stable. Figure 1: US IG total and net leverage Total Leverage 0.7 0.9 1.1 1.3 1.5 1.7 1.9 2.1 2.3 2.5 Net (floored at $0) Net Leverage ex-Energy/Metals Figure 2: US HY total and net leverage Total Leverage ex Energy/Mining 2.5 3.0 3.5 4.0 4.5 5.0 5.5 6.0 6.5 2006 2007 2008 2009 2011 2012