HY ISSUERS EARNINGS SEASON Q2 2007 SCOREBOARD

5% of High Yield issuers have reported for Q2 2007 as of today.
                                       change Q2 2007 vs Q2 2006
                                          total         median
SALES                                     +7.0%          +8.0%
EBITDA                                   +15.3%         +13.6%
CAPITAL EXPENDITURES                     +26.0%         +13.3%
INTEREST EXPENSE                          +4.8%          -1.2%
CASH FROM OPERATIONS                     +15.9%         +19.0%
TOTAL DEBT                               +10.6%          +0.8%
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                                         Q2 2007         Q2 2006
                                      total  median   total  median
EBITDA / INTEREST EXPENSE              3.8x   4.3x     3.5x   4.3x
(EBITDA - CAPEX) / INTEREST EXPENSE    2.4x   2.6x     2.3x   2.9x
TOTAL DEBT / EBITDA                    3.3x   2.7x     3.6x   2.9x
total: We sum up the numbers of all the issuers in our universe before 
generating changes and ratios. Those are then calculated from the
aggregated data.
median: First for each issuer the changes and ratios are generated, 
then the median of these individual results is calculated.
Have a great day!
GUENTER & STEFAN