Bangkok--19 Jul--Moody's Investors Service Moody's Investors Service has today affirmed the Baa2/P-2 ratings of Tate & Lyle in response to the company's announcement of a new GBP275 million share buyback programme to be authorised by the Board for FYE 2007/08. The rating outlook remains stable. The rating affirmation takes into account (1) Tate & Lyle's confirmation that the proceeds from the planned disposal of certain activities of the Food and Industrial Ingredients Europe division will be used to finance a large part of the planned shareholder returns; and (2) Moody's expectation that, notwithstanding the pay-out to shareholders, Tate & Lyle will generate sufficient cash-flows to maintain credit metrics in line with a Baa2 rating (including RCF/Net Debt in excess of 20%) in FYE2007/08. More cautiously, Moody's notes that the company's financial policies have become more shareholder-friendly and that free cash flow generation is expected to remain constrained as a result of the continuous investments in the business. Tate & Lyle's rating could come under negative pressure if RCF/net debt fell below the range defined for the Baa category (i.e. 20%) in the context of weaker operating performance or more aggressive financial policies, and if business risk increased due to higher dependence on certain product segments. Headquartered in London, UK, Tate & Lyle is a global leader in renewable ingredients with operations throughout Europe, the Americas and, to a lesser extent, Southeast Asia. Its core competency is to add value to various raw materials such as corn, wheat and sugar by converting them into consumer foods and products. In 2007, Tate & Lyle recorded revenues of GBP4 billion. London Marika Makela Analyst Corporate Finance Group Moody's Investors Service Ltd. JOURNALISTS: 44 20 7772 5456 SUBSCRIBERS: 44 20 7772 5454 Paris Myriam Durand Managing Director Corporate Finance Group Moody's France S.A. JOURNALISTS: 44 20 7772 5456 SUBSCRIBERS: 44 20 7772 5454