Moody's sr vp Chris Padgett said......>

US CORPORATES: Moody's sr vp Chris Padgett said the "credit implications of the

current tax reform proposals for US non-financial companies, broadly speaking,

are expected to be a net positive for investment-grade companies."

- He adds that "the loss of interest deductibility is likely to remain a concern

for speculative grade companies and may outweigh the benefits of a lower

corporate tax rate. Spec-grade companies pay relatively little in taxes in part

due to the tax shield from the interest deduction. Leveraged buyouts and

industry sectors with the highest debt-to-EBITDA leverage are among the most

vulnerable."