www.moodys.com
Moody’s
Special Comment
Investors Service
January 13, 2009
Credit Uncertainty:
Table of Contents:
Global Corporate Finance
Risk Factors to Watch in 2009 1
Macroeconomic Overview 2
Aerospace 3
Risk Factors to Watch in 2009
Auto Manufacturers and Suppliers 4
Chemicals 5
Homebuilding and Building Products 6 What worries a credit analyst? It’s not the problems he knows his industry is going
Industrial Manufacturers 8 to encounter. It’s the uncertainties; the risk factors that might miss his industry or
Gaming and Lodging 10
hit it head on. The combination of high unpredictability and high consequence
Media and Entertainment 11
truly disturbs the credit analyst.
Metals and Mining 13
Oil and Gas Industry 14
In this publication, we look at credit uncertainties in 13 corporate industries.
Pharmaceuticals and Medical Device
(Companion reports released this week examine uncertainties in financial
Companies 15
institutions, public sector, and structured finance). Common uncertainty themes
Retail and Consumer Products 16
Telecommunications Industry 18 across many industries are --
Transportation 20
The functioning of the credit markets and the availability of capital;
The probability and form of government intervention.
But other uncertainties affect one or a few industries, and affect them differently:
To discuss the topics in this report,
Moody's has scheduled a Commodity prices
teleconference for Consensus among automaker stakeholders
Thursday, January 15th
Worse-than-expected home price depreciation
beginning at
Pension underfunding;
11:30AM EST/
Counterparty exposure;
16:30 GMT/17:30 CET.
M&A activity;
To register, and for more
Whether consumers will adopt a post-depression attitude in their
information, visit
spending habits.
http://www.moodys.com/events.
In this report, we assess the range of outcomes of these and other uncertainties,
as well as their potential impact on credit ratings.

Moody’s Investors Service
Special Comment
Credit Uncertainty: Global Corporate Finance
Macroeconomic Overview
The key credit uncertainty in 2009 is obviously the risk that economic policy is unable to stop the deleterious
feedback loop between credit losses and credit constriction. To frame our thinking and help us think about the
future of credit quality, we have identified three macro-scenarios:
A U-shaped recovery with a painful economic and financial convalescence (a 70% probability)
1.
a V-shaped recovery, with a rapid resumption of credit flows (a 15% probability)
2.
An L-shaped scenario, with continued credit rationing and deflationary pressures (a 15% probability)
3.
The probabilities we assigned to our scenarios are guesses because of several uncertainties:
The economics of global deleveraging are unknown
1.
Structural shifts combine with cyclical trends within the financial industry to make the near-term future
2.
undecipherable
Risk aversion is such that funding liquidity is a pervasive and sometimes alarming problem, including
3.
for governments
There is only limited room left for conventional monetary policy
4.
Nobody really knows by how much private saving rates must go up to create the conditions of a
5.
sustained rebound.
In fact, these uncertainties boil down to two key problems. First, the destination is unclear (how far balance
sheets need to be restructured) because there is no such thing as the \"right\" level of debt. It is therefore very
difficult to predict when deleveraging will run its course.
Second, the dynamics are unknown. For instance, the assumptions may be shattered that the U.S.
government will be able to finance a fiscal stimulus of historical proportions (about $2 trillion of borrowing for
2009) without severe pressures on the dollar, or that the Chinese government will be able to smoothly handle
the political impact of a severe slowdown.
A last source of macro-uncertainty is how governments and central banks will be able to engineer the orderly
unwinding of a massive risk -socialization process, whereby lower private sector debt is partly compensated by
larger public sector debt. This seems to be an issue to take care of in 2010, but it raises a question: Will credit
allocation ever again be as it was during the last 15 years?
— Pierre Cailleteau
Team Managing Director
(4420) 7772-8735
2 January 2009 Special Comment Moody’s Investors Service – Credit Uncertainty: Global Corporate Finance

Moody’s Investors Service
Special Comment
Credit Uncertainty: Global Corporate Finance
Aerospace
Availability of sufficient market financing for the upcoming airplane deliveries is the most acute risk facing the
commercial airplane producers. We think the financing need for aircraft to be produced by Boeing and Airbus
could approach $25 billion this year.
Our estimate incorporates the likely financing from the manufacturers, the additional amount supported by the
US and European export credit agencies, as well as the small portion of aircraft paid for with cash. Tightening
availability for aircraft financing could be the market condition for some time, with progressively higher capital
costs for these high-value assets as a result.
Customers – mostly commercial airlines – face the weakest revenue environment in many decades. Not only
is yield likely to fall, but global passenger traffic is also likely to decline this year, and the next, for only the
second time in over three decades (according to the International Air Transport Association). The
combination of rising capital costs and the prospect of terrible operating conditions for the airlines could
change the business case for long-term investment in aircraft.
This situation poses a significant risk to the sustainability of the manufacturers’ backlog, which currently is
about six years at current production rates. About one-third, and potentially one-half, of the backlog could be
rescheduled, deferred, or cancelled over the next few years. This would be the basis for a longer than usual
down-cycle for the commercial aerospace industry.
In addition to the risk of cancellations or deferrals from the existing backlog, it is conceivable that new orders
for aircraft will fall off sharply. With the large backlog currently in place, it is possible that a large portion of
aircraft orders that will be required for the next several years have already been placed. Aircraft orders, which
until recently were buoyed by the above-trend growth rates of developing regions, could decline to levels that
are only a fraction of the record numbers of the past few years. Very low order rates could characterize the
industry, at least until a replacement narrow-body airplane is available. This is not likely until the end of the
next decade (orders for the new airplane would be placed earlier than that).
The large commercial airplane makers face separate margin pressures – and their margins are thin compared
to those of similarly rated manufacturers’, even in the best of times. Boeing faces headwinds from large
pension expenses, as well as from the ramp-up for the B787 Dreamliner. This aircraft uses different production
processes than in the past and relies heavily on the consistent performance of its supply chain.
Airbus, already pressured by high-cost European production and the still relatively strong Euro (because
aircraft are sold in US$), has many challenges to overcome if it is to generate a return on the A380. Both
manufacturers face considerable uncertainty in the ability of the extended aerospace supply chain to perform,
and some suppliers could require significant operating support and/or financial accommodations.
Potential new entrants could challenge the two major regional jet makers in the near term. The segment
probably doesn’t need five participants operating on a global scale – Embraer and Bombardier are competing
now, and new aircraft from Russian and Chinese makers could enter the market over the next year, and from
Japan in a couple of years. Local buyers will probably be most receptive to the Russian and Chinese makers,
although that will limit opportunities for Embraer and Bombardier in those high-growth regions. Mitsubishi (of
Japan) could become more of a world player.
— Bob Jankowitz
Senior Vice President
(212) 553-1318
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Moody’s Investors Service
Special Comment
Credit Uncertainty: Global Corporate Finance
Auto Manufacturers and Suppliers
The uncertainty surrounding the magnitude and length of the economic downturn is a major issue for auto
manufacturers because their responses to the challenge will depend upon how the economic scenario unfolds.
For example, will they need to make the temporary adjustments often required in a cyclical industry, or will
more severe structural changes in capacity be needed? Before recessions took hold in most major economies,
the industry already faced excess global capacity that was putting pressure on profitability. In a time of rising
unemployment when the OEMs are asking for assistance from governments across the globe, adjusting
capacity becomes a politically very challenging, and potentially more expensive, exercise.
Beyond the immediate ramifications of global economic weakness, the ability of the OEMs to assess a shift in
consumer preferences presents an uncertainty that could linger. Consumers might turn to more affordable,
fuel-efficient vehicles for the foreseeable future.
The US experience with SUVs, however, shows that it is very difficult for manufacturers to predict what
customers will want a few years down the road. The long lead time to design and adapt raises the stakes for
every OEM, and the challenging economics of owning cars – witness the volatility in oil prices – make the
errors in forecasting extremely costly. In line with that, OEMs’ strategies to maintain volume and market share
in the form of lower prices or increased sales incentives are probably the biggest threat to their health because
any price reduction flows directly to the bottom line.
The tight credit markets have also affected OEMs and, in turn, suppliers, by limiting consumer access to, or by
increasing the cost of, financing new car purchases. At the same time, the captive finance arms of OEMs need
to have continuous access to capital in order to fund their credit portfolios. According to industry estimates,
75% of auto sales carry some financing, with around 30% – in the cases of BMW and Mercedes-Benz close to
50% – of that coming from the automakers’ captive finance operations. The length of the credit crunch will
clearly affect how quickly the sector regains its vigor.
Another major unknown is to what extent emerging markets can compensate for a recession in developed
economies. Signs are that growth is also slowing in certain countries – or even contracting, in Russia and
Brazil – that were expected to offset some of the downturn in Western European and G7 countries. Foreign-
exchange volatility will continue as a major challenge for a number of players, in particular those with
operations reliant on the US dollar, the Japanese yen and the British pound.
Financial Woes of the Detroit 3
The financial woes of the Detroit 3 automakers and the potential impact on automakers and suppliers globally
bring their own set of uncertainties. Here are the principal ones we believe will affect the big US-based
automakers during 2009.
The ability of the companies to implement an operational and financial restructuring that is aggressive
enough to restore their long-term competitiveness, and to convince the US government to continue
providing sufficient bailout loans to fund the restructuring. Restoring the long-term viability of the sector will
require very robust restructuring that incorporates significant concessions from creditors and the UAW.
The necessary concessions include wage and benefit reductions, reductions in headcount, and debt-for-
equity exchanges.
The reestablishment of wholesale and retail financing mechanisms to support vehicle sales. Tight credit
and the tenuous financial condition of the captive finance operations of the Detroit 3 are direct contributors
to the increasing number of automobile dealer bankruptcies and the unprecedented rate of decline in
vehicle sales. Even if the Detroit 3 are able to formulate an effective restructuring plan, their operational
and financial viability will remain highly uncertain without dealers who can fund floor plan inventory and
consumers who can obtain retail car loans.
Suppliers will need to play an important role in the rehabilitation of the Detroit 3 and in their attempt to
match the competitiveness of Asian manufacturers. As the Detroit 3 pursue their restructuring initiatives, it
will be important for pricing and contractual terms with suppliers to afford greater and more predictable
profit potential.
— Bruce Clark — Falk Frey
Senior Vice President Senior Vice President
(212) 553-4814 (4969) 70730-712
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Moody’s Investors Service
Special Comment
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Chemicals
The outlook for the chemicals industry in 2009 is negative because of the weakening global economic
environment. However, there are several uncertainties that could greatly increase the negative pressure on
the chemical industry over the next 12-18 months. Those that have the greatest negative impact on
commodity chemical companies are --
The potential for a substantial increase in crude oil prices due to political or terrorist events affecting
supply from OPEC countries.
A substantial weakening or a recessionary environment in the largest developing countries, which would
cause the downturn in commodity margins to be substantially greater and longer than currently predicted.
The weak credit environment and declining profitability will reduce the ability of financially stressed
companies to sell assets and generate liquidity. If credit markets remain inaccessible longer than
expected, only the very attractive specialty and high-margined commodity (i.e., salt, industrial gases, etc)
businesses will be saleable at reasonable multiples in 2009. This will exert even greater stress on
companies trying to restructure or avoid bankruptcy.
As we have seen with the brief spike in crude oil back above $50/bbl, events unrelated to supply or demand
can greatly influence oil prices. In 2009, with demand falling in most industrialized countries, rising
petrochemical feedstock prices would further reduce cash margins for most commodity petrochemical
companies. These companies will experience significant delays in passing through increased costs in a weak
economy. Specialty companies will be hurt to a lesser degree, however, because any increases will be
delayed and will not fully reflect the increase in crude oil prices.
Much of the new international commodity chemical capacity coming on-stream over the next three years is
being built to meet demand growth in the BRIC countries (Brazil, Russia, India, and China). To the extent that
GDP growth for these large developing economies falls significantly below 5%, this new capacity would
exacerbate the current oversupply, postponing any recovery in trough margins for most commodity chemicals
for up to two to three years, or double the length of time of a normal trough. Once again, specialty companies
would be affected negatively, but to a lesser degree, because these companies will benefit from lower
commodity prices and will not experience the same degree of selling price pressure.
As we have already seen with LyondellBasell, highly levered commodity companies will be greatly stressed by
the current downturn. In the current environment, with declining profitability, we believe most companies will
be unable to obtain reasonable valuation multiples for most commodity and lower margin specialty
businesses.This will likely force companies needing to restructure, or facing a liquidity event, to sell their best
businesses, which would greatly impair their ability to recover in a weak operating environment.
In 2009, the largest high-yield company facing a sizable debt maturity is Chemtura. In order to avoid a
substantial reduction in financial flexibility, we expect this company will need to sell one of its best businesses,
thereby slowing any future improvement in its credit profile. To the extent that the high-yield credit markets fail
to recover in 2009, the number of companies facing near-term debt maturities or potential liquidity events will
rise significantly in 2010.
— John Rogers
Senior Vice President
(212) 553-4481
5 January 2009 Special Comment Moody’s Investors Service – Credit Uncertainty: Global Corporate Finance

Moody’s Investors Service
Special Comment
Credit Uncertainty: Global Corporate Finance
Homebuilding and Building Products
The major credit uncertainties facing the US homebuilders and building products manufacturers in 2009
include, but are not limited to, the following key drivers:
Inventory levels – both new and existing -- will be affected by housing starts, foreclosures and
repossessions, and new and existing home sales
New and existing home prices will affect operating performance and home- equity extraction
Consumer confidence and credit availability and rates
Access to liquidity
Impact of government intervention
Inventories, Foreclosures, and New and Used Home Sales
The level of both new and existing home inventories remain elevated, at 10-11 months of supply for each
metric, which is well above more “normal” levels of five to six months of supply for each. In the case of new
homes, the total number of units in inventory has been declining, which is a positive sign; however, the sales
pace of new homes (or rate of absorption) has been falling even faster, thus leaving new home inventory
levels elevated. In the case of used homes, the reverse is true. The sales pace (or rate of absorption) has
picked up, driven largely by sales of heavily discounted foreclosed homes that are flooding the market. But
here, the rate of new foreclosures has outpaced the sales gains, thus again leaving inventory levels elevated.
Housing starts plummeted in November 2008 by the largest amount in almost a quarter-century, as builders
slashed production in the face of a recessionary economy. The good news—for homebuilders—is that
inventory levels were not bloated by additional new product. The bad news—for building products
companies—is that future sales of product to buyers of newly completed homes is being decimated.
Declining Home Prices Affecting Operating Performance and
Home-Equity Extraction
Home prices, which were frothy on the upside from 2003 until 2006, have given up much of their earlier gains,
and now stand, on average, at the levels existing in 2004 (and in certain cases, at 2003 levels), having fallen,
on average, 21% from their peak. Declines in the former hottest markets—Southern California, Northern
California, Arizona, Nevada, Florida, and Washington, DC—are greater, even substantially greater in certain of
these markets.
With prices falling, existing homeowners’ willingness and ability to extract value from their homes through
mortgage refinancings is somewhat impaired, thereby putting a damper on discretionary spending or on home
repair and remodeling. Until consumer home-buying confidence returns and until buyers’ ability to close on a
purchase is enhanced, house prices are expected to continue to fall.
Consumer Confidence and Credit Availability and Rates
The top five reasons that people do not buy homes are --
1. Concerns about the economy and their jobs
2. Inability to sell their existing homes
3. Worries about future price declines
4. Credit/qualification issues
5. Lack of a down payment
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Moody’s Investors Service
Special Comment
Credit Uncertainty: Global Corporate Finance
Announced in November 2008, the Fed’s plan to repurchase $500 billion of mortgage securities backed by
Fannie Mae, Freddie Mac, and Ginnie Mae has driven the rate on fixed rate 30-year mortgages to the lowest
level in decades. However, until potential homebuyers are able to check off all or most of the five concerns
listed above, they are likely to remain sidelined until confidence is restored.
Access to Liquidity
Overall liquidity remains a heightened credit concern, both for homebuilders and for building-products
companies. Banks are less willing, or are even unwilling, to renew and extend credit facilities, and/or they
insist on higher fees, more restrictive borrowing bases, and collateral in cases where they do extend and
renew. Consequently, liquidity is expected to weaken, especially for the lower rated credits, in the coming
year.
A number of lower rated companies may default, in part because they may be forced to transact distressed
bond exchanges in order to survive, or because the bond market may be unreceptive to their refinancing
plans, or because their banks finally pull the plugs on continuing covenant violations.
Government Intervention – Helpful, But Not a Panacea
Government help, if any, for the homebuilding industry, may be manifested in terms of mitigating the rising
level of foreclosures, offering tax credits (not disguised loans) to homebuyers, and/or extending net operating
loss carrybacks for homebuilders. Such initiatives would help at the margins, but they would probably be
insufficient to turn the tide for homebuilding and, by extension, for the building-products companies at the back
end.
— Glenn Eckert — Paul Aran — Joe Snider
Senior Vice President Vice President Vice President
(212) 553-1618 (212) 553-7849 (212) 553-3878
7 January 2009 Special Comment Moody’s Investors Service – Credit Uncertainty: Global Corporate Finance

Moody’s Investors Service
Special Comment
Credit Uncertainty: Global Corporate Finance
Industrial Manufacturers
Industrial manufacturers face uncertainties from --
Foreign exchange fluctuations
Continued capital market disruptions
Deteriorating market conditions
Pension underfunding
Foreign Exchange Could Alter Relative Price Competitiveness
The rapidly deteriorating economic environment and the actions of central banks to provide economic stimulus
will affect currency values in many industrialized countries, not to mention the relative competitiveness of
some industrial manufacturing companies.
The recent strengthening of the US dollar has reduced the price competitiveness of industrial equipment and
other US products exported to Europe and Asia. Depending on the future direction of foreign exchange rates,
US manufacturing firms could see accelerated declines in sales if continued dollar strength curtails the export
volumes that supported their sales over the last few years, even as the US economy began to deteriorate.
In such an event, the competitive disadvantage borne by some European and Asian manufacturers due to FX
could diminish, and they could exhibit better operating trends relative to US manufacturers’. For multinationals
domiciled outside of the United States, an increase in the value of the US dollar would harm their cost
structures and margins because the prices of many raw materials, such as oil, minerals, and metals, continue
to be denominated in dollars.
Impact of Stimulus Package and Availability of Financing on
Backlogs
The success of economic stimulus plans and the degree to which credit markets stabilize will have a direct
impact on industrial manufacturing companies over the next 12 to 18 months. With the the volatility of the
global economy, many managements are deferring or canceling existing plans for new fixed asset
investments. Orders that are currently in backlog for industrial machinery and heavy equipment may be
cancelled.
At the same time, new orders have fallen off sharply, and book-to-bill ratios are likely to remain below 1x in the
sector for the foreseeable future. Furthermore, the current turmoil in the credit markets is making financing for
high-cost products, like industrial equipment, cranes and power turbines, more difficult for either end-users or
dealer/distributors to obtain.
Combined, these factors could lead to manufacturers experiencing contractions in their backlogs, portending
reduced revenues, as well as adjustments to their production scheduling and plant-utilization rates during the
coming year. The stimulus spending programs of the US government as well as those of other countries, if
fully enacted, could provide some offset to this erosion of backlogs, but the effects are unlikely to be seen until
later in 2009. A stabilization of credit markets that enhances the availability of financing for fixed asset
investments could also enhance the stability of backlogs, particularly for machinery or equipment that reduces
operating costs and improves overall efficiency.
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Moody’s Investors Service
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Deteriorating Market Conditions Could Pose Asset-Valuation
Risks
Several rated manufacturing companies aggressively used acquisitions as part of their growth initiatives, or
were acquired by private equity firms in leveraged buyouts during the peak years of the economic cycle. With
EBITDA multiples often approaching 10x for transactions completed during peak market times, many of these
companies capitalized significant amounts of goodwill and other intangibles on their balance sheets.
As the market outlook has weakened, however, the level of cash flow that can reasonably be expected from
the acquired operations may need to be reevaluated. Depending on expectations about the duration of the
current downturn and the timeframe in which a recovery of demand for industrial products could occur,
impairment charges could become more common as 2009 begins.
Impairment charges could be particularly challenging for those high-yield companies that are already
experiencing tightness in financial covenants -- particularly if asset valuation charges are not excluded from
covenant definitions. Examples of companies with a large amount of goodwill and intangibles on their balance
sheet relative to the total asset base include Illinois Tool Works Inc. (Aa3 senior unsecured) at 36%; Danaher
(A2) at 65%; and, PerkinElmer, Inc. (Baa3) with about 57%.
Risk of Rising Levels of Pension Underfunding
Given current financial market conditions, we anticipate that the extent to which defined benefit pension plans
are underfunded will increase significantly. Defined benefit pension plans are more prevalent in the
manufacturing industry where companies frequently have unionized workforces with aging demographics, as
well as large pools of retirees. This actuarial reality, when coupled with declining asset performance of the
pension assets, could lead to higher underfunded positions for many plan sponsors, particularly in the United
States, Canada, and the United Kingdom where plans are required to be funded.
Such a situation could hurt these companies’ credit metrics by adding to future pension expenses, by
increasing adjusted debt levels, and by ultimately pushing levels of employer contributions to the pension
plans higher. In the United States, pension relief legislation signed into law in late December 2008 will allow
companies to temporarily defer fully funding pension plans, which was otherwise required under the Pension
Protection Act of 1994.
However, cash contribution requirements for US firms with defined benefit pensions could significantly
increase in future years to narrow the gap. Similarly, the cost structures of affected firms could become less
competitive compared with those of rivals that do not have defined benefit plans (i.e. those who provide
defined-contribution plans), or are not required to fund their benefit plans.
— Ed Wiest
Vice President
(212) 553-1461
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Moody’s Investors Service
Special Comment
Credit Uncertainty: Global Corporate Finance
Gaming and Lodging
The credit quality of the overall global gaming sector could be hurt by a permanent shift in the ability and
willingness of consumers to spend money on gaming entertainment.
Despite the industry’s global popularity, a decision by consumers worldwide to reduce discretionary spending
on gaming-related activities -- regardless of economic conditions -- would not bode well for an industry that
has invested billions of dollars over the past few years. The possibility of consumer pullback is of particular
concern given the relative lack of any real history that could point to how the global gaming industry -- as it is
currently configured -- will perform during and after a recession.
There is also a high degree of uncertainty regarding the impact of recent project delays and cancellations on
supply and demand conditions, particularly in large domestic and global gaming markets such as the Las
Vegas Strip and Macau China. Companies such as Las Vegas Sands (B2/RUR-Down) and MGM MIRAGE
(Ba3/RUR-Down) have recently announced substantial delays and cancellations with respect to projects on
the Las Vegas Strip. Las Vegas Sands has also announced a substantial reduction in its Macau development
plans.
To a certain degree, such delays and cancellations have helped alleviate concerns about the potential for
oversupply in these large markets. Nevertheless, this reduction in new product and “must-see” attractions
could have a longer-term negative affect on consumers’ desire to frequent the gaming markets at all.
Historically, the introduction of new gaming products and nongaming amenities was a key catalyst of revenue
growth.
The lodging industry is vulnerable to the same potential shift in long-term consumer spending habits as the
gaming industry, leaving it exposed to the risk that average daily room rates – already on the decline – will not
return to historical highs.
We are concerned that many leisure travelers may permanently reduce the number of vacations they take and
that some businesses may make a structural shift to more reliance on video conferencing, teleconferences, or
other means of lower cost communications in lieu of nonessential travel. Any permanent reduction in business
and/or leisure travel would do damage to average daily room rates, occupancy levels, and industry profitability.
— Keith Foley
Senior Vice President
(212) 553-7185
10 January 2009 Special Comment Moody’s Investors Service – Credit Uncertainty: Global Corporate Finance

Moody’s Investors Service
Special Comment
Credit Uncertainty: Global Corporate Finance
Media and Entertainment
The media and entertainment industry faces the following three main uncertainties.
The length and depth of the global recession
The timing and degree of a thaw in credit availability
The potential for strategic media companies to re-enter the M&A picture
The Length and Depth of the Global Recession
Much of the media and entertainment industry is highly dependant upon consumers’ willingness to spend
money. When they spend, the world’s companies compete by advertising their wares. In addition, consumer
spending also affects direct purchases of entertainment, ranging from recorded music, films, premium
television, sporting events, etc.
For these reasons, consumer-led downturns in the economy, which ultimately may be more or less severe --
depending upon employment rates, stable investment, and home values, among other things -- are much
more serious for advertising-driven segments than recessions caused by isolated events. (Examples of the
latter are the Asia crises in the late 1990s or the September 11, 2001 terrorist attacks.)
The greatest uncertainty for media and entertainment industries is just how deep and how long the present
recession will continue to hurt consumers. Because advertising is often a leading indicator of an expected rise
in consumer spending, will the ad market stabilize with expectations of an improvement in consumer
confidence by late 2009, or will it be 2010 or later when this happens?
An unusually long and deep recession would essentially wipe out many, if not most, lower rated issuers that
are facing credit-agreement covenant defaults, and/or payment defaults caused by an eventual lack of cash or
refinancing capability. Such a recession could ensnare even the larger, stronger, and diverse media
companies if they aren’t extremely prudent in managing themselves through it.
Timing and Degree of a Credit Thaw
As is the situation with most other industries, the global credit crisis is compounding the impact of the
consumer-led recession for media and entertainment companies. The spectrum of the impact is wide, from
higher borrowing costs to distressed exchanges, and even including bankruptcies.
The bulk of media and entertainment debt issuers have speculative-grade credit ratings (i.e. over 85% of the
North American issuers), and much of that group is rated single “B” or lower. This portion of the market is
essentially closed for new debt issuance, so numerous defaults are highly probable for the media and
entertainment sector.
Consequently, the second-greatest uncertainty for the sector is the timing of a thaw in credit availability and an
easing of credit spreads. Such a thaw will dictate survival for the lower rated companies, and it will affect
profitability for the higher rated companies in the sector.
The Potential for Strategic Media Companies to Re-enter the
M&A picture
Over recent years, M&A activity in the media and entertainment sector has been dominated by private equity
players. Given easy and cheap credit, they have pushed up valuation multiples and debt leverage to highs not
seen since the 1980s. That cycle has passed, and we have clearly entered a completely different market
cycle; both the multiples and the EBITDA that the valuation multiples are based on are contracting rapidly. The
sudden absence of buyers should make the cleansing process that much more painful. In the past decade,
companies could often temporarily bolster liquidity with a ready asset sale.
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At the same time, traditional large-cap diversified-media companies (the majority are investment grade), which
have mostly stayed on the sidelines during this period, have largely strengthened their balance sheets and are
presently hoarding their cash to ensure that they are not beholden to anyone for liquidity. These companies
have shied away from acquiring most types of traditional media assets, in favor of the higher growth prospects
of digital-related acquisitions and investments.
The uncertainty for the sector is whether or not these large media companies, as the distressed asking prices
become so compelling, will begin to consider bidding on some traditional assets (i.e. broadcasting stations,
cable systems), which would continue to generate strong cash flows and high operating margins. With an
economic turnaround, such acquisitions could reward these companies and their shareholders very
handsomely, despite being relatively out of favor in the new digital world. However, such distressed
acquisitions may lead to lower recovery levels for existing debtholders than a restructuring where debtholders
continue to hang on until an economic recovery.
— Neil Begley
Senior Vice President
(212) 553-7793
12 January 2009 Special Comment Moody’s Investors Service – Credit Uncertainty: Global Corporate Finance

Moody’s Investors Service
Special Comment
Credit Uncertainty: Global Corporate Finance
Metals and Mining
We expect metals demand to remain weak amid the downturn, affecting metals-intensive end-markets, such
as construction, automotive and transportation. Any potential mitigating effects of the stimulus packages on
industrial production and infrastructure spending in key consuming countries such as the United States and
China remain uncertain. The extent to which governments will act to support domestic growth is the important
variable in the behaviour of the base metals market over the next 12-18 months.
In this context, the near-term outlook for commodity prices remains highly unclear. Heightened volatility is
expected to continue, particularly having an effect on exchange-traded metals (in contrast with more resilient
bulks), despite the recent cutbacks and closures of uneconomic production that has been initiated across the
sector (e.g. aluminium, nickel, and zinc).
Many industry participants were in the midst of capital-spending programs to meet anticipated growth or to
replace depleting mines. Given recent dramatic price reversals, however, it is not clear what the adjustments
companies might have to make to these investment plans.
Mining groups are anxious to preserve their flexibility for project pipeline growth in order to position themselves
for the next cyclical upturn. Many managements believe that they will benefit from the ongoing
industrialisation and urbanisation of emerging countries such as China and India.
However, there is considerable short-term uncertainty about their capacity to generate operating cash flow,
which will also force firms to focus on conserving cash. This uncertainty is particularly valid for groups that had
recently pursued ambitious growth strategies, entering the downturn with elevated borrowings no longer
supported by the buoyant operating profitability of the past few years. In some cases, this situation has
resulted in less headroom under bank financial covenants.
Also, pressures to reduce debt are arising from dysfunctional credit markets that restrict the companies’ ability
to refinance. Given the difficulty of raising cash through asset disposals in the current market environment,
managements are likely to be required to boost internal cash flow generation by cutting controllable operating
costs, reducing working capital, adjusting capital-spending plans, and even revisiting policies on cash returns
to shareholders. Their ability to tap cash-rich long-term investors (e.g., Chinese state-backed companies
and/or sovereign funds) to raise fresh equity capital remains uncertain at this stage.
— Francois Lauras
Vice President
(4420) 7772-5397
13 January 2009 Special Comment Moody’s Investors Service – Credit Uncertainty: Global Corporate Finance

Moody’s Investors Service
Special Comment
Credit Uncertainty: Global Corporate Finance
Oil and Gas Industry
Exploration and Production (E&P)
Oil and natural gas producers’ biggest challenge in 2009 will be volatile commodity prices. Crude oil prices
have dropped from an all-time high of more than $145 per barrel in July 2008 to around the $40-per-barrel
range recently. Natural gas prices have declined almost as much, from nearly $13.00 per thousand cubic feet
(Mcf) in July to about $5.50 presently.
One way that falling commodity prices will affect an E&P company’s credit profile is how these price changes
affect 2008 year-end reserve bookings. Because reserves booked at year-end (at least in the United States.)
are a function of year-end commodity prices, almost every E&P company from the major integrated oil
companies to the smallest independent E&P company will see an impact on its level of year-end reserves.
In many cases, companies will have reserve revisions that will result in lower reserves for 2008, despite record
levels of capital spending that occurred across the sector. This will weaken the sector’s capital productivity for
the year in terms of costs to replace reserves and will have a negative effect on some reserves-based
leverage metrics we look at for the sector. By itself, this factor is not likely to have widespread ratings
implications, particularly for investment grade issuers, but those companies already viewed as having high
leverage could face ratings pressure.
Availability of Funding
The second, and probably more significantly, the near-term impact of uncertain commodity prices is the effect
on the availability of funds. It is already clear that liquidity will be affected by lower sector cash flows.
However, the effects of lower commodity prices are of particular significance to the speculative grade E&P
companies with secured credit facilities that contain borrowing base mechanisms. The amounts available
under these borrowing base credit facilities are based on a company’s proven reserves, as well as the lenders’
assumptions for commodity prices. Given lower expected year-end reserve bookings, and continued low
commodity prices, many borrowing bases are expected to be reduced when they face re-determination in late
March/early April. This will lead to less available liquidity for a number of issuers and could potentially result in
companies needing to repay outstanding debt sooner.
Under the best case, companies that had been the most productive and added reserves in 2008 may see no
change, or only slight increases, in their borrowing bases. In the worst case, companies with poor results from
their capital spending program could see significant reductions.. If the latter are heavily drawn under their
secured credit facilities, they are at the highest risk of a liquidity squeeze.
Oilfield Services
The uncertainty surrounding the impact of commodity prices and liquidity for the E&P sector will have a direct
impact on the oilfield services sector. Because this sector provides the products and services used by the E&P
sector to extract oil and natural gas, the oilfield services earnings and cash flows are directly affected by
changes to E&P sector spending. Many E&P companies have already adjusted their capital-spending plans
downward for 2009, given the decline in commodity prices. To this point, the E&P sector is on target to reduce
capital spending by about 35% to 40% compared with 2008, and the potential remains for further capex cuts.
Lower Revenues and Margins for Sector
The sharp drop in demand for oilfield services will result in lower revenues and margins for the sector. The
uncertainty is how much E&P spending actually gets cut and for how long. Companies focused on North
America will likely feel more of an impact because of the preponderance of privately owned (non-government-
controlled) companies that rely on higher prices and open access to the capital markets for growth.
Companies with a significant international presence will be less affected because those markets tend to be
dominated by either national oil companies or by the major oil and very large independent E&P enterprises
that have the financial resources to maintain higher levels of drilling activities.
— Ken Austin
Vice President
(212) 553-1065
14 January 2009 Special Comment Moody’s Investors Service – Credit Uncertainty: Global Corporate Finance

Moody’s Investors Service
Special Comment
Credit Uncertainty: Global Corporate Finance
Pharmaceuticals and Medical Device Companies
Our negative industry outlook for medical device and pharmaceutical companies incorporates various
operating factors, including the following: slowing utilization of healthcare services related to the global
economy; reductions in hospital capital spending; declining pricing flexibility; and the potential for new
legislation adverse to pharmaceutical companies. Although these trends create negative pressure for the
sector, on their own, these factors are unlikely to cause sudden and significant rating transitions during 2009.
Instead, the factors that are more likely to have a sudden, unexpected and material impact on credit ratings
relate to event risk. We have long maintained that event risk is high in the healthcare sector because of
complex and highly regulated operations, technological obsolescence, and, in many cases, a high level of
revenue concentration in blockbuster products.
Key event risks that could occur this year include large acquisitions or major share buybacks—which can be
fueled by the above-mentioned negative operating trends—new litigation exposures, safety-related product
withdrawals or recalls, or other circumstances that suddenly affect the utilization of a key product. We
anticipate that heightened scrutiny on drug and device safety will persist in 2009.
Pharmaceutical Companies
For pharmaceutical companies, we believe that M&A activity is likely to rise in 2009, especially if credit market
conditions begin to improve. A leading indicator of past pharmaceutical M&A has been the combination of high
patent exposures and a less-than-stellar new product pipeline. A number of global pharmaceutical companies,
such as Astellas, Bristol-Myers Squibb, Eli Lilly, Merck, Pfizer, fit these characteristics.
We believe that mega-mergers could become more possible, as could more creative strategies to divest or
split apart in order to unlock value—either of which could cause rating downgrades.
Litigation- and safety-related product withdrawals remain difficult to predict because previously unforeseen
safety risks can develop, even on established products. A certain degree of cash flow risk is also created by
the potential for “at-risk” launches by generic drug companies that could result in sudden loss of revenue for
branded drug manufacturers prior to the resolution of a patent challenge.
Generic companies appear emboldened to more aggressively pursue these launches, and those branded
companies that may be exposed in 2009 include Merck (on asthma drug Singulair, its #1 product) and Eli Lilly
(on oncology-drug Gemzar and osteoporosis treatment Evista, its #3 and #6 products, respectively).
Medical Device Companies
Certain companies in the medical device sector have seen their constant-currency organic-growth rates slow
over the past several years. This is due in part to previously sluggish hospital volume trends, as well as to
product recalls and safety concerns. As is the case with pharmaceutical companies, safety-related matters are
difficult to predict, but they can ultimately help drive acquisition activity.
For device makers, a leading indicator of M&A activity in the past has been tepid growth or prospects of
slowdowns due to reliance on one product line. Companies that have fit this profile include Boston Scientific,
Medtronic, and Kinetic Concepts.
Recently, lack of access to the capital markets has delayed hospital capital spending, while use rates are
expected to come down as unemployment grows. A prolonged economic downturn could exacerbate already
ebbing growth trends. The downturn could even also raise event risk by placing certain medical device
companies under greater pressure to make acquisitions or buy back shares, which could then hurt ratings.
Combined with relatively attractive pricing and valuations, we expect a surge in M&A activity during 2009. It is
difficult to predict which companies will actually make material acquisitions , but it would appear that larger
medical device makers would have greater flexibility, as well as opportunities for cost-synergies.
In a constrained credit market, higher-rated medical device companies tend to have access to cash,
commercial paper, or existing committed revolvers. Acquisitions or share buybacks could, however, create
additional liquidity concerns if companies increase short-term borrowings or reduce cash.
— Michael Levesque — Diana Lee
Senior Vice President Vice President
(212) 553-4093 (212) 553-4747
15 January 2009 Special Comment Moody’s Investors Service – Credit Uncertainty: Global Corporate Finance

Moody’s Investors Service
Special Comment
Credit Uncertainty: Global Corporate Finance
Retail and Consumer Products
The length of the current consumer-spending contraction and the possibility that consumers may have
changed their spending habits – either permanently or for a prolonged period – are the greatest credit
uncertainties facing retail and consumer product companies.
Various economic factors have put consumers on a spending diet, resulting in their buying less. More notably,
these factors have led to a change in how consumers spend. After years of consumers chasing high-priced
brands and luxury goods, there has been a notable shift towards thrift and lower priced products.
This change in spending habits has created uncertainty around future demand -- a key rating factor. How long
will the spending diet last? Will the shift towards thrift last beyond the recession, or will consumers revert back
to their old ways? Have consumers redefined “wants” versus “needs”? These are key credit uncertainties to
be considered when assessing the credit quality and future performance of retail and consumer product
companies.
None of the retail and consumer product companies are immune to these uncertainties, but their individual
credit qualities are not equally exposed to the threat of a prolonged overall decline in demand and change in
spending habits. Arguably, what will determine vulnerability to a prolonged decline in demand and change in
spending habits will be whether a company’s products are needs versus wants, and whether its products are
expensive or lower price. (We show this graphically in the exhibit.)
Vulnerability to Changing Spending Habits
Most
Vulnerable
Expensive ● Neiman Marcus
● Brunswick
● Whole Foods ● Finlay
● Sealy/Simmons ● Estee Lauder
● Whirlpool ● Limited Brands
● Macy's
● P&G
● Kimberly Clark
● Colgate ● Kohl's
● Kroger/CVS
● Wal-Mart
Low Price ● Dollar General ● Claire's
Needs W ants
Least
Vulnerable
Note: Above is a small sample of retail and consumer products companies. Moody's rates 129 retailers, 87 consumer
products companies, and 39 consumer durables companies.
Companies that provide low-priced needs (e.g. food, generic prescription drugs, and private label household
products) are the least vulnerable. These are purchases that cannot easily be delayed and are already
relatively affordable to most consumers. We expect demand for these products to be fairly resilient, and the
credit quality of companies that produce them or retailers that sell them to be fairly stable, even if general
consumer driven demand remains constrained over the longer term.
In addition, some of these companies, such as retailers that sell lower-priced merchandise, would likely benefit
from a prolonged shift by the consumer towards thrift. Our ratings reflect these expectations because such
companies are generally investment grade.
16 January 2009 Special Comment Moody’s Investors Service – Credit Uncertainty: Global Corporate Finance

Moody’s Investors Service
Special Comment
Credit Uncertainty: Global Corporate Finance
At the opposite end of the spectrum, companies that produce or sell high-priced wants (e.g. boats, fine jewelry,
and couture apparel) are clearly the most vulnerable. Their product demand has recently plummeted. The
ratings of the companies in this space have generally incorporated the expectation of some degree of volatility;
however, they generally do not reflect a long-term decline in demand or a fundamental change in shopping
habits.
Higher priced wants are most exposed to the risk that shopping habits have changed for the long term. At this
point, it is unknown whether consumers have merely delayed purchases of some luxury or big-ticket items, or
whether they have made a longer term shift. (Even after the recession, $200 jeans might not be compelling.)
These companies are the most sensitive to a long-term change in shopping patterns, which could result in a
further decline in their credit quality. The majority of the rated companies in this space are speculative grade.
However, most of the 245 globally rated issuers in the retail and consumer product space fall somewhere
between the two extremes. These are the companies that face the most uncertainty around demand and
shifts in consumer spending habits. Their earnings and cash flows are the most challenging to predict in this
environment.
Generally, we believe that the price points of products these companies produce or sell will determine how
vulnerable they are to a prolonged decline in demand and change in consumer spending habits. Producers
and retailers of higher priced needs face moderate-to-high vulnerability because they face a greater risk that
consumers might decide that the lower priced items fill the need just as well (e.g., the regular grapes at the
local Kroger store please the kids just as well as the higher-priced organic grapes from Whole Foods).
We believe that producers and retailers of the low-price wants are moderately vulnerable to uncertainty around
demand as their products place less pressure on consumers’ wallets. The impact of a longer term change in
demand to the credit quality of these companies will be directly correlated to the magnitude and duration of
any shift in spending habits.
Should the current level of consumption indicate the consumer demand trough and the recession will not be
prolonged beyond current expectations (putting all other rating factors aside), many ratings of companies in
this space should hold. However, if the decline in demand continues or the current low consumer spending
levels is prolonged, companies that sell high-priced wants are more likely to face a decline in credit quality
than those selling low-price need.
— Maggie Taylor
Vice President
(212) 553-0424
17 January 2009 Special Comment Moody’s Investors Service – Credit Uncertainty: Global Corporate Finance

Moody’s Investors Service
Special Comment
Credit Uncertainty: Global Corporate Finance
Telecommunications Industry
The telecommunications industry faces major uncertainties on three fronts:
Regulatory policy changes
Access to capital markets
Changes in consumer behavior
Regulatory Policy Changes
Regulations under which telecommunications issuers operate are a major influence on credit quality because
they determine the barriers surrounding the competitive environment and form the foundation for the operators
to generate returns on their investments. Although the broad outlines of a country’s regulatory framework for
telecommunications policy are generally well-known, political shifts can alter these frameworks -- sometimes
significantly.
For instance, in the United States., the change in political leadership from the Republican Party to the
Democratic Party is likely to alter the telecommunications regulatory template in a way that favors upstart
smaller operators at the expense of the more established incumbent providers. The timing of any modifications
to existing regulations and the specific rule changes is uncertain, and therefore the impact (if any) on the
various operators is unknown.
Access to Capital Markets
Telecommunications is a highly capital-intensive industry because providers, both wireline and wireless,
continue to modernize their networks to meet the rapidly increasing demands for bandwidth, which is driven by
expanding usage of data products, both from residential and business customers. Consequently, financing and
refinancing needs are generally significant.
We do not expect the highest rated issuers to have difficulty accessing the capital markets (albeit at higher
costs), but an extended period of macroeconomic weakness and long-lasting, challenging capital-market
conditions would hurt the ability of lower rated or new competitive providers to obtain the financing they
require. Therefore, a situation could develop where the strong get stronger.
Capital markets performance and access are also influenced by exogenous shocks. These are usually
thought of as being geopolitical in nature, but significant business fraud can also create a de-stabilizing
influence. During the recent weeks, the global investment management business has been rocked by
allegations that the prominent financier, Bernard Madoff, had operated his investment business as a pyramid-
like \"Ponzi\" scheme. Similarly, recent reports that Satyam Computer, a leading Indian IT outsourcing
company, had systematically falsified its accounting statements over a number of years have shaken local
investor confidence and have prompted calls for enhanced governance standards and oversight.
The impact of these sorts of unexpected events can lead investors to question the information presented to
them. Business plans are viewed with extreme skepticism. Decisions are deferred until better quality data is
presented and, in the interim, there is a general flight to quality as capital is allocated to high-grade corporate
and government securities.
This uncertain situation not only inhibits capital formation -- it also acts to constrict access to liquidity. For
higher rated issuers, this is generally manifested as increased cost of capital. For lower rated companies, the
cost can even affect their ongoing viability. For some, cost may not be the issue; certain companies may not
be able to access capital at all and will be forced to reorganize.
18 January 2009 Special Comment Moody’s Investors Service – Credit Uncertainty: Global Corporate Finance

Moody’s Investors Service
Special Comment
Credit Uncertainty: Global Corporate Finance
Changes in Consumer Behavior
Historically, the telecom business has been a relatively recession-resistant industry. Even in a weakening
economy, businesses and consumers have traditionally been reluctant to cancel their phone service, deeming
it both necessary and affordable (Businesses were somewhat more proactive in response to an economic
downturn, for instance, reducing circuit counts in response to lower workforce levels). And, very significantly,
consumers had few or no alternatives to services in the past.
This time, we might see struggling businesses and consumers playing providers off one another to strike a
better deal. Under this scenario, overall industry profitability could suffer, with the providers of higher priced
premium services (generally the large incumbents) being affected more negatively.
Another unknown is how consumer usage patterns will change if the economic downturn is protracted. In the
wireless segment, rapidly expanding data usage has supported ARPU (average revenue per user per month)
levels, which has kept industry profitability strong and growing. This pattern could reverse in a deep economic
downturn. On the flip side, however, it is possible that consumers will accelerate “cord-cutting,” which could
have a positive impact on the wireless providers.
On the wireline side, in addition to the possibility of an acceleration of access line loss due to wireless
substitution, consumers may curtail their progression to higher-speed data services that have supported
wireline revenues in the face of declining voice revenues. Consequently, an extended period of economic
weakness could dampen consumer appetite for enhanced service offerings because of a stress on cash flow
stability. This risk is more pronounced today because competition has increased significantly since the last
economic downturn.
— Dennis Saputo
Senior Vice President
(212) 553-1675
19 January 2009 Special Comment Moody’s Investors Service – Credit Uncertainty: Global Corporate Finance

Moody’s Investors Service
Special Comment
Credit Uncertainty: Global Corporate Finance
Transportation
Credit uncertainties in the transportation industry vary by sector in the following ways:
Airlines and shipping firms face uncertain fuel costs and demand
Tanker companies may pursue acquisitions that would lower their credit metrics
Trucking companies may be burdened by increased pension costs.
Airline and Shipping
The global airline and shipping industries have in common two key points of uncertainty linked to broader
economic deterioration: fuel costs and demand. Both the airline and shipping companies that hedged fuel
costs when the price of oil was nearing $140 a barrel lost out on any benefit when prices headed in the other
direction in the autumn.
Over the past few years, consumer demand among the airlines stayed relatively strong, despite steadily
increasing oil prices. That has changed as global economies contract and as consumers and businesses limit
discretionary spending. Among shipping companies, a main theme is oversupply: too many ships chasing too
few clients as declining industrial production hurts trade volumes.
Two uncertainties specific to the airline industry go hand in hand: deregulation and consolidation. The Open
Skies agreement, which was aimed at deregulating the operating environment of U.S. and European airlines,
has not been in place long enough to gauge its full impact, although it has clearly prompted some new
initiatives in the sector, such as BA's OpenSkies airline, which flies between Paris/Brussels and New York. If
limits on foreign investments in U.S. airlines are lifted, a wave of consolidation could change the competitive
environment. The question becomes who will buy whom and – perhaps more crucially – who will be left out?
Fallout From the Credit Crunch Hits Shippers
Among shippers, other unknowns relate to fallout from the credit crunch. Shipping companies are struggling
with reduced profit margins and low freight rates as excess capacity and a large order book are coupled with
the economic downturn and tight bank credit. Financing must be found to deliver ships already under
construction,and the capital investment plans of the main market players could be strained as a result of tight
credit conditions.
The unexpected, dramatic plunge in charter prices in the dry- bulk shipping industry has seriously challenged
some companies’ financial structures. Britannia Bulk plc, for example, saw its cash-flow generation and
liquidity deteriorate rapidly in the last quarter of 2008. In combination with a substantial loss on derivatives, this
forced it into administration under UK insolvency laws.
Tanker Companies
The extent to which the rated tanker companies pursue acquisitions is a key uncertainty that could affect their
credit profiles in 2009. Moody’s believes that growth opportunities may present themselves in the upcoming
12 months as smaller or less well-capitalized tanker owners and operators experience operating and or
financial stress from the weakening market fundamentals and difficult financial market conditions. Individual
vessels or fleets are likely to come on the market at relatively attractive valuations.
The expected market fundamentals of the next 12 months (lower freight rates and lower asset values) could
tempt players with strong liquidity, such as Overseas Shipholding Group (Ba1 CFR, negative outlook) and
Teekay Corporation (Ba3 CFR, stable outlook) to increase investment in the near term. Doing so could
temper the anticipated de-levering in 2009 that is expected to restore credit metrics to levels more supportive
of their respective ratings.
20 January 2009 Special Comment Moody’s Investors Service – Credit Uncertainty: Global Corporate Finance

Moody’s Investors Service
Special Comment
Credit Uncertainty: Global Corporate Finance
US Trucking
In the United States, some specific uncertainties surround the domestic trucking sector. In particular, a
developing concern to us is the potential impact that underfunded Multi-Employer Pension Plans (‘MEPPs’)
may have on certain trucking companies. Although the MEPPs are not direct liabilities of the companies, the
extent to which such plans are underfunded will affect trucking companies’ future contributions, as negotiated
with the labor unions, primarily the International Brotherhood of Teamsters. We estimate that certain of these
plans are significantly under-funded and that plan administrators will need to remedy that quickly.
Because of the sustained economic downturn, many trucking companies are less able to bear additional costs
that would ensue from a call for increased contributions. In addition, the largest US trucking company, UPS,
has withdrawn from participation in the biggest and most critically underfunded plan, Central States SE&SW,
which places further stress on the pool of smaller, financially weaker companies that remain as sponsors.
Companies such as YRC Worldwide, Inc. (Caa3 CFR) and Arkansas Best Corporation (Baa2 Senior
Unsecured) have ongoing exposure to MEPPs, while non-unionized trucking companies like Swift
Transportation (Caa1 CFR), and Con-Way Inc. (Baa3 Senior Unsecured) are not directly exposed.
— Anne Colden — Myriam Durand
Assistant Vice President Team Managing Director
(4420) 7772-5473 (331) 5330-1049
21 January 2009 Special Comment Moody’s Investors Service – Credit Uncertainty: Global Corporate Finance

Moody’s Investors Service
Special Comment
Credit Uncertainty: Global Corporate Finance
Report Number: 114042
Editors Production Specialist
Richard Jupa Jason Lee
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22 January 2009 Special Comment Moody’s Investors Service – Credit Uncertainty: Global Corporate Finance