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Table 2: Weakest Links With Private Equity Involvement (Continued) Entity Ownership Status Sector Oil & Gas 13-May-09 Prior Rating -90 Days 180 Days 1 Year 2 Years Express Energy Services Operating, Wachovia Capital Partners, Inc. (Current Sponsor); Exploration & LP Macquarie Direct Investment Limited (Current Sponsor) Production CCC B- B NR NR Freedom Communications Inc. Freescale Semiconductor Inc. Frontier Drilling A.S.A Providence Equity Partners LLC (Current Sponsor); The Media & Blackstone Group, Private Equity Group (Current Sponsor) Entertainment CCC- CCC+ CCC+ B+ BB Battery Ventures (Current Sponsor); Lexington Partners (Current Sponsor); Permira Advisers Ltd. (Prior Sponsor); SL Capital Partners LLP (Current Sponsor); TPG (Prior Sponsor); The Blackstone Group, Private Equity Group (Prior Sponsor); The Carlyle Group (Prior Sponsor); AXA Private Equity (Current Sponsor); AIG Private Equity AG (SWX:APEN) (Current Sponsor); GIC Special Investments (Current Sponsor); AIG Investments (Prior Sponsor); HBK Private Equity (Current Sponsor); Rosemont Solebury Capital Management LLC (Current Sponsor) High Technology B- CC B+ B+ BB- CSFB Private Equity (Prior Sponsor); DLJ Merchant Banking Partners (Prior Sponsor); The Carlyle Group (Current Sponsor); Riverstone Holdings LLC (Current Sponsor); Avista Capital Holdings, L.P. (Current Sponsor) Global Geophysical Services Inc. Kelso & Company (Current Sponsor) Grant Forest Products Inc. GSC Investment Corp (NYSE:GNV) (Current Sponsor) Sandler Capital Management, Private Equity (Prior Gray Television Inc. Sponsor) Oil & Gas Exploration & Production B- B- B- B- B- Oil & Gas Exploration & Production Forest Products & B- B- B- B- B- Building Materials Media & CCC+ CCC+ B- B- B+ Entertainment CCC+ B- B- B B Guitar Center Holdings Inc. Bain Capital, LLC (Pending Sponsor) Retail/Restaurants Chemicals, Packaging & Environmental B- B- B- B- NR Gundle/SLT Environmental Inc. Code Hennessy & Simmons, L.L.C. (Current Sponsor) CSFB Private Equity (Current Sponsor); DLJ Merchant Services CCC+ B- B- B- B- Banking Partners (Prior Sponsor); Great Hill Partners, LLC Media & Haights Cross Communications Inc. (Prior Sponsor) Entertainment CCC- CCC CCC CCC+ CCC+ Harrah's Entertainment Inc. Apollo Management, L.P. (Current Sponsor); HarbourVest Partners, L.L.C. (Current Sponsor); TPG (Current Sponsor); The Blackstone Group, Private Equity Group (Current Sponsor); The Carlyle Group (Current Sponsor); Tri-Artisan Capital Partners, LLC (Current Sponsor); SPB Partners (Current Sponsor) Media & Entertainment CCC B- B B+ BB Harry & David Operations Corp. JZ Capital Partners Limited (LSE:JZCP) (Prior Sponsor) Retail/Restaurants CC CC B- B B Hawker Beechcraft Inc. Goldman Sachs Group, Merchant Banking Division (Current Sponsor); Onex Corporation (TSX:OCX) (Current Sponsor) Aerospace & Defense CC B+ B+ B+ B+ Hayes Lemmerz International Inc. J.P. Morgan Partners, LLC (Prior Sponsor); JLL Partners (Prior Sponsor); Palladium Equity Partners, LLC (Prior Sponsor); TSG Capital Group (Prior Sponsor) Automotive Forest Products & CC CCC+ B B B HeidelbergCement AG WestLB AG - Private Equity Investments (Prior Sponsor) Building Materials B- B+ BB+ BBB- BBB- Hellas Telecommunications I SARL HIT Entertainment Ltd. InSight Health Services Corp. Instant Web Inc. Integra Telecom Inc. Apax Partners Worldwide LLP (Prior Sponsor); TCW/Crescent Mezzanine Partners, L.L.C. (Current Sponsor); TPG (Prior Sponsor) Telecommunication s B- B- B B B Apax Partners Worldwide LLP (Current Sponsor); SL Capital Partners LLP (Current Sponsor); Cyrte Investments B.V. (Prior Sponsor); Stockwell Capital LLC (Current Media & Sponsor) GE Equity (Prior Sponsor); J.W. Childs Associates, L.P. (Prior Sponsor); The Carlyle Group (Prior Sponsor); The Entertainment CCC+ CCC+ B B B Halifax Group (Prior Sponsor) Health Care CCC B- B- B- D Court Square Capital Partners (Prior Sponsor); Avista Capital Holdings, L.P. (Current Sponsor) Media & Entertainment B- B- B B NR Boston Ventures Management, Inc. (Current Sponsor); Nautic Partners, LLC (Prior Sponsor); Bank of America Capital Investors (Current Sponsor); Shaw Venture Partners (Current Sponsor); CIT Venture Capital (Current Sponsor); Banc of America Capital Investors, L.P. prior to Telecommunication merger with NationsBank Capital Investors (Prior Sponsor) s CC CCC B- B- NR Global Credit Comment: Exposure To Deteriorating Assets Increases Risks To Private Equity Page 7
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 InterDent Inc. International Bank of Saint- Petersburg International Coal Group LLC Interstate Hotels & Resorts Inc. Bessemer Venture Partners (Prior Sponsor); J.P. Morgan Partners, LLC (Prior Sponsor); DDJ Capital Management, LLC (Prior Sponsor); Levine Leichtman Capital Partners, Inc. (Current Sponsor); Sprout Group (Current Sponsor); St. Paul Venture Capital, Inc. (Prior Sponsor); GSC Investment Corp (NYSE:GNV) (Current Sponsor) Värde Partners, Inc. (Prior Sponsor); WL Ross and Co. LLC (Current Sponsor); GreenLight Capital, Inc. (Prior Health Care CCC CCC CCC CCC B Sponsor) Värde Partners, Inc. (Prior Sponsor); WL Ross and Co. Bank B- B- B- B- CCC+ LLC (Current Sponsor); GreenLight Capital, Inc. (Prior Metals, Mining & Sponsor) Steel B- B- B- B- B- Lehman Brothers, Private Equity Division (Prior Sponsor); Media & Keystone Inc. (Prior Sponsor) Entertainment Chemicals, Packaging & Environmental CCC+ B B B B Wachovia Capital Partners, Inc. (Prior Sponsor); Sandler Capital Management, Private Equity (Prior Sponsor); William E. Simon & Sons Private Equity Partners, L.L.C. (Prior Sponsor); Deutsche Bank AG, Investment Arm (Prior Services CCC+ B B B B- Sponsor); Citadel Investment Group, L.L.C. (Current Media & Sponsor) Entertainment Forest Products & CC CCC CCC+ CCC+ CCC+ BancBoston Ventures, Inc. (Prior Sponsor); J.P. Morgan Partners, LLC (Prior Sponsor); Bank of America Capital Investors (Prior Sponsor); Peterson Partners LP (Prior Sponsor); TowerBrook Capital Partners, L.P. (Prior Sponsor); Weston Presidio (Prior Sponsor); NMS Capital Management LLC (Prior Sponsor); Quantum Industrial Partners LDC (Current Sponsor); CCMP Capital Advisors, Building Materials CCC+ B- B- B B LLC (Prior Sponsor) Advent International Corporation (Prior Sponsor); BancBoston Capital, Inc. (Current Sponsor); GE Equity Transportation B- B- B- B- B (Prior Sponsor); Littlejohn & Co. LLC (Prior Sponsor) Automotive Consumer B- B- B- B- B Products CCC+ CCC+ CCC+ B- B- Intertape Polymer Group Inc. Miralta Capital Inc. (Current Sponsor) ION Media Networks Inc. Jacuzzi Brands Corp. Apollo Management, L.P. (Current Sponsor) JetBlue Airways Corporation Keystone Automotive Operations Inc. KIK Custom Products Inc. CI Capital Partners LLC (Current Sponsor) Kinetek Holdings Corp. Krispy Kreme Doughnuts Inc. Lazy Days' R.V. Center Inc. TCW/Crescent Mezzanine Partners, L.L.C. (Current Sponsor); The Jordan Company, L.P. (Current Sponsor); JZ Capital Partners Limited (LSE:JZCP) (Current Sponsor) Capital Goods Hunter Hall International Ltd. (ASX:HHL) (Current Sponsor); MGL Asset Management, L.L.C. (Pending B- B- B B B Sponsor) Bruckmann, Rosser, Sherrill & Co. L.L.C. (Current Sponsor); PPM America, Inc (Prior Sponsor); Alliance Retail/Restaurants B- B- B- B- NR Holdings, Inc. (Prior Sponsor) Automotive CC CC CCC+ B B+ Lear Corp. Bain Capital, LLC (Prior Sponsor); Exor America (Prior Sponsor); Goldman Sachs Group, Merchant Banking Division (Prior Sponsor); Lehman Brothers, Private Equity Division (Prior Sponsor); The Cypress Group (Prior Sponsor); Icahn Associates Corp. (Prior Sponsor) GTCR Golder Rauner, LLC (Prior Sponsor); The Carlyle Automotive CCC+ CCC+ B B+ B LifeCare Holdings Inc. Group (Current Sponsor) Arcapita Inc. (Prior Sponsor); Desai Capital Management, Inc. (Prior Sponsor); Sprout Group (Prior Sponsor); ZS Fund L.P. (Prior Sponsor); Arcapita Bank, Corporate Health Care CCC+ CCC+ CCC+ CCC+ B- Loehmann's Holdings Inc. Investment Arm (Prior Sponsor) Retail/Restaurants Chemicals, Packaging & CCC+ CCC+ CCC+ CCC+ B Court Square Capital Partners (Current Sponsor); Weston Environmental MacDermid Inc. Presidio (Current Sponsor) Soros Fund Management LLC (Current Sponsor); Services B- B B B B Mastro's Restaurants LLC Kinderhook Industries (Current Sponsor) Retail/Restaurants Media & CCC B- B- B- B- McClatchy Co. (The) Constitution Equity Associates L.P. (Prior Sponsor) Entertainment CCC+ CCC+ B BB- BB+ MEGA Brands Inc. J.P. Morgan Partners, LLC (Prior Sponsor); The Blackstone Group, Private Equity Group (Prior Sponsor) Consumer Products CCC CCC B- B B+ Global Credit Comment: Exposure To Deteriorating Assets Increases Risks To Private Equity Page 8
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 7: Table 2: Weakest Links With Private
Page 11 and 12: Entity Ownership Status Sector Meta
Page 13 and 14: Table 2: Weakest Links With Private
Page 15 and 16: Table 3: Defaulted Entities In 2009
Page 23: Subscription to Global Fixed Income

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