AA - Early Draw Down

All,

The company surprised this morning with an earlier than expected draw-down of the new Term facility. 

Tomas has managed to speak with management and the reason for the early timing is - apparently - merely to give legal and other teams sufficient time to handle the redemption process of the A3 notes etc. 

As a result, S&P have affirmed their ratings of the A notes at BBB-. 

On the whole, we would consider it good practice to draw all facilities in times like these, so we are not concerned. 

Wolfgang