diff --git a/version.php b/version.php
index 14f4caeca27..5362e6a78db 100644
--- a/version.php
+++ b/version.php
@@ -29,11 +29,11 @@
 
 defined('MOODLE_INTERNAL') || die();
 
-$version  = 2014050100.00;              // YYYYMMDD      = weekly release date of this DEV branch.
+$version  = 2014050200.00;              // YYYYMMDD      = weekly release date of this DEV branch.
                                         //         RR    = release increments - 00 in DEV branches.
                                         //           .XX = incremental changes.
 
-$release  = '2.7beta+ (Build: 20140429)'; // Human-friendly version name
+$release  = '2.7rc1 (Build: 20140502)'; // Human-friendly version name
 
 $branch   = '27';                       // This version's branch.
-$maturity = MATURITY_BETA;             // This version's maturity level.
+$maturity = MATURITY_RC;             // This version's maturity level.