SOURCE: FIMALAC

January 25, 2007 12:14 ET

FIMALAC : First Quater Revenue (October-December 2006)

PARIS -- (MARKET WIRE) -- January 25, 2007 -- FIRST QUARTER REVENUE (OCTOBER-DECEMBER 2006):Up 16.2% on a reported basis

Up 21.1% like-for-like*

At the General Meeting held on March 16, 2006, shareholders decided to change the Company's fiscal year-end to September 30. The period from October 1 to December 31, 2006 therefore represents the first quarter of fiscal 2007.

Fimalac's consolidated revenue for the first quarter of fiscal 2007 - consisting entirely of Fitch Group revenue - amounted to EUR 201.7 million versus EUR 173.6 million for the year-earlier period, representing an increase of 16.2% on a reported basis and 21.1% like-for-like.

+--------------------+--------------------+--------------------+
|    (in € millions) |October-December    |October-December    |
|                    |2005                |2006                |
+--------------------+--------------------+--------------------+
|  FITCH RATINGS     |               145.2|               173.6|
+--------------------+--------------------+--------------------+
|  ALGORITHMICS      |                28.4|                28.1|
+--------------------+--------------------+--------------------+
|FITCH GROUP         |               173.6|               201.7|
+--------------------+--------------------+--------------------+
|Consolidated revenue|               173.6|               201.7|
+--------------------+--------------------+--------------------+
+--------------------+--------------------+--------------------+

+--------------------+--------------------+--+--------------------+
|    (in € millions) |% change (reported) |  |% change            |
|                    |                    |  |(like-for-like)     |
+--------------------+--------------------+--+--------------------+
|  FITCH RATINGS     |             + 19.6%|  |             + 24.5%|
+--------------------+--------------------+--+--------------------+
|  ALGORITHMICS      |              - 1.1%|  |              + 4.3%|
+--------------------+--------------------+--+--------------------+
|FITCH GROUP         |             + 16.2%|  |             + 21.1%|
+--------------------+--------------------+--+--------------------+
|Consolidated revenue|             + 16.2%|  |             + 21.1%|
+--------------------+--------------------+--+--------------------+
+--------------------+--------------------+--+--------------------+
Revenue in dollars, the Fitch Group's functional currency, came to $258.3 million for the first quarter of fiscal 2007, compared with $209.5 million for the year-earlier period.

__________

Fitch Ratings reported first quarter revenue of $222.3 million versus $175.0 million, representing a strong 27.0% increase on a reported basis in dollars and 24.5% like-for-like. The quarter saw a further acceleration of business growth - in fiscal 2006 (covering the nine months ended September 30, 2006) revenue expanded 14.8% on a reported basis in dollars and 15.8% like-for-like, to $480.5 million.

__________

Algorithmics' contribution to first quarter consolidated revenue (after eliminating intra-group transactions) came to $36.0 million versus $34.5 million, representing a 4.3% increase on a reported basis and like-for-like, in dollars. By comparison, revenue for the nine months of fiscal 2006 rose 31% on a reported basis in dollars and 26.7% like-for-like, to $84.5 million.

* Based on a comparable scope of consolidation and at constant exchange rates.

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