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Related Issuers
Alcatel-Lucent
Alcatel-Lucent USA, Inc.
Angel Lux Common S.A.
Aurelia Energy N.V.
Basell Finance Company B.V.
Basell Holdings B.V.
Belvedere S.A.
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Bluewater Finance Limited
Bluewater Holding B.V.
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British Airways Finance (Jersey) L.P.
British Airways, Plc
Cablecom Luxembourg SCA
Carlson Wagonlit B.V.
Carlson Wagonlit New Holdco Limited
Cell C Proprietary Limited
CEVA Group plc
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Cirsa Finance Luxembourg S.A.
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Cognis GmbH
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Evraz Securities SA
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Rating Action:

Moody's implements loss given default methodology in EMEA

29 Mar 2007
Moody's implements loss given default methodology in EMEA

London, 29 March 2007 -- London--Moody's Investors Service has today announced the impact of the implementation of its Loss Given Default (LGD) and Probability of Default rating methodology to existing non-financial speculative-grade corporate issuers in Europe, Middle East and Africa (EMEA). The implementation of the LGD methodology in EMEA follows the introduction of the methodology in September 2006. Most of the rating actions Moody's has announced today relate to senior secured loans. For the majority of corporate families whose ratings remained unchanged, the assignment of PDRs and LGDAs will be announced in press releases over the coming week.

"Moody's developed the LGD methodology in response to (1) research demonstrating that losses for loans were lower than those for similarly rated bonds, and (2) strong market interest in the disaggregation of ratings into their two components: probability of default and severity of loss," explains David Staples, Team Managing Director in Moody's European Corporate Finance Group. "The high concentration of outcomes impacting senior secured first-lien transactions is therefore in line with Moody's expectations," adds Mr Staples.

Moody's current long-term credit ratings are opinions about expected credit loss that incorporate both the likelihood of default and the expected loss in the event of default. The LGD rating methodology (1) disaggregates these two key assessments in long-term ratings; (2) enhances the consistency in Moody's notching practices across industries; and (3) improves the transparency and accuracy of its ratings, reflecting different experiences of recovery across the capital structure.

Moody's assigns Probability of Default Ratings (or PDRs) to issuers, not specific debt instruments. PDRs use Moody's standard alpha-numeric scale and express the rating agency's opinion of the likelihood that an entity within a corporate family will default on any of its obligations.

Moody's assigns Loss-Given-Default Assessments (or LGDAs) to individual rated debt issues -- i.e. loans, bonds and preferred stock. Moody's opinions of expected loss are expressed as a percentage of principal and accrued interest at the resolution of the default, with assessments ranging from LGD1 (loss anticipated to be 0%-9%) to LGD6 (loss anticipated to be 90%-100%).

In the EMEA region, Moody's currently rates approximately 600 corporate families across the entire ratings scale. The LGD methodology is being applied to nearly 200 speculative-grade corporate families, which together have over 300 rated debt instruments. Within this pool of corporate families, 78% remain unaffected by the application of the methodology. Moody's has adjusted the ratings of approximately 100 rated debt instruments: 92% of the rating changes are limited to one notch of the current rating, and the remaining 8% of rating changes are within two notches of the current rating.

The distribution of rating changes announced today, along with the final expected average LGD estimates by creditor class (once all LGDs for EMEA issuers have been assigned), are broken down as follows:

First-Lien Debt Instruments

- Approximately 63% of all rating actions relate to first-lien debt instruments.

- All first-lien debt instrument changes are upgrades of between one and two notches.

- The average LGD for all first-lien obligations following full implementation will be about 37% of principal and accrued interest.

Second-Lien Debt Instruments

- Approximately 10% of all rating actions relate to second-lien debt instruments.

- 30% of rating actions are downgrades, 70% are upgrades.

- The average LGD following full implementation will be about 71%.

Senior Unsecured Debt Instruments

- Approximately 19% of all rating actions relate to senior unsecured debt instruments.

- 28% of rating actions are downgrades, 72% are upgrades.

- The average LGD following full implementation will be about 67%.

Subordinated Debt and Preferred Stock

- Approximately 8% of all actions relate to subordinated debt and preferred stock.

- 12% of rating actions for subordinated debt and preferred stock ratings are downgrades,88% are upgrades.

- The average LGD for subordinated debt will be about 85%.

Attached is a list of the rating actions across all industries for speculative-grade corporate families in EMEA.

Alcatel-Lucent, Ba2

PDR: Ba2

Senior Unsecured Bank Credit Facility, Ba2 --> Ba2, LGD3, 46%

4.75% Senior Unsecured Conv./Exch. Bond/Debenture Due 2011, Ba2 --> Ba2, LGD3, 46%

US$1500M Senior Unsecured Medium-Term Note Program, Ba2 --> Ba2, LGD3, 46%

EUR5000M Senior Unsecured Medium-Term Note Program, Ba2 --> Ba2, LGD3, 46%

6.375% Senior Unsecured Regular Bond/Debenture Due 2014, Ba2 --> Ba2, LGD3, 46%

US$500M Senior Unsecured Regular Bond/Debenture Due 2010, Ba2 --> Ba2, LGD3, 46%

EUR1000M 4.375% Senior Unsecured Regular Bond/Debenture Due 2009, Ba2 --> Ba2, LGD3, 46%

EUR120M 4.375% Senior Unsecured Regular Bond/Debenture Due 2009, Ba2 --> Ba2, LGD3, 46%

Lucent Technologies Capital Trust I

US$1750M 7.75% Preferred Stock Due 2017, B2 --> B1, LGD6, 94%

Lucent Technologies, Inc.

US$1755M Multiple Seniority Shelf, subordinated, (P)B2 --> (P)B1, LGD6, 94%

US$1755M Multiple Seniority Shelf, regular/junior preferred stock, (P)B3 --> (P)B1, LGD6, 97%

US$1755M Multiple Seniority Shelf, senior unsecured, (P)Ba3 --> (P)Ba2, LGD3, 46%

8% Subordinate Conv./Exch. Bond/Debenture Due 2031, B2 --> B1, LGD6, 94%

2.75% Senior Unsecured Conv./Exch. Bond/Debenture Due 2023, Ba3 --> Ba2, LGD3, 46%

2.75% Senior Unsecured Conv./Exch. Bond/Debenture Due 2025, Ba3 --> Ba2, LGD3, 46%

US$300M 6.5% Senior Unsecured Regular Bond/Debenture Due 2028, Ba3 --> Ba2, LGD3, 46%

US$500M 5.5% Senior Unsecured Regular Bond/Debenture Due 2008, Ba3 --> Ba2, LGD3, 46%

US$1360M 6.45% Senior Unsecured Regular Bond/Debenture Due 2029, Ba3 --> Ba2, LGD3, 46%

Basell Holdings B.V., Ba3

PDR: Ba3

Basell AF SCA

8.375% Senior Unsecured Regular Bond/Debenture Due 2015, B2 --> B2, LGD5, 84%

Basell Finance Company B.V.

US$300M 8.1% Senior Unsecured Regular Bond/Debenture Due 2027, B2 --> B2, LGD5, 84%

Basell Holdings B.V.

Senior Secured Bank Credit Facility, Ba3 --> Ba2, LGD2, 29%

Belvedere S.A., B2

PDR: B2

Senior Secured Regular Bond/Debenture Due 2013, B2 --> B1, LGD3, 43%

Bite Finance International B.V., B3

PDR: B3

Senior Secured Regular Bond/Debenture Due 2014, (P)B3 --> (P)B2, LGD3, 38%

Senior Subordinated Regular Bond/Debenture Due 2017, P(Caa2) --> P(Caa2), LGD5, 86%

Aurelia Energy N.V., Ba3

PDR: Ba3

Bluewater Finance Limited

US$260M 10.25% Senior Unsecured Regular Bond/Debenture Due 2012, B2 --> B2, LGD5, 86%

Bluewater Holding B.V.

US$600M Senior Secured Bank Credit Facility, Ba3 --> Ba2, LGD3, 32%

Brenntag Holding GmbH, B2

PDR: B2

Senior Subordinated Bank Credit Facility, B3 --> Caa1, LGD5, 84%

Senior Secured Bank Credit Facility, B2 --> B1, LGD3, 36%

British Airways, Plc, Ba1

PDR: Ba1

GBP100M 10.875% Senior Unsecured Regular Bond/Debenture Due 2008, Ba2 --> Ba2, LGD5, 84%

GBP250M 7.25% Senior Unsecured Regular Bond/Debenture Due 2016, Ba2 --> Ba2, LGD5, 84%

British Airways Finance (Jersey) L.P.

EUR300M Preferred Stock Preferred Stock, B1 --> Ba3, LGD6, 97%

Buhrmann N.V., Ba3

PDR: Ba3

Senior Secured Bank Credit Facility, Ba3 --> Ba2, LGD3, 38%

2% Subordinate Conv./Exch. Bond/Debenture Due 2010, B2 --> B2, LGD6, 90%

Buhrmann US Inc.

8.25% Senior Subordinated Regular Bond/Debenture Due 2014, B2 --> B2, LGD6, 90%

7.875% Senior Subordinated Regular Bond/Debenture Due 2015, B2 --> B2, LGD6, 90%

CEVA Group plc, B1

PDR: B1

Senior Secured Bank Credit Facility, B1 --> Ba2, LGD2, 22%

10% Senior Subordinated Regular Bond/Debenture Due 2016, B3 --> B3, LGD6, 92%

8.5% Senior Unsecured Regular Bond/Debenture Due 2014, B2 --> B2, LGD4, 63%

Carlson Wagonlit B.V., Ba3

PDR: Ba3

CWT Europe Holdings SAS

Senior Secured Bank Credit Facility Due 2014, Ba3 --> Ba2, LGD3, 36%

CWT Global B.V.

Senior Secured Bank Credit Facility Due 2014, Ba3 --> Ba2, LGD3, 36%

Carlson Wagonlit B.V.

Senior Secured Bank Credit Facility Due 2013, Ba3 --> Ba2, LGD3, 36%

Senior Secured Regular Bond/Debenture Due 2015, B2 --> B2, LGD5, 89%

Carlson Wagonlit New Holdco Limited

Senior Secured Bank Credit Facility Due 2014, Ba3 --> Ba2, LGD3, 36%

Horizon Merger Corp

Senior Secured Bank Credit Facility Due 2014, Ba3 --> Ba2, LGD3, 36%

Cablecom Luxembourg SCA, B1

PDR: B1

Senior Secured Bank Credit Facility, B1 --> Ba3, LGD3, 36%

8% Senior Unsecured Regular Bond/Debenture Due 2016, B3 --> B3, LGD6, 90%

Cell C (Pty) Ltd, B3

PDR: B3

8.625% Senior Secured Regular Bond/Debenture Due 2012, B3 --> B2, LGD3, 36%

11% Senior Subordinated Regular Bond/Debenture Due 2015, Caa2 --> Caa2, LGD5, 89%

Cirsa Business Corporation S.A., B1

PDR: B1

Cirsa Capital Luxembourg S.A.

7.875% Senior Unsecured Regular Bond/Debenture Due 2012, B3 --> B2, LGD5, 70%

Cirsa Finance Luxembourg S.A.

8.75% Senior Unsecured Regular Bond/Debenture Due 2014, B2 --> B1, LGD3, 46%

Cognis GmbH, B1

PDR: B1

9.5% Senior Secured Regular Bond/Debenture Due 2014, B3 --> B3, LGD5, 86%

Cognis Deutschland GmbH & Co. KG

Senior Secured Bank Credit Facility, B1 --> Ba2, LGD2, 24%

Senior Secured Regular Bond/Debenture Due 2013, B2 --> B2, LGD4, 64%

Evraz Group S.A., Ba3

PDR: Ba3

8.25% Senior Unsecured Regular Bond/Debenture Due 2015, B2 --> B2, LGD5, 88%

Evraz Securities SA

10.875% Senior Unsecured Regular Bond/Debenture Due 2009, B1 --> Ba3, LGD3, 47%

Fresenius Medical Care AG & KGaA, Ba2

PDR: Ba2

Senior Unsecured Bank Credit Facility, Ba2 --> Ba1, LGD3, 32%

Fresenius Medical Care Capital Trust II

US$450M Preferred Stock Preferred Stock Due 2008, B1 --> B1, LGD6, 92%

Fresenius Medical Care Capital Trust III

DEM300M Preferred Stock Preferred Stock Due 2008, B1 --> B1, LGD6, 92%

Fresenius Medical Care Capital Trust IV

US$225M Preferred Stock Preferred Stock Due 2011, B1 --> B1, LGD6, 92%

Fresenius Medical Care Capital Trust V

EUR300M Preferred Stock Preferred Stock Due 2011, B1 --> B1, LGD6, 92%

Gate Gourmet Borrower LLC, B2

PDR: B2

Senior Secured Bank Credit Facility (First Lien), B2 --> B1, LGD3, 39%

Senior Secured Bank Credit Facility (Second Lien), Caa1 --> B3, LGD4, 61%

Gazprom Neft JSC, Ba1

PDR: Ba1

US$500M 10.75% Senior Unsecured Regular Bond/Debenture Due 2009, Ba2 --> Ba1, LGD4, 50%

Grohe AG, B2

PDR: B2

Grohe Beteiligungs GmbH

EUR200M 11.5% Subordinate Regular Bond/Debenture Due 2010, Caa2 --> Caa1, LGD6, 97%

Grohe Holding GmbH

Senior Secured Bank Credit Facility, B1 --> Ba2, LGD1, 4%

8.625% Senior Unsecured Regular Bond/Debenture Due 2014, Caa1 --> B3, LGD5, 74%

Senior Secured Regular Bond/Debenture Due 2014, B2 --> B2, LGD3, 49%

IFCO Systems N.V., Ba3

PDR: Ba3

10.375% Senior Secured Regular Bond/Debenture Due 2010, B1 --> Ba3, LGD3, 47%

Ineos Group Holdings plc, Ba3

PDR: Ba3

8.5% Senior Secured Regular Bond/Debenture Due 2016, B2 --> B2, LGD5, 89%

7.875% Senior Secured Regular Bond/Debenture Due 2016, B2 --> B2, LGD5, 89%

Ineos Holdings Limited

Senior Secured Bank Credit Facility, Ba3 --> Ba2, LGD 3, 34%

Senior Secured Bank Credit Facility (Second Lien), B1 --> B1, LGD5, 78%

INEOS Vinyls Finance plc

9.125% Senior Unsecured Regular Bond/Debenture Due 2011, B3 --> B2, LGD6, 96%

IT Holding S.p.A., B3

PDR: B3

IT Holding Finance S.A.

9.875% Senior Unsecured Regular Bond/Debenture Due 2012, Caa1 --> B3, LGD3, 48%

Impress Holdings B.V., B1

PDR: B1

Senior Secured Regular Bond/Debenture Due 2013, B1 --> Ba3, LGD3, 38%

9.25% Senior Subordinated Regular Bond/Debenture Due 2014, B3 --> B3, LGD5, 89%

Jenoptik AG, B1

PDR: B1

7.875% Senior Unsecured Regular Bond/Debenture Due 2010, B1 --> Ba3, LGD3, 39%

Kloeckner-Pentaplast S.A., Ba3

PDR: Ba3

EUR633M Senior Secured Bank Credit Facility, Ba3 --> Ba2, LGD3, 34%

EUR180M 9.375% Senior Unsecured Regular Bond/Debenture Due 2012, B2 --> B2, LGD5, 89%

LBC Holdings LLC, B2

PDR: B2

LBC Luxembourg Holdings S.C.A.

11% Senior Subordinated Regular Bond/Debenture Due 2014, Caa1--> B3, LGD5, 73%

Lucite International Group Holdings Limited, B1

PDR: B1

Lucite International Finco Ltd.

Senior Secured Bank Credit Facility, P(B1) --> Ba3, LGD3, 32%

Lucite International US Finco Ltd.

Senior Secured Bank Credit Facility, P(B1) --> Ba3, LGD3, 32%

OJSC Nizhnekamskneftekhim, B1

PDR: B1

NKNK Finance plc

Senior Unsecured Regular Bond/Debenture, B2 --> B1, LGD4, 56%

NOMA Luxembourg SA, Ba3

PDR: Ba3

9.75% Senior Unsecured Regular Bond/Debenture Due 2011, B1 --> B1, LGD4, 60%

Sicpa Holding S.A.

Senior Secured Bank Credit Facility Due 2009, Ba2 --> Baa3, LGD1, 6%

Navios Maritime Holdings, Inc., B1

PDR: B1

9.5% Senior Unsecured Regular Bond/Debenture Due 2014, B2 --> B3, LGD5, 80%

New Reclamation Gr (Proprietary) Ltd (The), Ba3,

PDR: Ba3

8.125% Senior Secured Regular Bond/Debenture Due 2013, B1 --> Ba3, LGD3, 49%

Nielsen Company B.V. (The), B2

PDR: B2

EUR2000M Multiple Seniority Medium-Term Note Program, Caa1 --> Caa1, LGD6, 94%

Senior Unsecured Regular Bond/Debenture Due 2010, Caa1 --> Caa1, LGD6, 94%

Senior Unsecured Regular Bond/Debenture Due 2012, Caa1 --> Caa1, LGD6, 94%

5.625% Senior Unsecured Regular Bond/Debenture Due 2017, Caa1 --> Caa1, LGD6, 94%

2.5% Senior Unsecured Regular Bond/Debenture Due 2011, Caa1 --> Caa1, LGD6, 94%

11.125% Senior Unsecured Regular Bond/Debenture Due 2016, Caa1 --> Caa1, LGD6, 94%

EUR30M 6.75% Senior Unsecured Regular Bond/Debenture Due 2012, Caa1 --> Caa1, LGD6, 94%

Nielsen Finance LLC

10% Senior Unsecured Regular Bond/Debenture Due 2014, B3 --> Caa1, LGD5, 78%

9% Senior Unsecured Regular Bond/Debenture Due 2014, B3 --> Caa1, LGD5, 78%

Senior Secured Bank Credit Facility, B1 --> Ba3, LGD3, 32%

12.5% Senior Subordinated Regular Bond/Debenture Due 2016, Caa1 --> Caa1, LGD5, 88%

Pipe Holdings plc, B1

PDR: B1

7.75% Senior Secured Regular Bond/Debenture Due 2011, B1 --> Ba3, LGD3, 32%

9.75% Senior Unsecured Regular Bond/Debenture Due 2013, B3 --> B2, LGD5, 75%

SAS AB, B1

PDR: B1

SAS Denmark-Norway-Sweden,

EUR1000M Senior Unsecured Medium-Term Note Program, B2 --> B1, LGD3, 48%

1% Senior Unsecured Regular Bond/Debenture Due 2007, B2 --> B1, LGD3, 48%

1.305% Senior Unsecured Regular Bond/Debenture Due 2008, B2 --> B1, LGD3, 48%

1.12% Senior Unsecured Regular Bond/Debenture Due 2007, B2 --> B1, LGD3, 48%

CZK750M Senior Unsecured Regular Bond/Debenture Due 2008, B2 --> B1, LGD3, 48%

EUR500M 6% Senior Unsecured Regular Bond/Debenture Due 2008, B2 --> B1, LGD3, 48%

SwFr200M 2.375% Subordinate Regular Bond/Debenture, B3 --> B3, LGD6, 96%

TDC A/S, Ba3

PDR: Ba3

US$6000M Senior Unsecured Medium-Term Note Program, Ba3 --> B1, LGD5, 81%

DEM500M 5% Senior Unsecured Regular Bond/Debenture Due 2008, Ba3 --> B1, LGD5, 81%

JpnY3000M 1.28% Senior Unsecured Regular Bond/Debenture Due 2008, Ba3 --> B1, LGD5, 81%

EUR350M 5.625% Senior Unsecured Regular Bond/Debenture Due 2009, Ba3 --> B1, LGD5, 81%

EUR750M 6.5% Senior Unsecured Regular Bond/Debenture Due 2012, Ba3 --> B1, LGD5, 81%

Senior Secured Bank Credit Facility, Ba2 --> Ba2, LGD3, 34%

Nordic Telephone Company Holdings ApS

Senior Unsecured Floating Rate Notes 2016, B2 --> B2, LGD6, 92%

8.875%/8.25% Senior Unsecured Regular Bond/Debenture Due 2016, B2 --> B2, LGD6, 92%

Telenet Group Holding NV, B1

PDR: B1

11.5% Senior Unsecured Regular Bond/Debenture Due 2014, Caa1 --> B3, LGD6, 93%

Telenet Communications NV

9% Senior Secured Regular Bond/Debenture Due 2013, B2 --> B3, LGD5, 77%

Unity Media GmbH, B3

PDR: B3

10.375% Senior Unsecured Regular Bond/Debenture Due 2015, Caa2 --> Caa2, LGD5, 89%

8.75% Senior Unsecured Regular Bond/Debenture Due 2015, Caa2 --> Caa2, LGD5, 89%

10.125% Senior Unsecured Regular Bond/Debenture Due 2015, Caa2 --> Caa2, LGD5, 89%

iesy Hessen GmbH & Co. KG

Senior Secured Regular Bond/Debenture Due 2013, B3 --> B2, LGD3, 42%

Maxeda, B1

PDR : B1

Victoria Acquisition III BV

7.875% Senior Subordinated Regular Bond/Debenture Due 2014, B2 --> B3, LGD5, 80%

Virgin Media Incorporation, Ba3

PDR: Ba3

Virgin Media Finance PLC

9.75% Senior Unsecured Regular Bond/Debenture Due 2014, B2 --> B2, LGD6, 93%

8.75% Senior Unsecured Regular Bond/Debenture Due 2014, B2 --> B2, LGD6, 93%

9.125% Senior Unsecured Regular Bond/Debenture Due 2016, B2 --> B2, LGD6, 93%

Virgin Media Investment Holdings Ltd

Senior Unsecured Bank Credit Facility Due 2013, B1 --> B2, LGD5, 86%

Senior Secured Bank Credit Facility Due 2011, Ba3 --> Ba2, LGD3, 39%

Senior Secured Bank Credit Facility Due 2012, Ba3 --> Ba2, LGD3, 39%

Waterford Wedgwood plc, Caa1

PDR: Caa1

9.875% Senior Subordinated Regular Bond/Debenture Due 2010, Caa3 --> Caa2, LGD5, 81%

Wimm-Bill-Dann Foods OJSC, B1

PDR: B1

US$150M 8.5% Senior Unsecured Regular Bond/Debenture Due 2008, B2 --> B1, LGD4, 53%

Wind Telecomunicazioni S.p.A., Ba3

PDR: Ba3

Senior Secured Bank Credit Facility, Ba3 --> Ba2, LGD3, 35%

Wind Acquisition Finance S.A.

10.75% Senior Unsecured Regular Bond/Debenture Due 2015, B2 --> B2, LGD6, 91%

9.75% Senior Unsecured Regular Bond/Debenture Due 2015, B2 --> B2, LGD6, 91%

Wind Finance SL S.A.

Senior Secured Bank Credit Facility Due 2014, B1 --> B1, LGD5, 80%

London
David G. Staples
Managing Director
Corporate Finance Group
Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

London
Michael West
Managing Director
Corporate Finance Group
Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

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MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any rating, agreed to pay to MJKK or MSFJ (as applicable) for ratings opinions and services rendered by it fees ranging from JPY125,000 to approximately JPY250,000,000.

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