Deadline to Comment on Code of Standard Practices for Participants in the Credit Rating Process is Extended to June 30, 2004

Important Market Participants Request Additional Time to Comment

BETHESDA (MD), LONDON, PARIS - (May 27, 2004) - In response to requests for additional time from important market participants, the deadline for comments on an Exposure Draft of the "Code of Standard Practices for Participants in the Credit Rating Process" has been extended through June 30, 2004. Developed by three leading global treasury and finance associations, the Code of Standard Practices is designed to restore confidence among issuers, credit rating agencies, investors and the regulators who oversee the credit rating process. The Code promotes enhanced transparency, protection of non-public information, safeguards against conflicts of interest, and improved communications with market participants. The Associations are soliciting comments from interested parties on specific provisions in the Exposure Draft and appropriate ways to incorporate the final Code into the credit rating process.

"We have received meaningful comments from a number of organizations and have had discussions with many important market participants who are interested in commenting on the Exposure Draft," said Jim Kaitz, President and CEO of the Association for Financial Professionals. "In order to ensure that the Code of Standard Practices reflects the needs of investors, issuers, and credit rating agencies, we believe it is appropriate to extend the comment period to allow these constituencies to develop thoughtful comments on this complex issue."

The Association for Financial Professionals (AFP), an organization of 14,000 corporate finance and treasury professionals in the United States, along with the United Kingdom's Association of Corporate Treasurers (ACT) and France's Association Francaise des Tresoriers d'Entreprise (AFTE), jointly developed the Code of Standard Practices. The three associations collectively represent more than 18,500 corporate treasury and finance professionals. The Code of Standard Practices is further supported by the International Group of Treasury Associations (IGTA) and the Euro Associations of Corporate Treasurers (EACT).

The Exposure Draft of the Code of Standard Practices for Participants in the Credit Rating Process is available at www.AFPonline.org, www.treasurers.org, www.afte.com.

The Association for Financial Professionals (AFP) headquartered in Bethesda, Maryland, supports more than 14,000 individual members from a wide range of industries throughout all stages of their careers in various aspects of treasury and financial management. AFP is the preferred resource for financial professionals for continuing education, financial tools and publications, career development, certifications, research, representation to legislators and regulators, and the development of industry standards.

The Association of Corporate Treasurers (ACT), based in London, England, is an organization of professionals in corporate finance, risk and treasury and cash management operating internationally. Formed to promote the study and best practice of finance and treasury management, it has over 3,300 members and 1,200 students in more than 40 countries.

Association Francaise des Tresoriers d'Entreprise (AFTE), founded in 1976, represents more than 1,400 members, including 1,050 corporate treasurers or financial managers. Headquartered in Paris, France, its activities include technical committees, conferences, education, publications and representation of corporate treasurers.