TORONTO, Nov. 2 /CNW/ - Standard & Poor's Canadian Index Operations announces the following index changes effective after the close of business on Friday, November 4, 2005: - On October 31, 2005, the shareholders of Precision Drilling Corporation (TSX:PD) approved the proposed conversion of the company into an income trust, Precision Drilling Trust (TSX:PD.UN). As a result, Precision Drilling Corporation will be removed from the S&P/TSX 60 and 60 Capped, the S&P/TSX Composite and Capped Composite, the S&P/TSX Capped Energy and the Provisional S&P/TSX Composite Indices. ACE Aviation Holdings Inc. (TSX:ACE.B) will replace Precision Drilling Corporation in the S&P/TSX 60 and 60 Capped Indices. ACE Aviation Holdings Inc. will be deleted from the S&P/TSX SmallCap and Provisional S&P/TSX SmallCap Indices. Precision Drilling Trust will be added to the Provisional S&P/TSX Composite, the Provisional S&P/TSX MidCap and the Provisional S&P/TSX Income Trust Indices. Catalyst Paper Corporation (TSX:CTL) will be deleted from the Provisional S&P/TSX MidCap Index and added to the Provisional S&P/TSX SmallCap Index. As part of this transaction, ACE Aviation Holdings Inc. will also be added to and Precision Drilling Corporation will be deleted from the S&P Global 1200 Index on the same date. Company additions to and deletions from an S&P equity index do not in any way reflect an opinion on the investment merits of the company. Standard & Poor's is the world's foremost provider of independent credit ratings, indices, risk evaluation, investment research, data and valuations. With approximately 6,500 employees located in 22 countries, Standard & Poor's is an essential part of the world's financial infrastructure and has played a leading role for more than 140 years in providing investors with the independent benchmarks they need to feel more confident about their investment and financial decisions. For more information, visit www.standardandpoors.com. Founded in 1888, The McGraw-Hill Companies is a leading global information services provider meeting worldwide needs in the financial services, education and business information markets through leading brands such as Standard & Poor's, BusinessWeek and McGraw-Hill Education. The Corporation has more than 280 offices in 37 countries. Sales in 2004 were $5.3 billion. Additional information is available at http://www.mcgraw-hill.com.