Shipperlee Rejoins Standard & Poor's as Part of Increasingly Robust Risk Solutions Business

NEW YORK March 9, 2005--As part of its efforts to serve client needs with leading integrated credit risk solutions, Standard & Poor's Risk Solutions has appointed Stuart Shipperlee as a new European managing director, based
in London.

"Risk Solutions combines Standard & Poor's longstanding analytical skills
and credit expertise with state-of-the-art tools, extensive data, and services
that flexibly meet the unique credit risk needs of institutions around the
globe," said Jerry Arcy, head of Standard & Poor's Risk Solutions. "Stuart's
industry background will add an important component to the services we render
to clients."

In his new position, Shipperlee will join the London-based team offering integrated credit risk solutions for European clients reporting to Gary
Kearns, Global Leader for Credit Risk Services.

"I joined Standard & Poor's Risk Solutions because credit risk issues are
fast becoming the most pressing concern for financial sector entities," said
Shipperlee. "It's not simply a case of Basel II compliance for banks via
internal ratings systems--it's about a fundamental re-focus on shareholder
value across a wide variety of financial institutions. The demand for accurate
risk measurement and adjustment is causing insurers, mortgage lenders, and
large corporates, in addition to banks, to look at their credit risks on a
portfolio-wide level, rather than simply exposure-by-exposure. Also, the
burgeoning use of new credit risk instruments--such as credit derivatives and
CLOs--demands a new approach to risk assessment for investors in these
markets."

Engaging risk has been a focus throughout Shipperlee's 20-year career,
making him well-placed to understand how the present demand for credit risk
services has evolved. He was previously managing director of European operations for AM Best, the U.S.-based insurance ratings agency, which followed an earlier 10-year period at Standard & Poor's. Shipperlee holds a
BSc in Biochemistry at London University and an MBA from City University.

"I returned to Standard & Poor's, joining the Risk Solutions team, on
account of it being superbly placed to meet the market need for robust,
accountable, and readily applicable credit risk solutions," says Shipperlee.
"This means not only leveraging our extensive historical data resources to
provide quantitative tools, but also drawing on the company's profound credit
expertise to offer clients the more qualitative services that complement these
tools. It's an exciting time to join the organization and I'm looking forward
to helping our clients enhance their internal risk management processes. "

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