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MOODY'S ADDS THREE ANALYSTS TO TORONTO STAFF, CONTINUING ITS CANADIAN EXPANSION

Toronto, May 29, 2003 -- Moody's Investors Service today announced three
new Toronto-based analyst hires. Charles Gamm will be relocating to
Moody's Toronto office as Vice President/Senior Analyst, Canadian
structured finance. Sean Marion will be joining as an Associate Analyst,
supporting Moody's ratings of Canadian sub-sovereign governments. Indu
Sambandam joins Moody's as an Associate Analyst, supporting the analysis
of Canadian utilities and pipelines.

This news, which marks Moody's second announcement of new analyst hires
in Canada this year, is another step in Moody's expansion of its Canadian
analytical team.

"We continue to strengthen our domestic analytical presence by adding
talented and experienced individuals," said Andrew Kriegler, Managing
Director of Moody's Canada. "Charles, Sean, and Indu will work closely
with their colleagues in Toronto and with other Moody's analysts around
the world to provide the highest-quality rating agency services to all
participants in the Canadian fixed-income markets."

Charles Gamm has been a Vice President/Senior Analyst with Moody's
Investors Service Ltd. in London since September 1999. As a senior
member of the Structured Finance Group, Mr. Gamm has covered the
pan-European commercial mortgage-backed securities (CMBS) market, serving
as the lead analyst on numerous securitizations involving commercial real
estate assets in the U.K. and western and northern Europe.

Prior to joining Moody's, Mr. Gamm served in multiple capacities with
Citibank in Toronto, London, and Frankfurt. He holds a degree from the
Richard Ivey School of Business at The University of Western Ontario, in
London, Ontario.

Sean Marion is currently a freelance author and economist for The
Economist Intelligence Unit, the business information arm of The
Economist Group, publisher of The Economist magazine. Prior to that,
Sean served as a micro-credit advisor for the United Nations Association
International Service in Mali.

Mr. Marion is currently completing his M.Phil. in international economics
at the University of Paris (The Sorbonne). He holds an M.Sc. in economic
history from the London School of Economics, London, England, and a B.A.
(Honours) in political studies from Bishop's University in Lennoxville,
Quebec.

Indu Sambandam was most recently employed as a research writer by CIBC
World Markets Ltd. in Toronto. Ms. Sambandam holds an MBA in finance, a
Master's degree in advanced accounting, personnel management & industrial
relations, and a Bachelor's degree in advanced accounting and auditing,
all from the University of Pune, India. She also has an Honors Diploma in
systems management from the National Institute of Information Technology,
India.