( BW)(NY-S&P) S&P Global Credit Markets Digest -- Asia-Pacific Update

www.businesswire.com MAR 17,2003 21:32 PACIFIC 00:32 EASTERN Business Editors

    NEW YORK--(BUSINESS WIRE)--March 17, 2003--Standard & Poor's--ASIA-PACIFIC UPDATE:     Here is the current lineup of top articles and research from Standard & Poor's:

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

PUBLISHED:

RESEARCH REPORTS

CORPORATES
--  Enersis and Endesa Chile Announced Mandate to Launch
    Syndication of US$2.3 Billion Bank Loans
--  S&P Report Says War With Iraq Not an Immediate Threat to U.S.
    Health Care Credit
--  Increasing Longevity in the U.S. Adds More Pressure to State
    and Local Government Creditworthiness
--  U.S. Economic Forecast: A Foggy Bottom Crystal Ball

GLOBAL FIXED INCOME
--  Europe Investment Grade Market: Not Much of a Lull After the
    Storm

FINANCIAL SERVICES
--  Bank Contingency Planning in the Gulf Provides Cushion in
    Event of War in Iraq
--  Delays in Stock Disposals Could Pressure Japanese Bank Ratings
--  U.S. Reverse Mortgage Suit to be Monitored by Standard &
    Poor's
--  Strong Pricing Environment Not the Expected Boon for U.S.
    Property/Casualty Insurers
--  Accounting Rules and Business Needs at Odds

SOVEREIGNS
--  Italian Regions' Ability to Manage Health Care Costs Remains
    Key for Future Creditworthiness
--  The Hong Kong Budget: What Does It Mean for Hong Kong's Future
--  Venezuela's Political Crisis Will Have Long-Term Impact on
    Ratings
--  War in Iraq Not to Have Ratings Impact on European Strategic
    Oil Reserve Management Agencies

STRUCTURED FINANCE
--  Aussie RMBS: In Search of Sub-Debt Investors Special Report
    Published
--  Rating Transitions 2002: Global CDO and Credit Default Swap
    Rating Performance
--  U.S. Retail: What Will CMBS Do With All of the Space?
--  Italy's First Wholly Synthetic ABS Deal Could Serve as
    Blueprint for Traditional Asset Classes

RATING ACTIONS

CORPORATE RATINGS
--  Aristocrat's 'BBB-' Rating on Negative Outlook
--  United Expects to Meet Its First Covenant Test; Some Ratings
    Still CreditWatch Negative
--  Remington Products Co. L.L.C. Outlook Revised to Positive
--  York International Corp. Long-term Ratings Lowered on
    Challenging Industry Conditions
--  Radnor Holdings Corp. Ratings Raised, Off CreditWatch On
    Completed Refinancing
--  Omnicom Group Inc. Ratings Lowered, Off Watch
--  Gemstar-TV Guide International Inc. Rating Still on Watch
    Negative Amid Ongoing SEC Probe
--  CommScope Inc. Placed on CreditWatch Negative, on Sustained
    Weak Operating Performance

FINANCIAL SERVICES RATINGS
--  Ratings on M & T Bank Corp. Raised and Removed from
    CreditWatch
--  Chubb Corp. Pending Senior Note Issue Rated 'A+'; On WatchNeg
--  Outlook on Charles Schwab Corp. Revised to Negative; Ratings
    Affirmed
--  Argonaut Group Inc.'s Property/Casualty Subsidiaries 'BBB+'
    Ratings Remain on Watch Negative

STRUCTURED FINANCE RATINGS
--  Ratings on Various Metris Master Trust-Related Transactions
    Placed on CreditWatch Negative
--  Rating on SPIRET Trust Series 2002-1 Lowered and Removed From
    CreditWatch Negative
--  CNC Pass-Through Certificates Series 1994-1 Ratings Affirmed
    and Off CreditWatch

RESEARCH ANALYSIS

CORPORATES
--  Renault S.A.
--  Electronic Data Systems Corp.
--  Dow Chemical Co. (The)

FINANCIAL SERVICES
--  Westpac Banking Corp.
--  China Construction Bank
--  Kreditanstalt fuer Wiederaufbau
--  China Construction Bank
--  United Guaranty Residential Insurance Co.

SOVEREIGNS
--  Morocco (Kingdom of)
--  Chile (Republic of)





--30--GM/sf*

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KEYWORD: NEW YORK INTERNATIONAL ASIA PACIFIC
INDUSTRY KEYWORD: BANKING BOND/STOCK RATINGS
SOURCE: Standard & Poor's