Fitch Ratings Upgrades MRS Logistica's Ratings

Business Wire, June 11, 2004

MRS is a railway that provides freight transportation of iron ore, steel and other industrial products in Brazil. Three principal rail lines of 1,700 kilometers serve as key transportation links connecting Rio de Janeiro, Belo Horizonte, Sao Paulo and the region's main ports. MRS was incorporated in 1996 by a consortium of iron ore and steel companies that now includes CVRD, MBR, and CSN. These companies are captive customers and accounted for about 65% of MRS' cargo volumes and 60% of revenues in 2003.

A full copy of Fitch's Credit Analysis report about MRS Logistica can be found within FitchResearch, on Fitch's subscription-based web site, located at 'www.fitchratings.com' or by contacting Products & Services at 1-212-908-0800.