Epstein Secrets

gation of any Obligor with a long-term rating of any Obligor is (i) AA- or higher by S&P, (ii) Aa3 or higher by Moody's and (iii) AA- or higher by Fitch, will not be greater than 1201% of the principal amount of all Assets then owned by the Company and the principal amount of Assets representing the

rchase certain corporate obligations and short-term obligations of banks and bank holding companies with short-temt debt ratings of at least A-I by Standard & Poor's Ratings Services (-S&P"), P-I by Moody's Investors Service. Inc. ("Moody's") and Fl by Fitch, Inc. ("Fitch"), as further described under "Investment Policy". Each

to be a Continuing Apollo Person. "Fitch" means Fitch Ratings Inc. or any successor thereto. "Investment Grade" means a rating of BBB- or better by Fitch (or its equivalent under any successor rating categories of Fitch) and BBB- or better by (or its equivalent under any successor rating categories o

purchase price. The Series A Preferred Shares may not be rated and, if rated, their ratings could be lowered. We expect that Fitch Ratings Inc. and Standard & Poor's Ratings Services will assign ratings to the Series A Preferred Shares. Generally, rating agencies base their ratings on such material and information, and such of t

inary Performance Profiles. Punk Ziegel: Punk Ziegel & Co. Ratings Agencies: U.S. commercial credit rating agencies Standard & Poor's, Moody's and Fitch. xii EFTA00316726 Case 1:08-cv-02793-RWS Document 102 Filed 02127,109 Page 14 of 347 RMBS: Residential Mortgage Backed Securities. Repo: Repur

ay cause a slowdown in its investment banking operation." The Company's stock fell $6.03 as a result, closing at $121.22. 228. On August 3, 2007, Standard & Poor's Ratings Services said it had revised its outlook on Bear Steams from stable to negative. Notwithstanding the Company's denials, the ratings firm explained that "Bea

with respect to any Structured Finance Obligation that has not been rated by asuant to clause (i) above but has been publicly rated by Moody's or Fitch, then the Rating of such Structured Finance Obligation may be determined using the applicable method below: (A) with respect to any Structured F

obal Security": The meaning specified in Section 2.2(c). "Rule 144A Information": The meaning specified in Section 7.15. "M' or "Standard & Poor's: Standard & Poor's Ratings Services, a division of The McGraw-Hill Companies, Inc., and any successor or successors thereto. CDO Monitor": A dynamic, analytical computer program devel