S&P puts MEPC on watch

Standard & Poor's put MEPC Ltd. on CreditWatch negative including its £150 million 12% bonds due 2006, £150 million 8.75% bonds due 2006 and £75 million 9.875% bonds due 2004 at BB and MEPC International Capital LP's $215 million 9.125% Quips series A at B+.

S&P said the watch placement is a result of the company's weakening financial profile and the announcement that there will be management changes.

MEPC directors from the time before the company was taken private will eventually retire and be replaced by representatives of Hermes Pensions Management. This creates uncertainty regarding operational and financial strategies, S&P said.

In addition, dividend payments and loans from MEPC to its parent company have weakened MEPC's financial profile, S&P added.

S&P upgrades Siam Commercial Bank

Standard & Poor's upgraded Siam Commercial Bank Public Co. Ltd. including raising its $150 million 7.5% subordinated notes due 2006 to B+ from B.

S&P rates Banco Votorantim notes B+

Standard & Poor's assigned a B+ rating to Banco Votorantim SA's new $100 million eurobonds due 2005.

S&P puts DVI on watch

Standard & Poor's put DVI Inc. on CreditWatch negative including its $155 million 9.875% senior notes due 2004 at B.

S&P said the CreditWatch listing follows DVI's announcement of the resignation of the company's independent public accounting firm.

In addition, S&P said it remains concerned about the company's ability to refinance its maturing debt. DVI has $155 million of senior notes due in February 2004.

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