed |
| -- | Conoco, Phillips Petroleum Complete Merger; New Entity Rated 'A-' |
| -- | Aquila Ratings Lowered to 'BBB-'; Off Watch, Outlook Negative |
| -- | MSX International Inc. Outlook to Negative From Stable; Ratings Affirmed |
| -- | USEC Inc. Outlook Revised to Negative on Threat of New Uranium Competition in the U.S. |
| -- | Avaya Inc. Ratings Lowered, Off Watch; Outlook Negative |
FINANCIAL SERVICES RATINGS
| -- | HomEq Servicing Corp. Residential Rankings Raised; Assigned Strong Ranking as Special Servicer |
| -- | Cendant Mortgage Corp. Residential Servicing Ranking Raised; Alternative Ranking Assigned |
| -- | Ratings Raised on Three Czech Banks; Outlook Stable |
| -- | Zurich Financial Services Group Ratings Lowered to 'A+'/'A-1' and Placed on CreditWatch Neg |
| -- | Outlook on Indonesia's Bank Negara Revised to Stable From Negative |
| -- | Outlook on Indonesia's Bank Mandiri Revised to Stable From Negative |
| -- | Outlook on Commercial Bank of Kuwait Revised to Positive; 'BBB/A-2' Ratings Affirmed |
| -- | Standard & Poor's Assigns 'A+' Rating to QBE LYON |
| -- | Gerling-Konzern Globale Ruckversicherungs-AG Downgraded to 'BBB' and Placed on CreditWatch Dev |
| -- | CIGNA Corp. and Subsidiary Ratings Placed on CreditWatch Negative |
| -- | France-Based Reinsurer SCOR and Subsidiaries LT Ratings Placed on CreditWatch Negative |
SOVEREIGNS
| -- | Republic of Ireland 'AAA/A-1+' Ratings Affirmed; Outlook Stable |
| -- | Pakistan's PRs104 Billion Bonds Rated 'B+' |
| -- | Rtgs on Indonesia Raised to 'CCC+/C' From 'SD' With Conclusion of Commercial Debt |
| -- | Kingdom of Bahrain's Islamic Leasing Bonds Assigned 'A-' Rating |
LOCAL AND REGIONAL GOVERNMENT RATINGS
| -- | No Rating Action on Province of Mendoza, Argentina After Missed Coupon Payment |
| -- | Japan Finance Corp. for Municipal Enterprises' Nonguaranteed JPY50 Bil. Bonds Rated 'AA-' |
| -- | Budapest Becomes First Hungarian Local Government With S&P Rating: 'A/A-1' (LC), 'A-/A-2' (FC) |
INFRASTRUCTURE FINANCE RATINGS
| -- | Japan's TEPCO on CreditWatch Negative Following Nuclear Plant Damage Disclosure |
| -- | Ratings Lowered on Utilicorp Asia Pacific Holding Companies |
STRUCTURED FINANCE RATINGS
| -- | Six Premium Asset Trust Certificates Ratings Placed on CreditWatch Negative |
| -- | Golden Peanut Co. LLC Short-Term Ratings Lowered to 'A-1' |
| -- | BEA CBO 1998-2 Ltd. Rating Lowered on Class A-3 Notes; Other Ratings Affirmed |
| -- | Ratings On 18 ABCP Transactions Affirmed; $23.45 Billion Total Financing Limit |
| -- | Robeco CBO I Ltd. Class C, D, and E Ratings Put on CreditWatch; A, B Ratings Affirmed |
RESEARCH ANALYSIS
CORPORATES
| -- | Leap Wireless International Inc. |
| -- | Powerco Ltd. |
| -- | BT Office Trust |
| -- | Alcatel |
FINANCIAL SERVICES
| -- | New York Community Bancorp Inc. |
| -- | Banque de Financement et de Tresorerie |
| -- | Bristol & West PLC |
| -- | Bank of Ireland |
| -- | LGT Bank in Liechtenstein AG |
| -- | Fortis SA/NV |
| -- | Attorney's Liability Assurance Society Inc. Risk Retention Group/Attorneys' Liability Assurance Society (Bermuda) Ltd. |
| -- | Bank of East Asia Ltd. |
| -- | Council of Europe Development Bank |
SOVEREIGNS
-- Brazil (Federative Republic of)
LOCAL & REGIONAL GOVERNMENTS
| -- | Merida, Yucatan, Mexico |
| -- | Ontario (Province of) |
| -- | Oslo (City of) |
| -- | Copenhagen County Authority |
| -- | State of Oaxaca, Mexico |
STRUCTURED FINANCE
| -- | New Issue: F-E Blue S.r.l. |
| -- | New Issue: RFMSI Series 2002-S9 Trust |
| -- | New Issue: RFMSI Series 2002-S10 Trust |