Global Credit Comment:

Private Equity Swirling In The Eye Of

The Storm (Premium)

Global Fixed Income Research

Diane Vazza, Managing Director

(+1) 212-438-2760
diane_vazza@
standardandpoors.com

Jacinto Torres, Associate Director

(+1) 212-434-3243
jacinto_torres@
standardandpoors.com

Standard & Poor's

55 Water Street
39th Floor
New York, NY 10041

November 2008
 Diane Vazza Jacinto Torres
Managing Director Associate Director
+1 212 438 2760 +1 212 438 3243
diane_vazza@standardandpoors.com jacinto_torres@standardandpoors.com

Global Credit Comment: Private Equity Swirling In The Eye Of The Storm
(Premium)
This is an update on the piece ”Default, Transition, and Recovery: Default Autopsy Finds Traces Of
Private Equity DNA (Premium)”, published Sept. 10, 2008, on RatingsDirect.

NEW YORK (Standard & Poor's) November 19, 2008—An analysis of corporate casualties in 2008
reveals significant private equity exposure. This is not surprising, because private equity groups seek
above-average returns by investing in higher-risk assets, typically entities at the lower end of the
ratings spectrum with constricted “wiggle” room—especially during periods of financial stress. These
sponsors inherently target troubled entities that could be had at an attractive price, turned around, and
sold for a profit. This model worked remarkably well for years when liquidity was ample and investor
confidence was soaring. However, the fast-changing financial landscape in the U.S. and abroad may
have caught sponsors off guard. The deteriorating economic fundamentals and sustained volatility in
the financial markets combine to exacerbate default risk. The slowing economy continues to strain
earnings and the frozen lending markets pose operational risks and put vital capital projects in
jeopardy. Sponsors now face more demanding investors, less accommodative market conditions, and
the typical exit strategies (e.g., IPOs) to which they once had access, no longer make much economic
sense.

Defaults have risen nearly fourfold in 2008, with deteriorating economic conditions and lingering
uncertainty in the financial sector. Through Nov. 17, 2008, 86 entities defaulted globally, affecting
$285 billion, compared with just 22 in 2007 and 30 in 2006, affecting $8.1 billion and $7.1 billion,
respectively. Of the 86 defaulters this year, 53 were involved in transactions with private equity at one
point or another (see table 1). This exposure can be further linked to endowment and pension funds,
asset-management firms, and high-net-worth individual investors, summing up the various players and
complex structure of the capital markets to the second, third, and fourth degrees.

The practices adopted by sponsors may or may not have exacerbated the targets’ balance sheets: Too
many factors contribute to companies’ resilience, or lack thereof. The stability offered by sponsors’
financial strength may have deferred or even averted some defaults. Private equity benefits from the
typical 10-year time horizons entrusted to them by their investors, providing the target entities financial
flexibility to maneuver through difficult and challenging times. Nonetheless, exposure to deteriorating
assets increases risk. It was difficult to anticipate the severity of the current economic and financial
conditions, and sponsors may be more deeply embroiled with their target entities than planned. We
expect the default rate to escalate sharply, reaching 7.6% in the U.S. in the 12 months (For more
details, see “Financial Tumult Pellets Corporates, Exacerbates Default Outlook Threefold,” published
October 16, 2008, on RatingsDirect, the real-time Web-based source for Standard & Poor's credit
ratings, research, and risk analysis.). While recent aggressive government interventions may alleviate
the turmoil in the interbank lending, bond, and equity markets, weak economic fundamentals and
sustained volatility in financial markets are putting increased pressure on corporations, notably
consumer-oriented entities at the lower end of the rating spectrum that are particularly vulnerable

Global Credit Comment: Private Equity Swirling In The Eye Of The Storm Page 1
 during cyclical downturns. We expect private equity exposure to the defaulting companies in the
coming months to remain elevated.

Table 1: Defaulted Entities In 2008*

Defaulted Entity Public Ownership (Largest shareholders) Private Ownership (Current) Private Ownership (Prior) Industry Default Date
Buffets Holdings CI Capital Partners, LLC; Cherry Tree Investments, Inc. Consumer / Service 1/4/2008
Inc. (USA) Sentinel Capital Partners, LLC Sector
TOUSA Inc. Technical Olympic SA; Four Corners Capital Technical Olympic SA Pacific USA Holdings Real estate 1/4/2008
(USA) Management LLC; California Public Corporation
Employees' Retirement System; Security
Kapitalanlage Aktiengesellschaft; Stengos,
Constantine A.; Strategic Investment Group
Quebecor World Elm Ridge Capital Management, LLC; Beutel Quebecor Inc. (TSX:QBR.B) Leisure Time / Media 1/16/2008
Inc. (Canada) Goodman & Company Ltd.; D. E. Shaw
Investment Management, LLC; Avenue
Capital Group; Sionna Investment Managers
Inc.; Picton Mahoney Asset Management;
Mulroney, Brian; Global Pension Fund
(Norway); Phillips, Hager & North Investment
Management Ltd.; KBC Asset Management
NV
Propex Inc. (USA) Lumite, Inc. BNP Paribas Capital; BP plc; Health Care / 1/22/2008
Genstar Capital, LLC; Laminar Chemicals
Direct Capital, L.P.; The
Sterling Group, L.P.
PRC LLC (USA) Diamond Castle Holdings, LLC; IAC/InterActiveCorp. Leisure Time / Media 1/23/2008
Usaha Tegas Sdn. Bhd.
Plastech In June 2008, Goldman Sachs American Capital, Ltd. Aerospace / 2/4/2008
Engineered Credit Partners L.P. & Johnson Automotive / Capital
Products Inc. Controls Inc. bought subsidiary Goods / Metal
(USA) Interiors Business and TrimQuest
LLC; Decoma International of
America, Inc. & Goldman Sachs
Credit Partners LP bought
Plastech Exterior Systems, Inc.;
JD Norman Ind stries Inc
SIRVA Inc. (USA) Lerdal, Mark D.; MLF Investments, LLC; Clayton, Dubilier & Rice, Inc.; Transportation 2/5/2008
Jackson, Laban P.; ValueAct Capital, LLC; MLF Investments, LLC; ValueAct
Segall Bryant & Hamill; Kamin, Peter H. Capital, LLC
Holley Kohlberg & Company, LLC Coltec Industries Inc. Aerospace / 2/11/2008
Performance Automotive / Capital
Products Inc. Goods / Metal
(USA)
Wellman Inc. Wells Capital Management Incorporated; Warburg Pincus LLC Cariad Capital, Inc.; J.P. Health Care / 2/25/2008
(USA) Merrill Lynch & Co. Inc.; Dimensional Fund Morgan Partners, LLC Chemicals
Advisors LP; California Public Employees'
Retirement System; LSV Asset Management;
Citigroup Inc.; Mellon Capital Management;
Coldstream Capital Management, Inc.;
Gesbankinter SGIIC S.A.; T. Rowe Price
Associates, Inc.; Bessemer Investment
Management LLC
Atlantis Plastics Powell, Earl Wayne; George, Phillip T.; Trivest Partners, L.P. Health Care / 2/27/2008
Inc (USA) Stadium Capital Management, LLC; Chemicals
Dimensional Fund Advisors LP; Saari, Paul
G.; Vanatta, Chester B.; LSV Asset
Management; California Public Employees'
Retirement System; Philbrook, V. M.;
Vandenberg, Peter; Murphy, Charles D.;
Shuster, Jay
Thornburg MatlinPatterson Global Advisers LLC; PAR MatlinPatterson Global Advisers Financial Institutions 3/3/2008
Mortgage Inc Capital Management, Inc.; Citigroup Inc.; LLC
(USA) Rainwater, Richard E.; Wellington
Management Company L.L.P.; Goldman,
Sachs & Co.; The Vanguard Group, Inc.;
Capital World Investors; Acadian Asset
Management, Inc.; Thornburg, Garrett;
Scoggin Capital Management L.P.; Stark
In estments LP T Ro e Price Associates

Global Credit Comment: Private Equity Swirling In The Eye Of The Storm Page 2
 Table 1: Defaulted Entities In 2008* (Continued)
Defaulted Entity Public Ownership (Largest shareholders) Private Ownership (Current) Private Ownership (Prior) Industry Default Date
Leiner Health NBTY Inc. Adams Street Partners, LLC; Consumer / Service 3/10/2008
Products Inc. AEA Investors LLC; Bain Sector
(USA) Capital, LLC; Booker Group
PLC; Electra Partners LLP;
Electra Private Equity Plc;
Golden Gate Capital; North
Castle Partners, LLC;
Steelpoint Capital Partners,
LP; SunTrust Equity Partners

Legends Gaming Leisure Time / Media 3/14/2008

LLC (USA)
Fremont Litton Loan Servicing, LP Fremont General Corporation Financial Institutions 3/18/2008
Investment & which is publicly owned by
Loan (USA) Ramat Securities; Kelly
Capital Investments, LLC;
Scepter Holdings, Inc.;
Dimensional Fund Advisors
LP; ING Investment
Management Americas
Ziff Davis Media Lexington Partners; Willis Stein & CSFB Private Equity; DLJ Leisure Time / Media 3/26/2008
Inc. (USA) Partners, LLC; Ziff Davis Merchant Banking Partners;
Holdings Inc. (SoftBank Capital Ziff-Davis Inc.
has stake in this Ziff Davis
Holdings)
Interep National Southpaw Asset Management LP; Lynch, Atlas Capital Services, LLC; Leisure Time / Media 4/1/2008
Radio Sales Inc. Peter S.; GAMCO Asset Management, Inc.; Eos Partners, LP; Providence
(USA) Gabriel Capital Group; Tradition Capital Equity Partners LLC
Management, LLC; American Heritage
Management Corp.; California Public
Employees' Retirement System
Vicorp Benthuysen, Walter Van; Carroll, Anthony J.; Mid Oaks Investments LLC; VI BancBoston Capital, Inc.; Consumer / Service 4/4/2008
Restaurants Inc. Koenig, Debra; Kaltenbach, Robert E.; Acquisition Corp.; Wind Point Dimensional Fund Advisors Sector
(USA) Keymer, Kenneth L.; Wind Point Partners; Mid Partners LP; Fairmont Capital, Inc.;
Oaks Investments LLC First Manhattan Co.; Franklin
Advisory Services, LLC;
Goldner Hawn Johnson &
Morrison, Inc.; Quaker Capital
Management Corporation;
Southeastern Asset
Management, Inc.; Wachovia
Capital Partners, Inc.

Vertis Inc. (USA) Vertis Holdings, Inc. Apollo Management, L.P.; BT Leisure Time / Media 4/8/2008
Investment Partners
Linens 'n Things Mellon Capital Management Corporation; Apollo Management, L.P.; Consumer / Service 4/15/2008
Inc. (USA) Kenwood Capital Management LLC, National Realty & Development Sector
Corp.; NRDC Equity Partners;
Silver Point Capital L.P.; Tri-
Artisan Capital Partners, LLC
Kimball Hill Inc. Real Estate 4/25/2008
(USA)
Home Interiors & HM Capital Partners LLC Trinity Hunt Partners Consumer / Service 4/29/2008
Gifts Inc. (USA) Sector
French Lick Orange County Holdings, Inc. Boykin Lodging Co.; CFC, Leisure Time / Media 4/30/2008
Resorts & Casino Inc.; Lauth Resorts & Casino,
LLC (USA) LLC

Recycled Paper Monitor Clipper Partners, Inc. Consumer / Service 5/2/2008

Greetings Inc Sector
(USA)
Herbst Gaming Terrible Herbst Corporation Leisure Time / Media 5/19/2008
Inc (USA)
Greektown Leisure Time / Media 5/30/2008
Holdings LLC
(USA)
Residential GMAC Mortgage Group, LLC; GMAC LLC Financial Institutions 6/4/2008
Capital, LLC Cerberus Capital Management,
(USA) L.P. pending purchase of
Residential Capital LLC, model
homes and other assets

Global Credit Comment: Private Equity Swirling In The Eye Of The Storm Page 3
 Table 1: Defaulted Entities In 2008* (Continued)
Defaulted Entity Public Ownership (Largest shareholders) Private Ownership (Current) Private Ownership (Prior) Industry Default Date
Six Flags Inc. Cascade Investment, LLC; Tracer Capital Generation Partners Chrysalis Ventures, Inc.; Leisure Time / Media 6/16/2008
(USA) Management L.P.; HBK Investments L.P.; Hanseatic Corporation;
Dimensional Fund Advisors LP; Snyder, Lawrence, Tyrrell; Ortale &
Daniel M.; Schar, Dwight C.; Renaissance Smith; Red Zone Capital
Technologies Corp.; Barclays Global Management Co., LLC;
Investors; TCW Asset Management Company; Windcrest Partners
JHT Holdings Inc. D.B. Zwirn & Co., L.P.; Kansas American Industrial Partners; Transportation 6/24/2008
(USA) Venture Capital, Inc.; Special Merit Capital Partners
Situations Group Private Equity;
Spectrum Investment
Management Limited;
Stonehouse Capital Partners
Gainey Corp. Transportation 7/1/2008
(USA)
Ginn-LA Conduit Real estate 7/2/2008
Lender Inc. (USA)

GWLS Holdings Transportation 7/11/2008

Inc. (USA)
Indymac Bancorp Braun Von Wyss & Müller AG, Zurich; Financial Institutions 7/14/2008
(USA) Barclays Global Investors Limited; Caisse de
Depot et Placement du Quebec; The
Vanguard Group, Inc.; Morgan Stanley
Investment Management Inc.; Goldman,
Sachs & Co.; Merrill Lynch & Co. Inc.;
Barclays Global Investors; Credit Suisse
Securities (USA) LLC; Capital Research
Global Investors; Citigroup Inc.; D. E. Shaw
Investment Management, LLC; UBS Securities

IndyMac Bank, IndyMac Bancorp Inc. SGV Bancorp, Inc. Financial Institutions 7/14/2008
FSB (USA)
Pierre Foods Inc. Madison Dearborn Partners, LLC.; Madison Dearborn Partners, LLC P F Management, Inc Consumer / Service 7/14/2008
(USA) Woodhams, Norbert E.; Naylor, Robert C. Sector
Atrium Cos. Inc. ACIH, Inc.; National City Equity Ardshiel, Inc.; Atrium Corp.; Forest and Building 7/17/2008
(USA) Partners, LLC; PPM America GE Investments; Heritage Products /
Capital Partners, LLC; UBS Partners, Inc.; HM Capital Homebuilders
Capital Americas Partners LLC
Belvedere S.A. Angostura Holdings Ltd. Banque de Vizille Consumer / Service 7/18/2008
(France) Sector
Journal Register Zesiger Capital Group LLC; Private Warburg Pincus LLC Leisure Time / Media 7/25/2008
Co. (USA) Management Group, Inc.; Dimensional Fund
Advisors LP; Ancora Advisors, LLC; Heartland
Advisors, Inc.
Portola Packaging On Infinity Coding Solutions Inc.- J.P. Morgan Partners, LLC Health Care / 7/29/2008
Inc. (USA) ATA Ventures; Granite Ventures, Chemicals
LLC; Thomvest Ventures, Inc.

Ainsworth Lumber BlackRock Investment Management LLC; Grant Forest Products, Inc. Forest and Building 7/31/2008
Co. Ltd. (Canada) Dimensional Fund Advisors LP Products /
Homebuilders
WCI Communities Icahn Associates Corp.; Sandell Asset February 06 private placement of Court Square Capital Forest and Building 8/4/2008
Inc. (USA) Management Corp.; Barclays Global Trust Preferred Securities for Partners, previously known as Products /
Investors; Dimensional Fund Advisors LP; gross proceeds of $65 million in Citigroup Venture Capital, Ltd. Homebuilders
S.A.C. Capital Management, LLC; Merrill February 2006. JMP Securities
Lynch & Co. Inc.; Schwartz, Marvin C.; Wilson, acted as the placement agent for
Mary Ann; Whitebox Advisors, LLC; The the transaction.
Vanguard Group, Inc.; Dolphin Associates,
LLC; High Rise Capital Management, L.P.;
Goldman, Sachs & Co.; Arrowstreet Capital,
L.P.; Ore Hill Partners LLC

BluePoint Re BluePoint Holdings Limited Insurance 8/14/2008

Limited (owned by Wachovia
(Bermuda) Corporation)
Uno Restaurant Carlisle Enterprises, LLC; Centre Consumer / Service 8/18/2008
Holdings Corp. Partners Management LLC Sector
(USA)
Hines Horticulture Madison Dearborn Partners, LLC; The Abbott Capital Management, Consumer / Service 8/20/2008
Inc. (USA) California State Teachers Employees' LLC; Madison Dearborn Capital Sector
Retirement System; Abbott Capital Partners, LP; The California State
Management, LLC; Robeco Boston Partners; Teachers Employees' Retirement
Ferguson, Robert A.; Summers, Edwin G.; System; Black Diamond Capital
Pieropan, Claudia M.; O'Donnell, James; Management, LLC (Pending)
Hunter Associates, Inc.
Mrs. Fields Mrs. Fields' Original Cookies Inc. Consumer / Service 8/25/2008
Famous Brands Sector
LLC (USA)

Global Credit Comment: Private Equity Swirling In The Eye Of The Storm Page 4
 Table 1: Defaulted Entities In 2008* (Continued)
Defaulted Entity Public Ownership (Largest shareholders) Private Ownership (Current) Private Ownership (Prior) Industry Default Date
LBREP/L SunCal Real estate 9/10/2008
Master I LLC
(USA)
Motor Coach JLL Partners Consortium G Dina Group Inc. Aerospace / 9/15/2008
Industries Automotive / Capital
International Inc. Goods / Metal
(USA)
Lehman Brothers Lehman Brothers Holdings Inc. Financial Institutions 9/15/2008
Bankhaus AG
(Germany)

Lehman Brothers Clearbridge Advisors, LLC; Wellington Financial Institutions 9/15/2008

Holdings Inc. Management Company L.L.P.; State Street
(USA) Global Advisors, Inc.; Janus Capital
Management LLC; Norges Bank Investment
Management
UTGR Inc. (USA) BLB Investors, L.L.C. Wembley plc Leisure Time / Media 9/16/2008

Lehman Brothers Barclays Capital Lehman Brothers Holdings Financial Institutions 9/23/2008
Inc. (USA) Inc.

HRP Myrtle Leisure Time / Media 9/24/2008

Beach Holdings
LLC (USA)
Washington JPMorgan Chase & Co Fleet Mortgage Corp.; Financial Institutions 9/25/2008
Mutual Bank Keystone Inc.; Oak Hill Capital
(USA) Partners; Savings Association
Insurance Fund; Washington
Mutual Inc.
Washington TPG; Capital Research Global Investors; ACE European Group; ACE Acadia Partners, L.P.; Blum Financial Institutions 9/25/2008
Mutual, Inc. Toscafund Asset Management LLP; Capital Property and Casualty Insurance Capital Partners; Prudential
(USA) Research and Management Company; Company; AIG SunAmerica Series Fund - SP Large Cap
Wellington Management Company L.L.P. Asset Management Corp.; Value Portfolio
Alberta Teachers' Retirement
Fund Board; AllianceBernstein
L.P.; AllianceBernstein Tax-
Managed Balanced Wealth
Strategy;

Ashton Woods Real estate 10/2/2008

USA LLC (USA)
Corporacion Rincón De Velasco, Mayela; Impulsora de Forest and Building 10/6/2008
Durango, S. A. B. Fondos Banamex S.A. de C.V.; Products /
de C. V. (Mexico) Administradora Corporativa Y Mercantil, SA Homebuilders
De CV; BI Asset Management
Fondsmæglerselskab AS
Baseline Oil & Third Point LLC; Lovoi, John; Whitebox JVL Advisors, L.L.C. Andrew Carter Capital, Inc.; Energy and Natural 10/7/2008
Gas Corp. (USA) Advisors, LLC; Gaines, Alan D.; Damson, Bru Holding Co., LLC; Resources
Barrie Diamondback Capital
Management, LLC; Enable
Capital Management, LLC;
Fountainhead Investments,
Inc.; Meadowbrook Capital
Management LLC;
Pemigewasset Capital, LLC;
RFJM Partners, LLC;
SKIRITAI Capital LLC;
Superius Securities Group,
Inc.; Tiedemann Trust
Company

Global Credit Comment: Private Equity Swirling In The Eye Of The Storm Page 5
 Table 1: Defaulted Entities In 2008* (Continued)
Defaulted Entity Public Ownership (Largest shareholders) Private Ownership (Current) Private Ownership (Prior) Industry Default Date
Controladora Consumer / Service 10/9/2008
Comercial Sector
Mexicana, S. A.
B. de C. V.
(Mexico)
Glitnir Bank Baugur Group; Milestone ehf.; Burdarás Hf. Financial Institutions 10/9/2008
(Iceland) Straumur-Burðarás Investment
Bank; Government Of Iceland
Viskase Cos. Inc. Northeast Investment Management, Inc.; Grace Brothers Management, Health Care / 10/10/2008
(USA) BlackRock Investment Management LLC LLC; Icahn Associates Corp.; Chemicals
Northeast Investment
Management, Inc.; Northeast
Investors Trust
3D-Gold Transpac Capital Pte Ltd. Consumer / Service 10/15/2008
Jewellery Sector
Holdings Ltd.
(Hong Kong)
Masonite Chuo Mitsui Asset Management Company Kohlberg Kravis Roberts & Co.; Clairvest Group Inc. Forest and Building 10/17/2008
International Inc. Limited; ING Mutual Funds Management Masonite Holding Corporation (TSX:CVG) Products /
(Canada) Company (Japan) Ltd; Barclays Global Homebuilders
Investors Japan Limited; Morgan Stanley
Investment Management (Japan) Limited
Majestic Star Majestic Holdco, LLC Leisure Time / Media 10/15/2008
Casino LLC (The)
(USA)
VeraSun Energy Endres, Donald L.; Invesco PowerShares Bluestem Capital Partners Eos Partners, L.P. Energy and natural 11/3/2008
Corporation Capital Management; Fagen, Ron; Barclays resources
(USA) Global Investors, National Association; Palo
Alto Investors, LLC
Hawaiian Telcom Hawaiian Telcom HoldCo, Inc.; Verizon Communications Inc. Telecommunications 11/3/2008
Communications The Carlyle Group; (NYSE:VZ)
Inc. (USA)
Pilgrim's Pride IIG Management, Inc. (Pending); Consumer / service 11/6/2008
Corp. (USA) Pilgrim’s Pride Corporation sector
(NYSE:PPC)
American Media American Media, Inc. J.P. Morgan Partners, LLC Leisure Time / Media 11/7/2008
Operations Inc.
(USA)
IT Holding SpA GTP Holding Spa; Giribaldi, Luigi; Eurizon Consumer / Service 11/17/2008
(Italy) Capital SGR S.p.A.; JPMorgan Asset Sector
Management (UK) Limited; Leonardo SGR
SpA

*Excludes confidential entities. Data as of Nov. 18, 2008.

Source: Standard & Poor’s Global Fixed Income Research; Standard & Poor’s Capital IQ.

Global Credit Comment: Private Equity Swirling In The Eye Of The Storm Page 6
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Global Credit Comment: Private Equity Swirling In The Eye Of The Storm Page 7