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S&P Global Credit Markets Digest

    Here is the current lineup of top articles and research from Standard &
Poor's Credit Information Services:

    TELECONFERENCES
    (For more details please see http://www.ratingsdirect.standardandpoors.com
or http://www.standardandpoors.com. All times U.S. Eastern)

    PUBLISHED

    RESEARCH REPORTS

    CORPORATE
    Regulator's Plan for Pacific Gas & Electric Reorganization May Not Help
Credit Quality
    Report Shines Spotlight on the Record-Setting Number of Corporate Defaults
in 2001
    Chameleon Convertibles: Will The Appeal Last?

    FINANCIAL INSTITUTIONS
    Commonwealth Bank of Australia Records Solid Half-Year Profit Despite
Difficult Conditions

    INSURANCE
    Report Details New U.S. Mortgage Insurer Capital Model
    Article Spotlights 2002 Revisions to U.S. Life Insurance Capital Model

    SOVEREIGNS
    No Rating Impact as Germany and Portugal Escape EU Warning, Despite
Long-Term Worries

    STRUCTURED FINANCE
    2001 Transition Study Shows Continuing Stability of European Structured
Finance Ratings
    Guarded Future For Credit Card Asset Quality
    Mexico Enters 3rd Stage of Latin American Securitization After Achieving
Investment-Grade Rtg
    First Ever Rating Assigned to Japanese Real Estate Investment Trust

    RATING ACTIONS

    CORPORATE RATINGS
    Qwest Communications International Inc. Ratings Lowered; Outlook Negative
    Alcatel Short-Term Ratings Cut to 'A-3' After Weak Fourth Quarter Results;
Outlook Negative
    WorldCom Inc. Outlook Revised to Negative From Stable; Ratings Affirmed
    Honda Rating Raised to 'A+'; Outlook Stable

    INSURANCE RATINGS
    Allstate Corp. Ratings Affirmed; Outlook On Allstate Financial Revised to
Negative

    SOVEREIGN RATINGS
    Sovereign Credit Ratings on Uruguay (Oriental Republic of) Lowered;
Outlook Remains Negative

    STRUCTURED FINANCE
    Japan Real Estate Investment Corp. Assigned 'A+/A-1' Ratings; Outlook
Stable

    RESEARCH ANALYSIS

    CORPORATES
    Matsushita Electric Industrial Co. Ltd.
    Delphi Automotive Systems Corp.

    FINANCIAL INSTITUTIONS
    Daiwa Bank Ltd.

    U.S. PUBLIC FINANCE/IFR
    Hawaii; Tax Secured, General Obligation

    LOCAL AND REGIONAL GOVERNMENTS
    Melbourne (City of)


SOURCE Standard & Poor's




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