MARKET OUTLOOK Operating Leases - MonthlyJUNE 17, 2015CAPITAL MARKETS RESEARCHMoodys Analytics markets and distributes all Moodys Capital Markets Research, Inc. materials. Moodys Capital Markets Research, Inc is a subsidiary of Moodys Corporation. Moodys Analytics does not provide investment advisory services or products. For further detail, please see the last page.Operating Lease and Pension Interest RatesOperating Lease and Pension Interest Rates Used in Standard Adjustments for Nonfinancial Corporates - Report Date: June 4, 2015Median yields for regular coupon (no zero coupons or floating rate) bonds rated by Moodys with maturities between six and eight years and outstanding values of more than $50 million. Each observation is unweighted in the sample, and the yields are calculated for end-of-month values.Rating Jun-14 Jul-14Aug-14 Sep-14Oct-14 Nov-14 Dec-14Jan-15Feb-15Mar-15 Apr-15 May-15 Aaa 2.23 2.41 2.24 2.39 2.35 2.35 2.52 2.09 2.34 2.26 2.41 2.53Aa1 2.71 2.74 2.55 2.82 2.58 2.44 2.60 2.06 2.26 2.42 2.54 2.64Aa2 2.76 2.78 2.64 2.78 2.67 2.60 2.79 2.08 2.64 2.41 2.58 2.49Aa3 2.95 3.12 2.86 3.13 3.03 2.91 2.99 2.51 2.73 2.63 2.73 2.84A1 3.32 3.39 3.23 3.40 3.32 3.22 3.28 2.89 3.06 3.01 3.05 3.04A2 3.56 3.57 3.39 3.57 3.45 3.33 3.36 2.92 3.25 3.16 3.25 3.25A3 3.03 3.23 3.03 3.30 3.20 3.13 3.16 2.73 2.91 2.91 2.92 3.37Baa1 3.38 3.42 3.32 3.45 3.35 3.28 3.33 2.94 3.19 3.15 3.28 3.07Baa2 3.43 3.53 3.40 3.53 3.56 3.50 3.59 3.18 3.36 3.30 3.34 3.46Baa3 4.27 4.32 4.25 4.56 4.32 4.38 4.68 4.43 4.20 4.17 3.99 4.14Ba1 4.80 5.06 4.80 5.20 5.03 5.21 5.53 5.36 6.10 6.00 6.05 5.66Ba2 4.97 5.23 5.01 5.33 5.25 5.45 5.75 5.71 5.46 5.59 5.31 5.30Ba3 5.24 5.51 5.38 5.77 5.42 5.42 5.60 5.59 5.35 5.41 5.30 5.24B1 5.41 5.71 5.47 6.01 5.68 5.84 6.01 5.95 5.67 5.89 5.53 5.52B2 6.05 6.43 6.26 6.77 6.54 6.68 7.15 7.05 6.88 6.89 6.28 6.33B3 6.41 6.45 6.43 6.81 6.74 6.88 7.08 7.12 6.93 6.78 6.54 6.51Caa 6.97 7.34 7.13 7.70 7.78 8.05 8.50 8.60 8.29 8.52 8.44 8.66Moodys Capital Markets Research, Inc.Contact: Ben Garber Economist1.212.553.4732 Benjamin.Garber@moodys.comCAPITAL MARKETS RESEARCH2 JUNE 17, 2015 CAPITAL MARKETS RESEARCH, INC. / MARKET OUTLOOK / MOODYS.COMc 2015 Moodys Corporation, Moodys Investors Service, Inc., Moodys Analytics, Inc. and/or their licensors and affiliates (collectively, MOODYS). All rights reserved.CREDIT RATINGS ISSUED BY MOODY'S INVESTORS SERVICE, INC. (MIS) AND ITS AFFILIATES ARE MOODYS CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND CREDIT RATINGS AND RESEARCH PUBLICATIONS PUBLISHED BY MOODYS (MOODYS PUBLICATIONS) MAY INCLUDE MOODYS CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES. MOODYS DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL, FINANCIAL OBLIGATION...
