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Table 2: Weakest Links With Private Equity Involvement (Continued) Entity Ownership Status Sector 13-May-09 Prior Rating -90 Days 180 Days 1 Year 2 Years Primus Guaranty Ltd. PCG Capital Partners LLC (Prior Sponsor) Bank CCC CCC BB BBB+ BBB+ Providence Service Corp. QMG Holdings Inc. Quality Distribution Inc. Eos Partners, L.P. (Prior Sponsor); Petra Capital Partners, LLC (Prior Sponsor); Harbert Mezzanine Partners (Prior Sponsor); Highbridge Capital Management, LLC (Current Sponsor); GLG Partners, Inc. (NYSE:GLG) (Current Sponsor); HBK Investments L.P. (Current Sponsor); Aristeia Capital, LLC (Current Sponsor); Polygon Investment Partners LLP (Current Sponsor); CQS Cayman Limited Partnership (Prior Sponsor); Fore Research & Management, LP (Prior Sponsor); RG Capital Management LP (Current Sponsor); Deutsche Bank AG (London), Asset Management Arm (Current Sponsor); Castle Creek Arbitrage, LLC (Current Sponsor); CQS (UK) LLP (Current Sponsor) Health Care B- B- B+ B+ NR Audax Group (Current Sponsor); FriedbergMilstein, LLC Media & (Current Sponsor) Apollo Management, L.P. (Current Sponsor); South Atlantic Venture Funds (Prior Sponsor); Ballast Point Ventures, Entertainment CCC+ B B B NR L.P. (Prior Sponsor) Transportation B- B- B- B- B- Quantum Corp. CIVC Partners, L.P. (Prior Sponsor); Kleiner, Perkins, Caufield & Byers (Prior Sponsor); Sutter Hill Ventures (Prior Sponsor); Portage Venture Partners (Prior Sponsor) BancBoston Capital, Inc. (Prior Sponsor); Burr, Egan, Deleage & Co. (Prior Sponsor); Fulcrum Capital Group, LLC (Prior Sponsor); Opportunity Capital Partners (Prior Sponsor); Pacesetter Capital Group (Prior Sponsor); Syncom Management Company, Inc. (Prior Sponsor); TSG Capital Group (Prior Sponsor); Alta Communications (Prior High Technology CC B- B B B Sponsor); Allied Capital Corporation (NYSE:ALD) (Prior Media & Radio One Inc. Sponsor) Entertainment Consumer B- B B B B+ Rafaella Apparel Group Inc. Cerberus Capital Management, L.P. (Current Sponsor) Castle Harlan, Inc. (Prior Sponsor); DLJ Merchant Banking Partners (Current Sponsor); Dubin Clark & Company, Inc. (Prior Sponsor); Howard Industries, Inc. (Prior Sponsor); Products CCC B- B- B B RathGibson Inc. Liberty Partners (Prior Sponsor) Capital Goods CCC+ B B B B RDA Holding Co. Realogy Corp. Rite Aid Corp. Safilo SpA Sagittarius Restaurants LLC Saks Inc. Sbarro Inc. Ripplewood Holdings, L.L.C. (Current Sponsor); Partners Group Private Equity (Current Sponsor); Swiss Re Alternative Investments (Prior Sponsor); GoldenTree Asset Management, LP (Current Sponsor); Princess Management Limited (Current Sponsor); Magnetar Capital, LLC (Current Sponsor); J. Rothschild Group of Companies (Current Sponsor); GSO Capital Partners LP (Current Sponsor); Horizon21 Private Equity (Current Sponsor); Media & Merrill Lynch Capital, Investment Arm (Prior Sponsor) Entertainment CCC B- B- B- B Apollo Management, L.P. (Current Sponsor); Lexington Media & Partners (Current Sponsor) Leonard Green & Partners, L.P. (Current Sponsor); American Century Investment Management Inc. (Prior Entertainment CC CC CC B B+ Sponsor); Bessent Capital, LLC (Prior Sponsor) Retail/Restaurants B- B- B- B B CSFB Private Equity (Current Sponsor); DLJ Merchant Consumer Banking Partners (Current Sponsor) Charlesbank Capital Partners, LLC (Current Sponsor); Grotech Ventures (Current Sponsor); Leonard Green & Partners, L.P. (Current Sponsor); Stockwell Capital LLC Products B- B B+ BB- BB- (Current Sponsor) Apollo Management, L.P. (Prior Sponsor); Baugur Group (Current Sponsor); Kingdom Holding Company (SASE:4280) (Current Sponsor); Investcorp Bank BSC, Retail/Restaurants B- B- B- B- B Private Equity (Prior Sponsor) MidOcean Partners (Current Sponsor); Arlon Capital Retail/Restaurants B- B BB- BB- B+ Partners (Current Sponsor) Retail/Restaurants CCC+ CC CCC+ B- B- Global Credit Comment: Exposure To Deteriorating Assets Increases Risks To Private Equity Page 11
Table 2: Weakest Links With Private Equity Involvement (Continued) Entity Ownership Status GTCR Golder Rauner, LLC (Prior Sponsor); Thoma Cressey Bravo (Current Sponsor); Welsh, Carson, Sector 13-May-09 Prior Rating -90 Days 180 Days 1 Year 2 Years Select Medical Corp. Anderson & Stowe (Current Sponsor) Bain Capital, LLC (Current Sponsor); Unitas Capital Health Care B- B- B B B Sensata Technologies B.V. (Current Sponsor) Capital Goods Homebuilders/Real CCC+ B B B+ B+ Standard Pacific Corp. MatlinPatterson Global Advisers LLC (Current Sponsor) Court Square Capital Partners (Prior Sponsor); Trimaran Estate Co. CCC B- B- B+ BB Standard Steel LLC Capital Partners (Current Sponsor) Capital Goods Metals, Mining & B- B+ B+ B+ B+ Stillwater Mining Co. Wexford Capital, LLC, Private Equity Arm (Prior Sponsor) Steel B- B- B+ B+ B+ Tenneco Inc. JPMP Capital, LLC (Prior Sponsor) American Capital, Ltd. (NasdaqGS:ACAS) (Current Sponsor); KRG Capital Partners, L.L.C (Prior Sponsor); Midwest Mezzanine Funds (Prior Sponsor); Key Principal Automotive B- B+ BB- BB- BB- Partners Corp. (Prior Sponsor); Arcapita Bank, Corporate Forest Products & Tensar Corp. (The) Investment Arm (Current Sponsor) Building Materials B- B- B B B- Titan Petrochemicals Group Ltd. Warburg Pincus LLC (Current Sponsor) Transportation Oil & Gas CCC B- B- B B+ The Carlyle Group (Current Sponsor); Riverstone Holdings Exploration & Titan S<strong>pe</strong>cialties Ltd. LLC (Current Sponsor) Production B- B- B- B- B- DLJ Merchant Banking Partners (Current Sponsor); H.I.G. Capital, LLC (Prior Sponsor); Midwest Mezzanine Funds (Prior Sponsor); TGF Management Corp. (Prior Sponsor); MVC Capital Inc. (NYSE:MVC) (Current Sponsor); National City Equity Partners, LLC (Prior Sponsor); Suntrust Equity Oil & Gas Funding, LLC (Prior Sponsor); GulfStar Merchant Banking, Exploration & Total Safety U.S. Inc. Ltd. (Prior Sponsor) Bain Capital, LLC (Prior Sponsor); Bruckmann, Rosser, Sherrill & Co. L.L.C. (Current Sponsor); Bank of America Capital Investors (Prior Sponsor); Swander Pace Capital Production B- B- B- B- B- (Prior Sponsor); Audax Group (Prior Sponsor); MidOcean Consumer totes Isotoner Corp. Partners (Current Sponsor) Products B- B B B B Bain Capital, LLC (Current Sponsor); Goldman Sachs Forest Products & Treofan Holdings GmbH Group, Merchant Banking Division (Current Sponsor) Building Materials Oil & Gas CC CCC CCC+ CCC+ NR First Reserve Corporation (Current Sponsor); Bank of Exploration & Turbo Alpha Ltd. Scotland Equity Investments (Prior Sponsor) Production B- B+ B+ B+ NR Main Street Capital Corporation (NasdaqGS:MAIN) (Prior Forest Products & U.S. Concrete Inc. Sponsor) Building Materials B- B B B+ B+ UCI Holdco Inc. The Carlyle Group (Prior Sponsor) Automotive B- B- B B B United Site Services Inc. Univision Communications Inc. CSFB Private Equity (Current Sponsor); DLJ Merchant Banking Partners (Current Sponsor); Odyssey Investment Partners, LLC (Prior Sponsor); TCW/Crescent Mezzanine Partners, L.L.C. (Current Sponsor); Audax Group (Prior Sponsor); RBC Capital Partners (Prior Sponsor); Allied Capital Corporation (NYSE:ALD) (Prior Sponsor); GSC Investment Corp (NYSE:GNV) (Current Sponsor) Rader Reinfrank & Co., L.L.C. (Prior Sponsor); Madison Dearborn Partners, LLC (Current Sponsor); Providence Equity Partners LLC (Current Sponsor); TPG (Current Sponsor); Thomas H. Lee Partners, L.P. (Current Sponsor); Partners Group Private Equity (Current Sponsor); Saban Capital Group, Inc. (Current Sponsor); Stockwell Capital LLC (Current Sponsor) Chemicals, Packaging & Environmental Services CCC+ CCC+ B- B- NR Media & Entertainment B- B- B- B- B US Airways Group Inc. TPG (Current Sponsor); Tudor Investment Corporation (Prior Sponsor); Wellington Management Company L.L.P. (Current Sponsor); PAR Capital Management, Inc. (Current Sponsor); Peninsula Capital Advisors, LLC (Prior Sponsor); Eastshore Aviation, LLC (Prior Sponsor) Transportation B- B- B- B- B- VAC Holding GmbH One Equity Partners LLC (Current Sponsor) CIVC Partners, L.P. (Prior Sponsor); DLJ Merchant Banking Partners (Prior Sponsor); Morgenthaler (Prior Sponsor); Odyssey Investment Partners, LLC (Current Sponsor); PNC Equity Partners (Prior Sponsor); Primus (Prior Sponsor); TCW/Crescent Mezzanine Partners, Capital Goods B- B- B B B L.L.C. (Current Sponsor); The Carlyle Group (Current Chemicals, Sponsor); BlackRock Kelso Capital Corporation Packaging & (NasdaqGS:BKCC) (Current Sponsor); PNC Mezzanine Environmental Wastequip Inc. Capital (Prior Sponsor) Services Consumer CCC+ CCC+ B B B Wm. Bolthouse Farms Inc. Madison Dearborn Partners, LLC (Current Sponsor) Perseus, L.L.C. (Current Sponsor); EdgeStone Capital Partners Inc. (Current Sponsor); TD Capital Mezzanine Partners (Prior Sponsor); The Renaissance Group, LLC Products B- B B B B (Current Sponsor); GF Private Equity Group, LLC (Current Media & Workflow Management Inc. Sponsor) Apax Partners Worldwide LLP (Current Sponsor); J.P. Morgan Partners, LLC (Prior Sponsor); CIBC Capital Partners (Prior Sponsor); Allianz Capital Partners GmbH Entertainment CCC- CC CCC B- BB- Xerium Technologies Inc. (Prior Sponsor) Capital Goods B- B- B- CCC+ B+ * Data as of May 13, 2008. Source: Standard & Poor’s Global Fixed Income Research; Standard & Poor’s Capital IQ. Global Credit Comment: Exposure To Deteriorating Assets Increases Risks To Private Equity Page 12
Page 1 and 2: Diane Vazza, Managing Director (+1)
Page 3 and 4: Table 1: Global Corporate Transitio
Page 5 and 6: Table 2: Weakest Links With Private
Page 11: Entity Ownership Status Sector Meta
Page 15 and 16: Table 3: Defaulted Entities In 2009
Page 23: Subscription to Global Fixed Income

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