EXHIBIT 99.2



           HEADLINE: S&P Lowers Ratings on Fleetwood Enterprises, Inc.



         RD Headline: Ratings on Fleetwood Enterprises, Inc. Lowered and Placed
on CreditWatch With Negative Implications

         Standard & Poor's today lowered its rating on Fleetwood Enterprises,
Inc. to double-`B' plus from triple - `B' plus. In addition, the rating on the
company's $250 million convertible trust preferred stock was lowered to
single-`B'- plus from triple-`B'- minus. Both ratings are placed on CreditWatch
with negative implications.

         The rating action follows a recent, sizeable third quarter loss related
to a goodwill impairment charge and continued weak performance within the
company's retail, manufactured housing, and recreational vehicle business
segments. The negative CreditWatch listing is prompted by the tripping of a debt
covenant related to an $80 million senior note private placement.

         Mirroring very weak industry-wide conditions, unit sales within
Fleetwood's manufactured housing and recreational vehicle business segments for
the third quarter ending January 28, slid a material 46% and 30%, respectively.
While the company's manufactured housing group remained modestly profitable, the
retail housing and recreational divisions generated losses of $25 million and
$29 million, respectively. This performance compared to a modest loss at retail
last year and a $20 million profit within the recreational vehicle group for the
same period.

         While both manufacturers and retailers within the manufactured housing
industry have been working to reduce excess retail inventory for close to two
years, competition from repossessed units and continued very tight lending
conditions within the sector have hampered this effort. At the same time, demand
has also fallen off sharply in each of Fleetwood's three recreational vehicle
divisions, no doubt negatively impacted by signs of the slowing economy, waning
consumer confidence, and higher fuel costs.

         In addition to the operating loss of $56 million for the quarter,
Fleetwood recorded noncash charges of close to $175 million related to the write
down of goodwill, which was associated with retail acquisitions, and the
shuttering of an additional six manufacturing facilities. The loss reduces the
company's book equity base to about $333 million and pushes leverage (debt plus
trust preferred stock) to 60% from 50%.

         The company is in the process of pursuing refinancing alternatives to
replace its current floor plan financing. In addition, Fleetwood currently has
about $90 million in unrestricted cash balances. Ratings will remain on
CreditWatch pending the curing of aforementioned covenant default and
finalization of long term financing, Standard & Poor's said. -- CreditWire



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