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STANDARD & Poor's last Friday downgraded four of Thailand's weakest banks and placed the financial strength ratings of two of the kingdom's largest banks under review for possible downgrade. The agency cut the Ba1 (senior debt), E+ (financial strength) ratings of First Bangkok City Bank, Siam City Bank, Bangkok Metropolitan Bank and Bank of Asia to B1 and E respectively, while the subordinated debt ratings were lowered to B3. The agency said that its action reflected the increasing uncertainty over the treatment of creditors at Thailand's weaker banks.

IN A similar move to the Australian government's recent airport privatisations, the New Zealand government and a consortium of local councils will decide by May how to proceed with the sale of around 54% of 210m existing shares in Auckland International Airport Ltd (AIAL). Investment bankers say the divestment will probably involve a combination of a trade sale and a public flotation, with the Crown and one or more of the airport's local government shareholders selling stock.

THE PEREGRINE group's chances of wooing a buyer for its key assets improved yesterday (Thursday) when liquidators received approval to distribute wages to the firm's remaining staff. Uncertainty as to whether employees would be paid in order to avoid an exodus of talent has become an issue in the sale prospects of Peregrine's equity businesses.

THE TOP Latin American sovereign borrowers are calling on bankers to prepare for poss- ible international bond issues sooner rather than later in case conditions in the new issue markets worsen in the months ahead. While none of the Latin sovereigns want to be viewed as desperate for funds, all the issuers are making sure they are ready to launch deals at short notice -- despite the unsettled state of emerging debt markets around the world.

* Lead managers Dresdner Kleinwort Benson and Creditanstalt are moving forward with the third sale of stock in Mol, the Hungarian oil company. The firms successfully ran the books on the first two sales of Mol stock and in the last deal they were both joined by Salomon Smith Barney.

* Ford Credit Australia Guarantor: Ford Motor Credit Co

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* Bank Austria AG Rating: Aa2/AAA

THE DOLLAR primary market continues to rattle along at breakneck speed, with an additional $10bn of fixed rate issuance launched across maturities from two years to 10 years this week. The heaviest congestion was felt in the 10 year area, where $1.75bn was issued. Although the lead underwriters of these transactions cited an increase in demand for the longer dates, most bankers remained sceptical that such deep demand existed.

* Caisse Centrale du Crédit Immobilier de France (3CIF) Rating: AA-/AA-

* Bank Nederlandse Gemeenten Rating: Aaa/AAA

Croatia In the largest borrowing by a Croatian corporate to date, Bayerische Landesbank has closed a $313m credit facility for Croatia Airlines.