Moody's List Companies at Risk of Default (WSJ )

March 9, 2009
The 'Bottom Rung' -- Companies at Greatest Risk of Defaulting

Moody's Investors Service is launching a list called the "Bottom Rung," which details 283 companies that are at risk of defaulting on their debt. Below are the 30 largest companies on the list, based on rated debt.



Allison Transmission, Inc. B3 B3 Negative 4.60 Automotive: Parts
AMR Corp. Caa1 Caa1 Negative 1.62 Transportation Services: Airline
Building Materials Corporation of America Caa1 B3 Negative 1.55 Manufacturing: Finished Products
Chrysler LLC Ca Ca Negative 9.00 Automotive: Passenger
Citadel Broadcasting Corp. Caa3 Caa2 Negative 2.29 Media: Broadcast Tv & Radio Stations
Claire's Stores, Inc. Caa3 Caa3 Negative 2.59 Retail: Department Stores
Dana Holding Corp. Caa1 Caa1 Rating under reveiw 2.08 Automotive: Parts
Dole Food Company, Inc. Caa1 B3 Negative 1.51 Natural Products Processor: Agriculture
Eastman Kodak Co. B3 B3 Negative 2.10 Technology: Hardware
Ford Motor Co. Caa3 Caa3 Negative 31.55 Automotive: Passenger
Freescale Semiconductor, Inc. Ca Caa1 Negative 10.20 Technology: Semiconductor
General Motors Corp. Ca Ca Negative 38.56 Automotive: Passenger
Georgia Gulf Corp. Caa2 Caa2 Negative 1.98 Chemicals: Commodity Chemical
Hawker Beechcraft Acquisition Co. B3 B3 Negative 2.85 Aircraft & Aerospace: Equipment
Idearc, Inc. Caa3 Caa2 Negative 9.29 Media Publishing: Books
Lear Corp. Caa2 Caa2 Rating under reveiw 2.30 Automotive: Parts
Level 3 Communications, Inc. Caa1 Caa1 Rating under reveiw 1.87 Telecommunications: Wireline
Michaels Stores, Inc. B3 B3 Negative 3.93 Retail: Specialty
OSI Restaurant Partners, Inc. Ca Caa1 Rating under reveiw 2.11 Restaurants: Family Dining
R.H. Donnelley Corp. Caa2 Caa1 Negative 3.48 Media: Printing - Holdco
Reader's Digest Association, Inc. Caa3 Caa3 Negative 2.21 Media Publishing: Newspapers & Magazines
Realogy Corp. Caa3 Caa3 Negative 7.56 Services: Consumer
Rite Aid Corp. Caa2 Caa2 Negative 6.80 Retail: Drug Stores
Source Interlink Companies Inc. Caa1 Caa1 Negative 1.63 Media Publishing: Newspapers & Magazines
Swift Transportation Co., Inc. Caa1 Caa1 Negative 2.98 Transportation Services: Trucking
Tenneco Inc. B3 B3 Negative 1.83 Automotive: Parts
Univision Communications, Inc. B3 B3 Negative 10.09 Media: Diversified Media - Fc
US Airways Group, Inc. Caa1 Caa1 Negative 1.60 Transportation Services: Airline
Visteon Corp. Caa1 Caa2 Negative 3.20 Automotive: Parts
Western Refining, Inc. B3 B3 Negative 1.40 Energy: Oil - Refining & Marketing

Sources: Moody's Investors Service