Rolls-Royce Credit Rating Upgraded by S&P

14 April 2005

                   Rolls-Royce CREDIT RATING UPGRADED BY S&P                   

Standard & Poor's Ratings Services confirmed today that it has raised its
long-term credit rating on Rolls-Royce plc to `BBB+' from `BBB'. The agency
stated that this was "primarily due to the Group's continuing progress in
strengthening its financial profile".

The agency also confirmed that it regards the outlook for Rolls-Royce as
"stable". It added that "Rolls-Royce's forthcoming implementation of
International Financial Reporting Standards will affect reported figures but
not the underlying credit risk of the Group".

Notes to Editors

1. Full details on the Group's adoption of International Financial Reporting
Standards, commencing with its Interim Profits for 2005, were made available in
a separate press release issued earlier today.

2. S&P also maintains a "short-term credit rating" on debt with maturities of
less than 12 months. The agency today reaffirmed a current rating for
Rolls-Royce of "A-2"

3. The company's current rating with Moody's investor services stands at Baa1.

For further information please contact:

Duncan Campbell-Smith

Director of Corporate Communications

Tel: [phone]

email: [e-mail]

Peter Barnes-Wallis

Director of Financial Communications

Tel: [phone]

email: [e-mail]