Business Services Industry

S&P Releases Four Corners Capital Management Report

Business Wire, August 6, 2002

Business Editors

NEW YORK--(BUSINESS WIRE)--Standard & Poor's

Aug. 6, 2002-- Standard & Poor's today released its CDO Manager Focus report on Four Corners Capital Management LLC, U.S. High-Yield asset class. This report is issued in conjunction with the rating of Four Corners Capital Mondrian CDO I Ltd.

Standard & Poor's CDO Manager Focus is a comprehensive report of a CDO manager's capabilities and track record developed through in-depth site visits and evaluation of past transactions. The capability report sections of the report focus on organizational structure; management team depth and expertise; organizational investment philosophy; CDO management style, including investment process; and operations. Evaluations of past transactions focus on the performance of each outstanding CDO by asset class relative to its peers--using the appropriate Standard & Poor's CDO indices--by evaluating default rates, covenant breaches, par erosion trends, sales and purchase prices, and portfolio credit quality and diversification.

This report, along with all other CDO Manager Focus reports issued to date, can be found on RatingsDirect, Standard & Poor's Web-based credit analysis system, at www.ratingsdirect.com. Search for keyword "CDO Manager Focus." The report can also be found on Standard & Poor's Web site at www.standardandpoors.com. Go to Product and Services, and under Structured Finance, select Collateralized Obligations/Derivatives.

Standard & Poor's has published "CDO Manager Quality: A Critical Consideration" to explain in greater detail its approach to conducting the Manager Focus and the benefits of this analysis. This article is available on RatingsDirect. It is also available on Standard & Poor's Web site. Select Forum, then, under Ratings Commentary, select Structured Finance, and then Collateralized Obligations/Derivatives Ratings.

Inquiries regarding the Four Corners Capital Management LLC, U.S. High-Yield CDO Manager Focus Report should be directed to the analysts listed above. For general information regarding CDO Manager Focus, please call 212/438-1590 or e-mail cdofocus@standardandpoors.com.

Standard & Poor's, a division of The McGraw-Hill Companies, provides independent financial information, analytical services, and credit ratings to the world's financial markets. Among the company's many products are credit ratings on more than 220,000 securities and funds worldwide, the S&P 1200, the premier global equity performance benchmark, and the S&P 500, the premier U.S. portfolio index. With more than 5,000 employees located in 21 countries, Standard & Poor's is an integral part of the global financial infrastructure. Additional information is available at www.standardandpoors.com.