Ltd. and linked bodies on "credit watch with developing implications''.

And at the same time S&P's affirmed its ratings on Terra Nova subsidiary Compagnie de Reassurance d'Ile de France (Corifrance). The credit watch placement follows an announcement from Terra Nova last week that it was the target of a bid offer from a mystery US-based company. The identity of the acquirer has remained secret. S&P's issued a statement yesterday that it expected "both Terra Nova and Corifrance will play a strategic role in the merged entity''.

"Details of the acquisition, if successful, will be made known by the end of August,'' the statement said, "at which point S&P's will meet...and the credit watch listing will be reviewed''.

E-COMMERCE COMPANY LISTS STK E-commerce company lists The Bermuda Stock Exchange yesterday approved the listing of up to two million ordinary shares of EarthPort.com plc on the mezzanine market.

EarthPort.com plc was established in September 1997 under the Companies Act 1985 of England and Wales. Through a subsidiary it runs an Internet transaction portal for clearing multiple online transactions for merchants, including stockbrokers, lotteries and other traders ready to go online.

Bermuda-based Voyager Financial Services is sponsoring the listing.

EarthPort.com executive chairman David Vanrenen said, "We believe this market has interesting potential in its time-zone, particularly for EarthPort as Bermuda is developing into a global e-commerce centre.'' IRIDIUM DEAFULTS ON MAJOR LOANS BUC Iridium defaults on major loans WASHINGTON, DC (Reuters) -- Iridium World Communications LLC on Wednesday said it had defaulted on loans totalling more than $1.5 billion, pushing the struggling operator of a $5 billion global satellite telecommunications network another step closer to insolvency. The defaults -- on an $800 million loan and another $750 million loan -- occurred after Iridium failed to meet customer and revenue growth targets required under the $800 million loan. Its third extension on the $800 million senior secured loan expired on Wednesday, triggering the subsequent default on the other loan, Iridium spokeswoman Michelle Lyle said.