Robert Grossman

March 20, 2008

Robert Grossman to Lead Fitch U.S. Public Finance
NEW YORK--(BUSINESS WIRE)

Fitch Ratings has assigned Group Managing Director Robert Grossman to lead its efforts in U.S. public finance with a special emphasis on reviewing corporate and public finance rating scales.

Robert Grossman, in his present role as Chief Credit Officer, has developed the broadest experience with, and exposure to, company-wide rating scales, definitions, and their usage by investors, regulators, and others. He will focus on the possible 'harmonization' of corporate and public finance ratings or the recognition of why an 'independent' scale is valuable.

'Asking Bob to devote his full attention to this assignment is an indication of our commitment to find a well thought out resolution to this issue,' said Stephen W. Joynt, President and Chief Executive Officer, Fitch Ratings

Group Managing Director Mike Belsky will continue to lead Fitch's public finance business development efforts. It is especially important that Fitch work intently with market participants to transition, reanalyze, and rerate the many financings impacted by the present market illiquidity.