Cerberus Capital Responds To Moody's November 2009 Global Report

November 6, 2009

NEW YORK, Nov. 6 /PRNewswire/ -- Cerberus Capital Management, L.P. ("Cerberus") issued the following statement in response to Moody's November 2009 Global Report:

Moody's report is written from the perspective of the issuers of senior debt in rated transactions. The narrow definitions of "default" and "distressed" must be taken into account when assessing Moody's conclusions. The report does not address or reflect returns to the equity investors in these transactions, nor does it address the benefits to the portfolio companies, their stockholders and, potentially, the senior lenders of restructuring and recapitalization activities in response to actual or prospective "defaults." Cerberus notes that the transactions in the Moody's report for which it acted as sponsor have to date, on an aggregate basis, produced positive returns for its investors, and that the transactions included in such report represent only a fraction of Cerberus' control portfolio.

About Cerberus

Established in 1992, Cerberus Capital Management, L.P., along with its affiliates, is one of the world's leading private investment firms with approximately $24 billion under management in funds and accounts. Through its team of investment and operations professionals, Cerberus specializes in providing both financial resources and operational expertise to help transform undervalued companies into industry leaders for long-term success and value creation. Cerberus is headquartered in New York City, with affiliate and/or advisory offices in the United States, Europe, the Middle East and Asia. More information on Cerberus can be found at www.cerberuscapital.com.

    Media Contacts:

    Peter Duda:  +1 (212) 445-8213
    James Olecki:  +1 (212) 445-8052
    Cerberus Media Line:  +1 (212) 891-1558

SOURCE Cerberus Capital Management, L.P.