S&P: Central Parking unaffected

Standard & Poor's said that its ratings and outlook on Central Parking Corp. (B+/negative/--) are not affected following the company's recent announcement of an ongoing investigation relating to its United Kingdom transportation business, and pending restatement of the company's financial statements for the first three quarters of fiscal 2005.

As a result of this event, the company also announced that, under section 404 of the Sarbanes-Oxley Act, a material weakness would most likely be identified relating to internal controls of financial reporting for the fiscal year ended Sept. 30, 2005.

S&P said it does not believe the effect is material to the company's financial profile (according to the company, the potential financial impact to fiscal 2005 is about $13 million to $15 million, which includes lost revenue and anticipated expenses related to the investigation - no prior-year restatements are expected).

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