S&P Puts American Steamship on CreditWatch-Negative

May 5, 2004

Standard & Poor’s Ratings Services announced that it has placed its ‘BBB-‘ counterparty credit and financial strength ratings on American Steamship Owners Mutual P&I Assn. Inc. on CreditWatch with negative implications “because the company has delayed filing its year-end 2003 statutory financial statements.”

S&P added that the company’s “year-end 2003 GAAP statements are also not available at this time. Standard & Poor’s practice is to place ratings on CreditWatch negative when financial statements are materially late, as is the case here. The financial statements are expected in about two weeks.”

S&Psaid it “expects to review the statements, meet with the company and resolve the CreditWatch shortly thereafter.”

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