DBRS Rates the New Issue of Federated Retail Holdings

DBRS has assigned a rating of BBB with a Stable trend to the new issuance of $1.1 billion 5.35 % notes due March 15, 2012, and to the new issuance of $500 million 6.375% notes due March 15, 2037, of Federated Retail Holdings, Inc. (the Company).

The new debt issued is guaranteed by Federated Department Stores, Inc. and is ranked pari passu with all senior unsecured obligations of the Company.

For further details on Federated Retail Holdings Inc., please see the DBRS report dated October 25, 2006.

Note:
All figures are in U.S. dollars unless otherwise noted.