Fitch Upgrades Working Capital Management Co. L.P. ABCP to 'F1'

Business Wire, Dec 3, 2004

NEW YORK -- Fitch Ratings has upgraded the rating of Working Capital Management Co. L.P.'s (WCMC) asset-backed commercial paper (ABCP) to 'F1' from 'F2'. Sponsored by Mizuho Corporate Bank (Mizuho), which provides 100% credit and liquidity support to WCMC, the program was established to issue ABCP and use the proceeds to purchase financial assets.

The rating actions are a result of Fitch's upgrade of Mizuho's short-term debt rating to 'F1' from 'F2' on Dec. 3, 2004, due to the upgrade of Mizuho's support rating to '1' from '2'. The '1' support rating represents the highest possible rating on the five-notch support rating scale. The support rating revision reflects growing concentration in the banking sector, and the increasing systemic importance of Japan's major banking groups. The support rating revision also reflects the rapidly receding risk of a systemic crisis in which Japan could have been required to support several major banks simultaneously. Fitch's rating action with respect to WCMC is not a reflection of the performance of the program's asset portfolio but reflects the linkage of WCMC's ABCP rating to that of Mizuho.

For more information regarding the upgrade of Mizuho, please refer to Fitch's press release dated Dec. 3, 2004 titled 'Fitch Upgrades Six Japanese Banks On Improved Support Outlook', available on the Fitch Ratings web site at www.fitchratings.com.