Gordian Knot Statement Concerning SP's Press Release and
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Gordian Knot Statement Concerning S&P’s Press Release and Yesterday’s Rating Actions on Theta Corporation – 25th February 2010 S&P downgraded Theta’s senior debt programs to BBB- from AAA on 24th February 2010. Theta has no senior debt outstanding and therefore no debt is affected. In addition, as Theta is in Restricted Operating Mode it is prohibited from issuing senior rated debt and there is no expectation that senior rated debt will be issued in the near future. While we are disappointed with this rating action, Gordian Knot continues to attempt to engage with S&P concerning what surveillance information S&P requires concerning Theta’s ratings, as well as S&P’s demand for “reparameterization” of Theta’s capital adequacy model as stated in its press release of 24th February 2010. It is important to note that Gordian Knot has pledged to provide whatever surveillance information S&P needs to rate Theta and that Theta is currently in compliance with the capital tests (at the AAA level) agreed with S&P in December 2004.