S&P Lwrs Var Rtgs on UnumProvident-Related Synth Dls

Business Wire, Feb 18, 2003

Business Editors

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

Feb. 18, 2003--Standard & Poor's Ratings Services today lowered its ratings on various UnumProvident Corp.-related synthetic transactions and placed them on CreditWatch with negative implications (see list).

The CorTS Trust for Unum Notes and the PreferredPLUS Trust Series UPC-1 are synthetic transactions that are weak-linked to the rating on the underlying securities, UnumProvident Corp.'s 6.75% notes due Dec. 15, 2028.

The CorTS Trust For Provident Financing Trust I, CorTS Trust II For Provident Financing Trust I, and CorTS Trust III For Provident Financing Trust I are synthetic transactions that are weak-linked to the rating on the underlying securities, Provident Financing Trust I's 7.405% capital securities due March 15, 2038 (guaranteed by UnumProvident Corp.).

The rating actions and CreditWatch placements reflect the credit quality of the underlying securities.

RATINGS LOWERED AND PLACED ON CREDITWATCH NEGATIVE

CorTS Trust for Provident Financing Trust I
$52 million corporate-backed trust securities certificates

                    Rating
Class        To                From
Certs        BBB-/Watch Neg    BBB

CorTS Trust II for Provident Financing Trust I
$87 million corporate-backed trust securities certificates

                    Rating
Class        To                From
Certs        BBB-/Watch Neg    BBB

CorTS Trust III for Provident Financing Trust I
$26 million corporate-backed trust securities certificates

                    Rating
Class        To                From
Certs        BBB-/Watch Neg    BBB

CorTS Trust for Unum Notes
$25 million corporate-backed trust securities certificates

                    Rating
Class        To                From
Certs        BBB /Watch Neg    A-

PreferredPLUS Trust Series UPC-1
$32 million PreferredPLUS trust series UPC-1 certificates

                    Rating
Class        To                From
Certs        BBB /Watch Neg    A-

Copyright 2003, Standard & Poor's Ratings Services