FAS87 ASC715 discount rates and Moody's Rates

[Guest DBtech]

I believe the SEC has stated that corporate pension plans can benchmark from Moody's Aa bond yields in setting discount rates under FAS 87. The Moody’s Aa rate was 6.01% as of 12/31/2003. I think the rate was 5.84% as of 11/30/2004. Does anyone know when or where the 12/31/2004 Aa rate will be published? I do have sites for the Aaa and Ba rates, but not the Aa.

Thanks.

[david rigby]

12/31/04 Industrial

Aaa 5.43%

Aa 5.56

A 5.66

12/31/04 Corporate

Aaa 5.43%

Aa 5.66

A 5.77

12/31/04 Utilities

Aaa n/a

Aa 5.75

A 5.88

Moodys_Rates_12312004.html

[Guest DBtech]

Thanks, pax. If the Aa long-term corporate rate was 6.01% as of 12/31/03, that means a decline of 35 basis points over the year. This would imply the SEC would be looking for at least a quarter percent decline in the FAS 87 discount rate for 2005. Right?

[david rigby]

Maybe. What really counts is whether the rate is reasonable now, not whether it is consistent with last year's rate (which may not have been reasonable at the time).

[david rigby]

January 31, 2005

Moody’s Bond rates

Utilities Industrial Corporate

Aaa NA* 5.22 5.22

Aa 5.58 5.36 5.47

A 5.65 5.44 5.55

Baa 5.82 5.96 5.89

Avg 5.68 5.50 5.59

MOODY'S DAILY TREASURY YIELD AVERAGES

Short-Term (3-5 yrs): 3.41

Medium-Term (5-10 yrs): 3.89

Long-Term (10+ yrs): 4.52

MOODY'S DAILY PUBLIC UTILITY COMMON STOCK YIELD AVERAGES

Price: 255.6

Yield: 3.93

New Dividend: 10.03

[david rigby]

February 28, 2005:

Moody’s Bond rates

Utilities Industrial Corporate

Aaa NA, 5.35, 5.35

Aa 5.69, 5.48, 5.59

A 5.76, 5.56, 5.66

Baa 5.91, 5.98, 5.95

Avg 5.79, 5.59, 5.69

MOODY'S DAILY TREASURY YIELD AVERAGES

Short-Term (3-5 yrs): 3.85

Medium-Term (5-10 yrs): 4.25

Long-Term (10+ yrs): 4.70

[david rigby]

March 31, 2005

MOODY'S DAILY LONG-TERM CORPORATE BOND YIELD AVERAGES

Utilities Industrial Corporate

Aaa NA* 5.40 5.40

Aa 5.79 5.42 5.61

A 5.75 5.62 5.69

Baa 6.04 6.23 6.14

Avg 5.86 5.67 5.77

MOODY'S DAILY TREASURY YIELD AVERAGES

Short-Term (3-5 yrs): 4.03

Medium-Term (5-10 yrs): 4.39

Long-Term (10+ yrs): 4.81

MOODY'S DAILY PUBLIC UTILITY COMMON STOCK YIELD AVERAGES

Price: 261.0

Yield: 3.86

New Dividend: 10.08

[david rigby]

April 29, 2005 (Friday)

MOODY'S DAILY LONG-TERM CORPORATE BOND YIELD AVERAGES

Utilities Industrial Corporate

Aaa NA* 5.21 5.21

Aa 5.43 5.18 5.31

A 5.54 5.44 5.49

Baa 5.86 6.07 5.97

Avg 5.61 5.48 5.55

MOODY'S DAILY TREASURY YIELD AVERAGES

Short-Term (3-5 yrs): 3.78

Medium-Term (5-10 yrs): 4.07

Long-Term (10+ yrs): 4.53

MOODY'S DAILY PUBLIC UTILITY COMMON STOCK YIELD AVERAGES

Price: 269.6

Yield: 3.76

New Dividend: 10.14

[david rigby]

May 31, 2005

MOODY'S DAILY LONG-TERM CORPORATE BOND YIELD AVERAGES

Utilities Industrial Corporate

Aaa NA* 5.02 5.02

Aa 5.25 5.05 5.15

A 5.41 5.32 5.37

Baa 5.75 6.05 5.90

Avg 5.47 5.36 5.42

MOODY'S DAILY TREASURY YIELD AVERAGES

Short-Term (3-5 yrs): 3.66

Medium-Term (5-10 yrs): 3.88

Long-Term (10+ yrs): 4.32

MOODY'S DAILY PUBLIC UTILITY COMMON STOCK YIELD AVERAGES

Price: 267.1

Yield: 3.78

New Dividend: 10.10

[david rigby]

Just in case you had not noticed, on June 6, 2005, the Moody's Aa rates dropped below 5%:

MOODY'S DAILY LONG-TERM CORPORATE BOND YIELD AVERAGES

Utilities Industrial Corporate

Aaa NA* 4.92 4.92

Aa 4.99 4.95 4.97

A 5.35 5.21 5.28

Baa 5.63 5.93 5.78

Avg 5.32 5.25 5.29

MOODY'S DAILY TREASURY YIELD AVERAGES

Short-Term (3-5 yrs): 3.64

Medium-Term (5-10 yrs): 3.83

Long-Term (10+ yrs): 4.25

MOODY'S DAILY PUBLIC UTILITY COMMON STOCK YIELD AVERAGES

Price: 270.1

Yield: 3.74

New Dividend: 10.10

[Guest DBtech]

This link was provided by LIBOR. It's a history of Moody's Aa month end closing corporate rates provided by the SOA. There's a Content Agreement page where you have to click "AGREE" before the EXCEL file is displayed. Thanks LIBOR!

http://www.soa.org/ccm/content/areas-of-pr...fits-actuaries/

[david rigby]

That link has been included in several prior posts, but it is not necessarily updated as soon as possible. It also shows only one month-end rate.

[Effen]

The SOA page doesn't appear to have been updated since 10/31/05. Any idea why?

Does anyone have the 12/1/05 rate?

[Guest DBtech]

It was updated Monday 12/12/05:

11/30/2005 5.53

[david rigby]

11/30/05

MOODY'S DAILY LONG-TERM CORPORATE BOND YIELD AVERAGES

Utilities Industrial Corporate

Aaa NA* 5.42 5.42

Aa 5.57 5.48 5.53

A 5.85 5.77 5.81

Baa 6.18 6.57 6.38

Avg 5.87 5.81 5.84

MOODY'S DAILY TREASURY YIELD AVERAGES

Short-Term (3-5 yrs): 4.40

Medium-Term (5-10 yrs): 4.49

Long-Term (10+ yrs): 4.76

MOODY'S DAILY PUBLIC UTILITY COMMON STOCK YIELD AVERAGES

Price: 281.7

Yield: 3.81

New Dividend: 10.72

[david rigby]

12/30/2005

MOODY'S DAILY LONG-TERM CORPORATE BOND YIELD AVERAGES

Utilities Industrial Corporate

Aaa NA* 5.26 5.26

Aa 5.46 5.35 5.41

A 5.69 5.78 5.74

Baa 6.03 6.38 6.21

Avg 5.73 5.69 5.71

MOODY'S DAILY TREASURY YIELD AVERAGES

Short-Term (3-5 yrs): 4.36

Medium-Term (5-10 yrs): 4.38

Long-Term (10+ yrs): 4.58

MOODY'S DAILY PUBLIC UTILITY COMMON STOCK YIELD AVERAGES

Price: 285.9

Yield: 3.75

New Dividend: 10.72

[david rigby]

01/31/2006

MOODY'S DAILY LONG-TERM CORPORATE BOND YIELD AVERAGES

Utilities Industrial Corporate

Aaa NA* 5.39 5.39

Aa 5.59 5.50 5.55

A 5.84 5.92 5.88

Baa 6.15 6.46 6.31

Avg 5.86 5.82 5.84

MOODY'S DAILY TREASURY YIELD AVERAGES

Short-Term (3-5 yrs): 4.48

Medium-Term (5-10 yrs): 4.53

Long-Term (10+ yrs): 4.71

MOODY'S DAILY PUBLIC UTILITY COMMON STOCK YIELD AVERAGES

Price: 293.0

Yield: 3.69

New Dividend: 10.81

[david rigby]

March 31, 2006

MOODY'S DAILY LONG-TERM CORPORATE BOND YIELD AVERAGES

Utilities Industrial Corporate

Aaa NA* 5.67 5.67

Aa 5.87 5.81 5.84

A 6.14 6.13 6.14

Baa 6.40 6.70 6.55

Avg 6.14 6.08 6.11

MOODY'S DAILY TREASURY YIELD AVERAGES

Short-Term (3-5 yrs): 4.80

Medium-Term (5-10 yrs): 4.86

Long-Term (10+ yrs): 5.04

MOODY'S DAILY PUBLIC UTILITY COMMON STOCK YIELD AVERAGES

Price: 277.5

Yield: 3.82

New Dividend: 10.60

[david rigby]

April 28, 2006

MOODY'S DAILY LONG-TERM CORPORATE BOND YIELD AVERAGES

Utilities Industrial Corporate

Aaa NA* 5.95 5.95

Aa 6.12 608 6.10

A 6.37 6.33 6.35

Baa 6.61 6.86 6.74

Avg 6.37 6.31 6.34

MOODY'S DAILY TREASURY YIELD AVERAGES

Short-Term (3-5 yrs): 4.87

Medium-Term (5-10 yrs): 5.00

Long-Term (10+ yrs): 5.27

MOODY'S DAILY PUBLIC UTILITY COMMON STOCK YIELD AVERAGES

Price: 274.2

Yield: 3.84

New Dividend: 10.52

[Guest Texas_Acty]

All those in favor of changing the name of this post?

[Guest DBtech]

I vote to call it MOODY'S LONG-TERM CORPORATE BOND YIELD AVERAGES as of month-end

[david rigby]

May 31, 2006

MOODY'S DAILY LONG-TERM CORPORATE BOND YIELD AVERAGES

Utilities Industrial Corporate

Aaa NA* 5.95 5.95

Aa 6.21 6.11 6.16

A 6.43 6.39 6.41

Baa 6.62 6.94 6.78

Avg 6.42 6.35 6.39

MOODY'S DAILY TREASURY YIELD AVERAGES

Short-Term (3-5 yrs): 5.00

Medium-Term (5-10 yrs): 5.09

Long-Term (10+ yrs): 5.32

MOODY'S DAILY PUBLIC UTILITY COMMON STOCK YIELD AVERAGES

Price: 278.4

Yield: 3.79

New Dividend: 10.56

[david rigby]

June 29, 2006

MOODY'S DAILY LONG-TERM CORPORATE BOND YIELD AVERAGES

Utilities Industrial Corporate

Aaa NA* 5.98 5.98

Aa 6.26 6.15 6.21

A 6.51 6.48 6.50

Baa 6.75 7.06 6.91

Avg 6.51 6.42 6.47

MOODY'S DAILY TREASURY YIELD AVERAGES

Short-Term (3-5 yrs): 5.14

Medium-Term (5-10 yrs): 5.19

Long-Term (10+ yrs): 5.36

MOODY'S DAILY PUBLIC UTILITY COMMON STOCK YIELD AVERAGES

Price: 285.2

Yield: 3.72

New Dividend: 10.60

To the best of my knowledge, Moody's never posted any June 30, 2006 information. If you have information otherwise, please post.

[david rigby]

July 31, 2006

MOODY'S DAILY LONG-TERM CORPORATE BOND YIELD AVERAGES

Utilities Industrial Corporate

Aaa NA* 5.79 5.79

Aa 6.08 5.95 6.02

A 6.29 6.27 6.28

Baa 6.52 6.82 6.67

Avg 6.30 6.21 6.26

MOODY'S DAILY TREASURY YIELD AVERAGES

Short-Term (3-5 yrs): 4.89

Medium-Term (5-10 yrs): 4.94

Long-Term (10+ yrs): 5.14

MOODY'S DAILY PUBLIC UTILITY COMMON STOCK YIELD AVERAGES

Price: 298.3

Yield: 3.56

New Dividend: 10.61

[Ron Snyder]

Here's a business idea, Pax. Maybe you should make the updated rates available on your website, and give us a link to them. Then you can drive people to your website, maybe drumming up some business. We used to be able to look rates up on the Gabriel, Roeder Smith website, but they don't update regularly like they used to.

[david rigby]

August 31, 2006

MOODY'S DAILY LONG-TERM CORPORATE BOND YIELD AVERAGES

Utilities Industrial Corporate

Aaa NA* 5.54 5.54

Aa 5.84 5.70 5.77

A 6.07 6.06 6.07

Baa 6.31 6.63 6.47

Avg 6.07 5.98 6.03

MOODY'S DAILY TREASURY YIELD AVERAGES

Short-Term (3-5 yrs): 4.66

Medium-Term (5-10 yrs): 4.72

Long-Term (10+ yrs): 4.92

MOODY'S DAILY PUBLIC UTILITY COMMON STOCK YIELD AVERAGES

Price: 314.1

Yield: 3.51

New Dividend: 11.03

[david rigby]

September 29, 2006

MOODY'S DAILY LONG-TERM CORPORATE BOND YIELD AVERAGES

Utilities Industrial Corporate

Aaa NA* 5.42 5.42

Aa 5.72 5.59 5.66

A 5.90 5.83 5.87

Baa 6.17 6.54 6.36

Avg 5.93 5.85 5.89

MOODY'S DAILY TREASURY YIELD AVERAGES

Short-Term (3-5 yrs): 4.56

Medium-Term (5-10 yrs): 4.61

Long-Term (10+ yrs): 4.80

MOODY'S DAILY PUBLIC UTILITY COMMON STOCK YIELD AVERAGES

Price: 307.2

Yield: 3.60

New Dividend: 11.06

[david rigby]

October 31, 2006

MOODY'S DAILY LONG-TERM CORPORATE BOND YIELD AVERAGES

Utilities Industrial Corporate

Aaa NA* 5.39 5.39

Aa 5.64 5.55 5.60

A 5.84 5.76 5.80

Baa 6.09 6.40 6.25

Avg 5.86 5.78 5.82

MOODY'S DAILY TREASURY YIELD AVERAGES

Short-Term (3-5 yrs): 4.54

Medium-Term (5-10 yrs): 4.58

Long-Term (10+ yrs): 4.77

MOODY'S DAILY PUBLIC UTILITY COMMON STOCK YIELD AVERAGES

Price: 321.2

Yield: 3.45

New Dividend: 11.10

[david rigby]

November 30, 2006

MOODY'S DAILY LONG-TERM CORPORATE BOND YIELD AVERAGES

Utilities Industrial Corporate

Aaa NA* 5.20 5.20

Aa 5.50 5.41 5.46

A 5.68 5.62 5.65

Baa 5.93 6.26 6.10

Avg 5.70 5.62 5.66

MOODY'S DAILY TREASURY YIELD AVERAGES

Short-Term (3-5 yrs): 4.42

Medium-Term (5-10 yrs): 4.44

Long-Term (10+ yrs): 4.63

MOODY'S DAILY PUBLIC UTILITY COMMON STOCK YIELD AVERAGES

Price: 324.2

Yield: 3.43

New Dividend: 11.13

[david rigby]

December 29, 2006 (Friday)

MOODY'S DAILY LONG-TERM CORPORATE BOND YIELD AVERAGES

Utilities Industrial Corporate

Aaa NA* 5.46 5.46

Aa 5.75 5.68 5.72

A 5.95 5.89 5.92

Baa 6.18 6.51 6.35

Avg 5.96 5.89 5.93

MOODY'S DAILY TREASURY YIELD AVERAGES

Short-Term (3-5 yrs): 4.67

Medium-Term (5-10 yrs): 4.69

Long-Term (10+ yrs): 4.87

MOODY'S DAILY PUBLIC UTILITY COMMON STOCK YIELD AVERAGES

Price: 326.2

Yield: 3.47

New Dividend: 11.31

[david rigby]

January 31, 2007

MOODY'S DAILY LONG-TERM CORPORATE BOND YIELD AVERAGES

Utilities Industrial Corporate

Aaa NA* 5.48 5.48

Aa 5.83 5.81 5.82

A 6.01 5.97 5.99

Baa 6.22 6.57 6.40

Avg 6.02 5.96 5.99

MOODY'S DAILY TREASURY YIELD AVERAGES

Short-Term (3-5 yrs): 4.80

Medium-Term (5-10 yrs): 4.81

Long-Term (10+ yrs): 4.98

MOODY'S DAILY PUBLIC UTILITY COMMON STOCK YIELD AVERAGES

Price: 308.0

Yield: 3.52

New Dividend: 10.85

[david rigby]

February 28, 2007

Moody's Daily Long-term Corporate Bond Yield Averages

Utilities Industrial Corporate

Aaa NA 5.25 5.25

Aa 5.61 5.58 5.60

A 5.78 5.73 5.76

Baa 6.01 6.31 6.16

Avg 5.80 5.72 5.69

Moody's Daily Treasury Yield Averages

Short-Term (3-5 yrs) 4.47

Medium-Term (5-10 yrs) 4.53

Long-Term (10+ yrs) 4.73

Moody's Daily Public Utility Common Stock Yield Averages

Price 323.76

Yield 3.37

New Dividend 10.90

[SoCalActuary]

Here are some excellent references, courtesy of Rich Groszkiewicz at the COPA PPA seminar

last Friday. For future events see collegeofpensionactuaries.org.

Daily Treasury Yield Curve Rates

http://www.treas.gov/offices/domestic-fina...ate/yield.shtml

Daily Treasury Real Yield Curve Rates

http://www.treas.gov/offices/domestic-fina...eal_yield.shtml

http://www.treas.gov/offices/domestic-fina...ieldmethod.html

We are still waiting for Treasury to determine the corporate yield curve for PPA.

[david rigby]

March 30, 2007

Moody's Daily Long-term Corporate Bond Yield Averages

Utilities Industrial Corporate

Aaa NA 5.43 5.43

Aa 5.80 5.83 5.82

A 5.97 6.00 5.99

Baa 6.25 6.54 6.40

Avg 6.01 5.95 5.98

Moody's Daily Treasury Yield Averages

Short-Term (3-5 yrs) 4.50

Medium-Term (5-10 yrs) 4.60

Long-Term (10+ yrs) 4.87

[david rigby]

May 31, 2007

Moody's Daily Long-term Corporate Bond Yield Averages

Utilities Industrial Corporate

Aaa NA 5.57 5.57

Aa 5.97 5.96 5.97

A 6.10 6.15 6.13

Baa 6.35 6.65 6.50

Avg 6.14 6.08 6.11

Moody's Daily Treasury Yield Averages

Short-Term (3-5 yrs) 4.81

Medium-Term (5-10 yrs) 4.87

Long-Term (10+ yrs) 5.07

[david rigby]

June 29, 2007

Moody's Daily Long-term Corporate Bond Yield Averages

Utilities Industrial Corporate

Aaa NA 5.73 5.73

Aa 6.12 6.08 6.10

A 6.24 6.30 6.27

Baa 6.46 6.78 6.62

Avg 6.27 6.22 6.25

Moody's Daily Treasury Yield Averages

Short-Term (3-5 yrs) 4.86

Medium-Term (5-10 yrs) 4.98

Long-Term (10+ yrs) 5.19

[david rigby]

July 31, 2007

Moody's Daily Long-term Corporate Bond Yield Averages

Utilities Industrial Corporate

Aaa NA 5.62 5.62

Aa 6.03 5.98 6.01

A 6.18 6.34 6.26

Baa 6.46 6.80 6.63

Avg 6.22 6.19 6.21

Moody's Daily Treasury Yield Averages

Short-Term (3-5 yrs) 4.53

Medium-Term (5-10 yrs) 4.71

Long-Term (10+ yrs) 4.97

[Guest ehalgary]

The SOA has the corporate rate on its site available (the link listed earlier is no longer in use).

Moody's Rates

It provides...

Moody's® Long-Term Corporate Bond Yield

Month End Close

AA Bond Rating

Based on Bonds with maturities 20 years and above

Yield as of the last business day of the month

[david rigby]

Also, note that link has only one rate: the Aa rate on Corporate bonds. If you need the rate on Utility or Industrial bonds, you must use a different source of information.

[david rigby]

Data as of 28-SEP-07

Moody's Daily Long-term Corporate Bond Yield Averages

Utilities Industrial Corporate

Aaa NA 5.76 5.76

Aa 6.12 5.94 6.03

A 6.22 6.26 6.24

Baa 6.45 6.73 6.59

Avg 6.26 6.17 6.22

Moody's Daily Treasury Yield Averages

Short-Term (3-5 yrs) 4.08

Medium-Term (5-10 yrs) 4.44

Long-Term (10+ yrs) 4.84

[david rigby]

Data as of 31-OCT-07

Moody's Daily Long-term Corporate Bond Yield Averages

Utilities Industrial Corporate

Aaa NA 5.62 5.62

Aa 6.01 5.82 5.92

A 6.07 6.07 6.07

Baa 6.36 6.57 6.47

Avg 6.15 6.02 6.09

Moody's Daily Treasury Yield Averages

Short-Term (3-5 yrs) 4.00

Medium-Term (5-10 yrs) 4.34

Long-Term (10+ yrs) 4.74

[david rigby]

Data as of 30-NOV-07

Moody's Daily Long-term Corporate Bond Yield Averages

Utilities Industrial Corporate

Aaa NA 5.34 5.34

Aa 5.85 5.66 5.76

A 6.00 5.98 5.99

Baa 6.34 6.54 6.44

Avg 6.06 5.88 5.97

Moody's Daily Treasury Yield Averages

Short-Term (3-5 yrs) 3.22

Medium-Term (5-10 yrs) 3.79

Long-Term (10+ yrs) 4.36

[david rigby]

Data as of 31-DEC-07

Moody's Daily Long-term Corporate Bond Yield Averages

Utilities Industrial Corporate

Aaa NA 5.41 5.41

Aa 5.93 5.67 5.80

A 6.07 6.14 6.11

Baa 6.43 6.68 6.56

Avg 6.14 5.97 6.06

Moody's Daily Treasury Yield Averages

Short-Term (3-5 yrs) 3.23

Medium-Term (5-10 yrs) 3.81

Long-Term (10+ yrs) 4.43

[david rigby]

Daily Bond Yields and Key Indicators

Data as of 31-JAN-08

Moody's Daily Long-term Corporate Bond Yield Averages

Utilities Industrial Corporate

Aaa NA 5.38 5.38

Aa 5.90 5.75 5.83

A 6.07 6.16 6.12

Baa 6.40 6.85 6.63

Avg 6.12 6.03 6.08

Moody's Daily Treasury Yield Averages

Short-Term (3-5 yrs) 2.48

Medium-Term (5-10 yrs) 3.32

Long-Term (10+ yrs) 4.20

[david rigby]

Daily Bond Yields and Key Indicators

Data as of 29-FEB-08

Moody's Daily Long-term Corporate Bond Yield Averages

Utilities Industrial Corporate

Aaa NA 5.42 5.42

Aa 5.93 5.79 5.86

A 6.09 6.20 6.15

Baa 6.51 6.99 6.75

Avg 6.18 6.10 6.14

Moody's Daily Treasury Yield Averages

Short-Term (3-5 yrs) 2.07

Medium-Term (5-10 yrs) 3.11

Long-Term (10+ yrs) 4.18

[david rigby]

Data as of 31-MAR-08

Moody's Daily Long-term Corporate Bond Yield Averages

Utilities Industrial Corporate

Aaa NA 5.48 5.48

Aa 5.94 5.76 5.85

A 6.20 6.23 6.22

Baa 6.74 7.06 6.90

Avg 6.29 6.13 6.21

Moody's Daily Treasury Yield Averages

Short-Term (3-5 yrs) 1.99

Medium-Term (5-10 yrs) 2.97

Long-Term (10+ yrs) 4.13

[david rigby]

Data as of 30-APR-08

Moody's Daily Long-term Corporate Bond Yield Averages

Utilities Industrial Corporate

Aaa NA 5.51 5.51

Aa 5.92 5.84 5.88

A 6.22 6.27 6.25

Baa 6.74 7.00 6.87

Avg 6.29 6.16 6.23

Moody's Daily Treasury Yield Averages

Short-Term (3-5 yrs) 2.60

Medium-Term (5-10 yrs) 3.41

Long-Term (10+ yrs) 4.36

[david rigby]

Data as of 30-MAY-08

Moody's Daily Long-term Corporate Bond Yield Averages

Utilities Industrial Corporate

Aaa NA 5.67 5.67

Aa 6.18 6.07 6.13

A 6.36 6.46 6.41

Baa 6.93 7.18 7.06

Avg 6.49 6.35 6.42

Moody's Daily Treasury Yield Averages

Short-Term (3-5 yrs) 3.04

Medium-Term (5-10 yrs) 3.76

Long-Term (10+ yrs) 4.59

[david rigby]

Data as of 30-JUN-08

Moody's Daily Long-term Corporate Bond Yield Averages

Utilities Industrial Corporate

Aaa NA 5.60 5.60

Aa 6.10 5.89 6.00

A 6.32 6.41 6.37

Baa 6.87 7.21 7.04

Avg 6.43 6.28 6.36

Moody's Daily Treasury Yield Averages

Short-Term (3-5 yrs) 2.96

Medium-Term (5-10 yrs) 3.67

Long-Term (10+ yrs) 4.47

[david rigby]

Data as of 31-JUL-08

Moody's Daily Long-term Corporate Bond Yield Averages

Utilities Industrial Corporate

Aaa NA 5.73 5.73

Aa 6.16 6.02 6.09

A 6.44 6.61 6.53

Baa 7.03 7.38 7.21

Avg 6.54 6.44 6.49

Moody's Daily Treasury Yield Averages

Short-Term (3-5 yrs) 2.86

Medium-Term (5-10 yrs) 3.61

Long-Term (10+ yrs) 4.51