On June 30, 2005, Standard&Poor's Ratings Services assigned its 'BB' long-term corporate credit rating to global lifestyle apparel marketer and designer Quiksilver Inc. At the same time, Standard&Poor's assigned its 'BB-' debt rating to the company's proposed $350 million notes due 2015. The notes will be issued pursuant to Reg. 144A, with registration rights. Proceeds will be used to partially finance the previously announced acquisition of Skis Rossignol S.A. The above ratings are subject to Standard&Poor's review of the final documentation. The proposed $350 million notes are rated one notch below the corporate credit rating, reflecting Standard&Poor's criteria for notching of holding company debt issues when there is a material disadvantage due
