newratings.com: Royal Dutch/Shell "hold" (ShellNews.net) Posted 16 Nov 04

Monday, November 15, 2004 9:17:01 AM ET

Dryden Financial

LONDON, November 15 (newratings.com) - Analysts at Dryden Financial maintain their "hold" rating on the Royal Dutch/Shell Group (SHE1.ETR).

In a research note published this morning, the analysts mention that the company recently announced its restructuring programme, wherein a single company, Royal Dutch Shell Plc, would replace the current joint company structure. The present Royal Dutch shareholders would be offered 60% of the new company's class "A" shares, the analysts say. The Shell Transport shareholders would be offered 0.284 class "B" shares for each share held presently, Dryden Financial adds.

http://www.newratings.com/analyst_news/article_509606.html

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newratings.com: Royal Dutch Shell faces possible rating downgrade by S&P

Friday, October 29, 2004 1:42:46 PM ET

NEW YORK, October 29 (newratings.com) – Royal Dutch Shell Group is likely to witness a downgrade in its long-term rating by Standard & Poor's, driven by the additional downward revisions in the company’s oil reserves.

Standard & Poor's said today that it might downgrade its AA+ long-term rating on Royal Dutch/Shell Group of Companies and its fully-owned subsidiaries, Shell Oil Company, Shell Petroleum NV and Shell Petroleum Company Limited. Standard & Poor's said that its long-term AA+ rating on Shell and subsidiaries had been placed on CreditWatch with negative implications, following the company's recent announcement that an additional downward revision of proven oil reserves was likely, which would be the fifth such adjustment this year. Shell Transport & Trading Company (SHE1.ETR), which owns a 40% stake in Royal Dutch Shell Group, witnessed a decline in its share price this morning, after a robust rally yesterday driven by the announcement of merger plans of the two holding companies and their boards.

http://www.newratings.com/analyst_news/article_502533.html