Yu-Tsung Chang, director of structured finance ratings at Standard & Poor's Ratings Services in Tokyo, has been named managing director and head of ratings services starting January 1, 2000. In his new position, Chang will head the Tokyo office with an emphasis on franchise development, but will continue to be heavily involved in structured finance as Japan's securitization market continues to grow. He joined the agency in 1992 as a structured finance analyst and became a structured finance team leader in 1995.

"Yu-Tsung Chang's appointment as our Tokyo office head reflects Standard & Poor's commitment to the local talent in our Tokyo office and elsewhere in the world and our determination to provide top quality credit information to the rapidly changing Japanese market," said Vickie Tillman, executive vice president and chief rating officer. Chang succeeds Thomas Schiller.

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