S&P Global Credit Markets Digest

NEW YORK--(BUSINESS WIRE)--Aug. 5, 2003--Here is the current lineup of top articles and research from Standard & Poor's Ratings Services:

COMING UP:

-- S&P Global Bond Markets' Weakest Links & Monthly Default Rates

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-- Industry Report Card: Fee-Based U.S. Banks

-- Refiners Striving to Meet Looming Low-Sulfur Specifications

-- Vectren Corp. Improves Financial Ratios

-- Comparing Off-Shore Oilfield Support Companies in the Gulf of

Mexico

-- Industry Report Card: North American Reinsurers

UPCOMING TELECONFERENCES:

-- NIMS Quarterly Highlights: Second Quarter U.S. NIMS Issuance

Volume Hits Record, Wednesday, August 6, 10 AM

-- Credit Profile of Standard & Poor's Rated U.S. Commercial

Mortgage Loans, Wednesday, August 6, 11 AM

-- Standard & Poor's Predatory Lending Compliance Questionnaire,

Thursday, August 7, 2;30 PM

All times U.S. Eastern. For complete details see ratingsdirect.com or standardandpoors.com

PUBLISHED:

SPECIAL REPORT

-- Standard & Poor's Response to the SEC

RESEARCH REPORTS

GLOBAL FIXED INCOME

-- S&P: New Japanese Bond Issues Gain Ground Despite Weak Credit

Quality

-- Global Fallen Angels Maintain Decelerating Pace

CORPORATES

-- Report Published Covering the Bond Insurers' International

Business

-- Recovery Prospects for Lenders to Defaulted Drax Cos. Coming

to Light

FINANCIAL SERVICES

-- Polish Mortgage Banking Set for Promising Medium-Term

Development

STRUCTURED FINANCE

-- Japanese Structured Finance Market: Master Trust Transactions

a Highlight of 2Q

-- S&P Quarterly High CLTV Matrix Shows Mixed Performance for

Second-Quarter 2003

-- Standard & Poor's CMBS Quarterly Insights: Delinquency Rate

Increases

-- Standard & Poor's Releases Second-Quarter Trends for RMBS

-- NIMS Quarterly Highlights: Second Quarter U.S. NIMS Issuance

Volume Hits Record; Performance Continues to Excel

PUBLIC FINANCE

-- Report Published Covering the Bond Insurers' International

Business

RATING ACTIONS

CORPORATE RATINGS

-- Cingular Wireless LLC Corporate Credit, Senior Unsecured,

Short-term, and CP Ratings Affirmed

-- AMR Corp. Withdraws Debt Offering; Rating on Convertible Notes

Withdrawn

-- Park Place Entertainment Corp. Rating Placed on Watch Negative

-- Stelco Inc. Placed on CreditWatch Negative On Concerns

Regarding Ability to Reduce Costs

-- Union Pacific Corp. Ratings Affirmed After Overnite Corp.

Sales Announcement

-- HCA Inc.'s Shelf Registration Rated 'BBB-'; Other Ratings

Affirmed

-- JSC Central Telecom and Proposed Russian Ruble 2 Billion Bond

Assigned 'ruBB+' National Scale Rating

FINANCIAL SERVICES RATINGS

-- Transamerica Finance Corp. Long-Term Senior and Subordinated

Debt Ratings Put on Watch Positive

PUBLIC FINANCE RATINGS

-- New York City Sales Tax Asset Receivable Corp.'s Revenue Bonds

Assigned Preliminary 'AA' Rating

INFRASTRUCTURE RATINGS

-- Aeroports de Paris Outlook Revised To Negative Due To

Potential Change in State Ownership

LOCAL AND REGIONAL GOVERNMENTS RATINGS

-- Province of Saskatchewan 'A+' Ratings Affirmed; Outlook

Revised to Positive

STRUCTURED FINANCE RATINGS

-- SLM Student Loan Trust 2003-8 Student Loan-Backed Securities

Assigned Preliminary Ratings

RESEARCH ANALYSES:

CORPORATES

-- PPL Corp.

-- Cemex S.A. de C.V.

-- AOL Time Warner Inc.

-- International Business Machines Corp.

SOVEREIGNS

-- Vietnam (Socialist Republic of)

STRUCTURED FINANCE

-- New Issue: MASTR Asset Securitization Trust 2003-6