Standard & Poor's, the world's leading provider
of independent financial research, ratings, and indices, today said it will
change the inclusion criteria for the S&P/TSX Canadian Bond Index. As
determined by the S&P/TSX Canadian Bond Index Committee, to be eligible for
inclusion in the Index:

- A bond must have a credit rating that is deemed to be investment
grade by at least two rating agencies.
- A bond must have a minimum par amount of C$100 million.

The new rules affecting the use of credit ratings and the minimum par
amount for Index bonds will be implemented with the November 2005 rebalancing,
or after the close of business on Nov. 30, 2005.
To determine that a bond has a credit rating that is deemed investment
grade by at least two rating agencies, the S&P/TSX Canadian Bond Index
Committee will use publicly available credit ratings provided by the Dominion
Bond Rating Service, Fitch Ratings, Moody's Investor Service, and Standard &
Poor's. A bond that meets the minimum ratings test will continue to be
classified into one of four standard, Index Credit Ratings Sectors ('AAA',
'AA', 'A', 'BBB'). The allocation of Index bonds to Credit Rating Sectors will
be based on a consensus approach: that is, the most commonly assigned credit
rating among rating agencies will be used for classification purposes. The
lowest, or most conservative, of available ratings will be used to classify
bonds that have a split rating.
More than 98% of the bonds included in the Index today have ratings
coverage by more than one rating agency. "This reflects a well-established
practice for Canadian market participants to seek multiple opinions of credit
quality," said David Blitzer, Managing Director and Chairman of the Index
Committee at Standard & Poor's. "The rating rule change respects this desire
for a performance benchmark to reflect a consensus view of credit risk."
To be eligible for inclusion in the Index, a bond must now have a minimum
par amount of C$100 million. A bond that meets the minimum size rule and all
other inclusion criteria will be held in the Index portfolio until such a time
as its par amount falls below C$50 million.
The increase in the minimum par amount reflects the increasing size of
bond issues. "The Index Advisory Panel agreed that increasing the minimum par
amount would appropriately reflect changing issuance patterns, especially
among corporate borrowers," said Mr. Blitzer. "Increasing the minimum par
amount and the requirement that each Index bond have multiple price providers
also will help to ensure that Index bonds are broadly distributed and
available for purchase by investors."
The announced changes follow consultation with the S&P/TSX Canadian Bond
Index Advisory Panel. The Advisory Panel is broadly representative of buy-side
and sell-side market participants and its role is to provide input and
feedback to the S&P/TSX Canadian Bond Index Committee to ensure that evolving
investor needs are reflected in the Index. The announced changes reflect
feedback received at an Advisory Panel meeting held in Toronto on June 22,
2005.
For detailed information of the new minimum ratings test and
classification rule see "Rules Governing The Use of Credit Ratings in the
S&P/TSX Canadian Bond Index" available on
www.canadabondindices.standardandpoors.com .

About Standard & Poor's
Standard & Poor's, a division of The McGraw-Hill Companies (NYSE:MHP), is
the world's foremost provider of independent credit ratings, indices, risk
evaluation, investment research and data. With approximately 6,300 employees
located in 20 countries and markets, Standard & Poor's is an essential part of
the world's financial infrastructure and has played a leading role for more
than 140 years in providing investors with the independent benchmarks they
need to feel more confident about their investment and financial decisions.
For more information, visit www.standardandpoors.com .

Founded in 1888, The McGraw-Hill Companies is a leading global
information services provider meeting worldwide needs in the financial
services, education and business information markets through leading brands
such as Standard & Poor's, BusinessWeek and McGraw-Hill Education. The
Corporation has more than 280 offices in 37 countries. Sales in 2004 were
US$5.3 billion. Additional information is available at www.mcgraw-hill.com .

For further information: contact: Rachel Shain, Communications,
Standard & Poor's, Toronto, (416) 507-2528; David R. Guarino, Communications,
Standard & Poor's, New York, (212) 438-1471; David M. Blitzer, Chairman of the
Index Committee, Standard & Poor's, New York, (212) 438-3907