FCE Bank PLC

Re: FCE Bank PLC - U.S.$12,000,000,000 Euro Medium Term Note Programme

PUBLICATION DATE: 21 November 2003
FCE Bank PLC
U.S.$12,000,000,000 Euro Medium Term Note Programme

With effect from November 12, 2003, Standard and Poor's Rating Services, a
division of the McGraw-Hill Companies, Inc. ("S&P") lowered FCE Bank plc's
short-term unsecured debt rating to A-3 and its long-term unsecured debt rating
to BBB-. References in the U.S.$12,000,000,000 Euro Medium Term Note Programme
Offering Circular dated October 1, 2003, to S&P's rating of FCE Bank plc should
be read accordingly.