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S&P comments on Cintas Corp ratings (The following statement was released by the rating agency)

NEW YORK, January 8, 2004 - Standard & Poor's Ratings Services said today that the ratings and outlook on uniform services provider Cintas Corporation as well as its subsidiary Cintas Corporation No. 2 (A/Stable/A-1), would not be affected by a National Labor Relations Board (NLRB) complaint citing four Cintas facilities for unfair labor practices amid UNITE's campaign to organize Cintas employees. While more than two-thirds of the greater than 100 complaints filed have been either dismissed by the NLRB or withdrawn by the union, the NLRB has set a hearing for April 26, 2004, to make a final determination of any wrongdoing by Cintas for the remaining seven complaints against it. Standard & Poor's believes that even if the ultimate findings go against Cintas, its conservative financial profile will not likely be materially diminished. However, the stable outlook does not incorporate any potential future disruption in Cintas' business or adverse affects on its financial performance resulting from UNITE's ongoing union campaign to organize a majority of its employees. Cintas has more than 300 facilities.


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