Deere & Company Acknowledges S&P's Rating Actions

MOLINE, Ill., June 24 -- Deere & Company acknowledged that Standard & Poor's today affirmed its "A-" long-term credit ratings of Deere & Company and John Deere Capital Corporation. The ratings were removed from CreditWatch where they were placed on April 14, 2003. Additionally, S&P's outlook on Deere's long-term ratings was changed from stable to negative, reflecting S&P's concern over Deere's previously reported, unfunded, postretirement obligations to employees. Deere's "A-2" short term credit ratings from S&P, which were not on CreditWatch, were affirmed.