SOVEREIGN RATINGS

S&P Sovereign Ratings offers an unmatched credit, financial and economic analysis
that provides comprehensive, reliable assessment of more than 80 developed
and emerging markets worldwide.

Ratings are as of July 11, 2002

L O C A L  C U R R E N C Y F O R E I G N  C U R R E N C Y   Sovereign Long-term rating Outlook Short-term rating Long-term rating Outlook Short-term rating Argentina SD SD SD SD Australia AAA Stable A-1+ AA+ Stable A-1+ Austria AAA Stable A-1+ AAA Stable A-1+ Barbados AA- Stable A-1+ A- Stable A-2 Belgium AA+ Stable A-1+ AA+ Stable A-1+ Belize BB Stable B BB- Stable B Bermuda AA Stable A-1+ AA Stable A-1+ Bolivia BB Stable B B+ Stable B Botswana A+ Stable A-1 A Stable A-1 Brazil BB Negative B B+ Negative B Bulgaria BB Stable B BB- Stable B Canada AAA Stable A-1+ AA+ Stable A-1+ Chile AA Stable A-1+ A- Positive A-1 China BBB Stable A-3 Colombia BBB Negative A-3 BB Negative B Cook Islands B Stable B B Stable B Costa Rica BB+ Stable B BB Stable B Croatia BBB+ Stable A-2 BBB- Stable A-3 Cyprus AA- Stable A-1+ A Stable A-1 Czech Republic AA- Stable A-1+ A- Stable A-2 Denmark AAA Stable A-1+ AAA Stable A-1+ Dominican Republic BB- Stable B BB- Stable B Ecuador CCC+ Stable C CCC+ Stable C Egypt BBB Stable A-3 BB+ Stable B El Salvador BB+ Stable B BB+ Stable B Estonia A- Stable A-2 A- Stable A-2 Finland AAA Stable A-1+ AAA Stable A-1+ France AAA Stable A-1+ AAA Stable A-1+ Germany AAA Stable A-1+ AAA Stable A-1+ Greece A Positive A-1 A Positive A-1 Grenada BB- Stable B BB- Stable B Guatemala BB+ Stable B BB Stable B Hong Kong AA- Stable A-1+ A+ Stable A-1 Hungary A+ Stable A-1 A- Stable A-2 Iceland AA+ Negative A-1+ A+ Negative A-1+ India BBB- Negative A-3 BB Negative B Indonesia B- Negative C SD SD Ireland AAA Stable A-1+ AAA Stable A-1+ Isle Of Man AAA Stable A-1+ AAA Stable A-1+ Israel AA- Negative A-1+ A- Negative A-1 Italy AA Stable A-1+ AA Stable A-1+ Jamaica BB- Stable B B+ Stable B Japan AA- Negative A-1+ AA- Negative A-1+ Jordan BBB- Stable A-3 BB- Stable B Kazakhstan BB+ Positive B BB Positive B Korea A+ Stable A-1 BBB+ Stable A-2 Kuwait A+ Stable A-1+ A+ Stable A-1+ Latvia A- Stable A-2 BBB Positive A-3 Lebanon B- Negative C B- Negative C Liechtenstein AAA Stable A-1+ AAA Stable A-1+ Lithuania BBB+ Stable A-2 BBB Stable A-3 Luxembourg AAA Stable A-1+ AAA Stable A-1+ Malaysia A Positive A-1 BBB Positive A-3 Malta AA- Stable A-1+ A Stable A-1 Mexico A- Stable A-2 BBB- Stable A-3 Mongolia B Positive B B Positive B Morocco BBB Negative A-3 BB Negative B Netherlands AAA Stable A-1+ AAA Stable A-1+ New Zealand AAA Stable A-1+ AA+ Stable A-1+ Norway AAA Stable A-1+ AAA Stable A-1+ Oman BBB+ Stable A-2 BBB Stable A-3 Pakistan B+ Stable B B- Stable B Panama BB Stable BB Stable B Papua New Guinea BB- Stable B B Stable C Paraguay BB- Negative B B Negative C Peru BB+ Stable B BB- Stable B Philippines BBB+ Stable A-2 BB+ Stable B Poland A+ Stable A-1 BBB+ Stable A-2 Portugal AA Stable A-1+ AA Stable A-1+ Qatar A Positive A-1 A- Positive A-1 Romania BB- Positive B B+ Positive B Russia B+ Positive B B+ Positive B Senegal B+ Stable B B+ Stable B Singapore AAA Stable A-1+ AAA Stable A-1+ Slovak Republic A- Stable A-2 BBB- Positive A-3 Slovenia AA Stable A-1+ A Stable A-1 South Africa A- Stable A-2 BBB- Stable A-3 Spain AA+ Stable A-1+ AA+ Stable A-1+ Suriname B Stable B- Positive Sweden AAA Stable A-1+ AA+ Positive A-1+ Switzerland AAA Stable A-1+ AAA Stable A-1+ Taiwan AA Negative A-1+ AA Negative A-1+ Thailand A- Stable A-2 BBB- Stable A-3 Trinidad & Tobago BBB+ Positive A-2 BBB- Positive A-3 Tunisia A Stable A-1 BBB Stable A-3 Turkey B- Negative C B- Negative C Ukraine B Stable B B Stable B United Kingdom AAA Stable A-1+ AAA Stable A-1+ United States AAA Stable A-1+ AAA Stable A-1+ Uruguay BB- Negative B BB- Negative B Venezuela B Negative B Vietnam BB Stable B BB- Stable B

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