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Smiths Group PLC (SMIN)

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Tuesday 30 January, 2001

Smiths Group PLC

S & P Rating

Smiths Group PLC
30 January 2001


Smiths Group rated 'single A minus' by S & P

Following completion of its recent merger with TI Group, Smiths Group plc
(formerly Smiths Industries) announced today that its 'single A minus' rating
has been affirmed by Standard & Poors, the credit ratings agency.

During the merger process, the agency had placed the company and its unsecured
debt on its CreditWatch list, a normal practice in these circumstances.
Stating that the outlook for Smiths Group was now stable, Standard & Poors
cited the company's strong niche market positions, sustainable free cash-flow
generation and conservative financial profile among the reasons for affirming
the 'single A minus' status. The rating assumes the automotive unit will not
be retained.

Alan Thomson, Smiths' Financial Director commented: 'The S & P rating is a
valuable confirmation that the enlarged company has an attractive risk
profile. With operating margins in the high teens and cash conversion at 80%
of profits, we continue to generate the financial resources to keep the
company on a secure growth path.'


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