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Graphs and Data

AAA Rated Industrials (5 year) - 5.22
AAA Rated Industrials (10 year) - 5.36
AAA Rated Industrials (15 year) - 5.46
AAA Rated Industrials (20 year) - 5.54
AAA Rated Industrials (25 year) - 5.60

BBB Rated Industrials (5 year) - 5.82
BBB Rated Industrials (10 year) - 6.24
BBB Rated Industrials (15 year) - 6.50
BBB Rated Industrials (20 year) - 6.69

Source - BondsOnlineQuotes.com

Income Security Dividends

Security	Amount	Ex-Div Date
CMO PRA	$0.40	Sep 15
CMO PRB	$0.10	Sep 15
DEI	$0.19	Sep 26
HBC PR	$0.46	Sep 11
RBS PRF	$0.48	Sep 11
RBS PRH	$0.45	Sep 11
RBS PRL	$0.36	Sep 11

From PreferredsOnline
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Acquisitions Can Have An Impact On Credit Ratings

Acquisition Risk Can Have An Impact On Ratings, Says S&P

NEW YORK Sept. 11, 2006--Virtually any company can become a takeover target, according to "Acquisition Risk And Its Effect On Ratings," published today by Standard & Poor's Ratings Services.

Because we recognize that the potential for an outside entity launching a takeover bid is so broad and cannot be predicted, our ratings do not focus on this risk; the potential for the acquisition of a rated company therefore is, treated as a random event," said Sol Samson, Managing Director, Corporate and Governments, for Standard & Poor's. (By contrast, the propensity for certain companies to take on risk and transform the existing financial profile can be very predictable.

But takeover activity has been very robust of late. Fixed-income investors increasingly are growing nervous about lending to companies--especially investment-grade companies--that may be transformed into weak credits in the wake of a buy-out. Typically, acquisition-related debt is placed on the company-and the new owners aggressively take on still more debt in order to extract cash.

Some recent bond issues have incorporated protective 'change-of-control' covenants in order to alleviate such concerns. Examples include: Cintas Corporation and Carlisle Cos. We expect use of such covenants will become more commonplace, if not standard.

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