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S&P: Shell Canada Ltd. Still On Watch Neg

The Wall Street Journal: S&P: Shell Canada Ltd. Still On Watch Neg

“will remain on CreditWatch with negative implications”

DOW JONES NEWSWIRES

July 8, 2004 12:48 p.m.

The following is a press release from Standard & Poor’s:

TORONTO (Standard & Poor’s) July 8, 2004–Standard & Poor’s Ratings Services today said its long-term corporate credit, senior unsecured debt, and global short-term ratings on Shell Canada Ltd. (SHC.T) (AA/Watch Neg/A-1+) will remain on CreditWatch with negative implications following the affirmation on July 8, 2004, of the ratings on Shell Canada’s parent company, Royal Dutch/Shell Group of Companies.

The ratings on Shell Canada will remain on CreditWatch with negative implications pending a review of the subsidiary as a stand-alone entity and a review of the strength and support of the parental links. Standard & Poor’s expects to complete this review within the next week. The ratings remain directly linked to those of Royal Dutch/Shell, although the magnitude of the link may vary by changing credit issues at either the parent company or Shell Canada level.

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