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Rating Action:

Moody's lowers Tomkins ratings to B2 following partial tender offer

19 Oct 2010

Approximately GBP250 million rated debt affected

New York, October 19, 2010 -- Moody's Investors Service lowered its ratings for the senior unsecured notes of Tomkins plc and Tomkins Finance plc to B2 from Baa3. Tomkins was acquired in a leveraged transaction by Pinafore Holdings BV (Corporate Family Rating of Ba3), and as part of that transaction a tender offer was made to redeem the notes of Tomkins. Following completion of that tender offer, a meaningful portion of the Tomkins notes remain outstanding. The rating downgrade recognizes that the remaining Tomkins notes rank junior to the secured debt incurred to fund the leveraged acquisition. In a related action, Tomkins' short-term rating was lowered to non-prime from Prime-3. This action concludes the review initiated on July 28, 2010. The ratings of Pinafore Holdings BV, including the Corporate Family rating of Ba3, are unaffected by this action.

As part of the acquisition of Tomkins, Pinafore launched a tender offer for the GBP150MM of Tomkins plc notes due 2011 and the GBP250 MM of Tomkins Finance plc notes due 2015. About GBP41MM of the 2011 notes and GBP109 of the 2015 notes were tendered. Pinafore is required under its new senior secured credit facilities to launch a second tender for the Tomkins plc notes due December 2011 within 90 days. The rating downgrade results from the junior priority which any stub pieces of Tomkins' debt will hold in the capital structure of Pinafore.

Subsequent to this action, Moody's will withdraw all ratings of Tomkins plc and Tomkins Finance plc. Pinafore has indicated that it will not provide guarantees for the portion of the notes that remain outstanding and it is not expected that financial statements for Tomkins will be available. As such, in Moody's opinion, there is insufficient information to continue to assess effectively the creditworthiness of the Tomkins plc/Tomkins Finance plc obligations. Please refer to Moody's Investors Service's Withdrawal Policy, which can be found on our website, www.moodys.com.

The following ratings were downgraded and will be withdrawn:

..Issuer: Tomkins Finance PLC

....Senior Unsecured Regular Bond/Debenture, to B2 (LGD 6, 92%) from Baa3;

..Issuer: Tomkins PLC

....Senior Unsecured Regular Bond/Debenture, to B2 (LGD 6, 92%) from Baa3;

.Senior Unsecured Medium-Term Note Program, to (P) B2 from (P) Baa3;

.Short-term rating, to Non-prime from (P) P-3;

Outlook Actions:

..Issuer: Tomkins Finance PLC

....Outlook, Changed To Stable from Rating Under Review;

..Issuer: Tomkins PLC

....Outlook, Changed To Stable from Rating Under Review

The last rating action was on July 28, 2010 when the Baa3 senior unsecured and the Prime-3 short-term ratings for Tomkins plc / Tomkins Finance plc were placed under review for possible downgrade.

The principal methodologies used in rating Tomkins plc/Tomkins Finance plc were Global Manufacturing Industry published in December 2007, and Loss Given Default for Speculative-Grade Non-Financial Companies in the U.S., Canada and EMEA published in June 2009. Other methodologies and factors that may have been considered in the process of rating this issuer can also be found on Moody's website.

Pinafore Holdings BV is the parent holding company for the operations of Tomkins plc (Tomkins). Pinafore is a diversified global engineering company focused on industrial and automotive-related activities - including power transmission, fluid power and fluid systems - accounting for 79% of sales as well as building products accounting for 21% of sales. In FY 2009, Tomkins generated sales of USD4.2 billion and employed around 26,000 people in 158 production facilities.

REGULATORY DISCLOSURES

Information sources used to prepare the credit rating are the following: parties involved in the ratings, parties not involved in the ratings, public information, confidential and proprietary Moody's Investors Service's information, confidential and proprietary Moody's Analytics' information.

Moody's Investors Service considers the quality of information available on the issuer or obligation satisfactory for the purposes of maintaining a credit rating.

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Please see ratings tab on the issuer/entity page on Moodys.com for the last rating action and the rating history.

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New York
Timothy L. Harrod
Vice President - Senior Analyst
Corporate Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

New York
Michael J. Mulvaney
MD - Corporate Finance
Corporate Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moody's Investors Service
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U.S.A.

Moody's lowers Tomkins ratings to B2 following partial tender offer
No Related Data.
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