S&P rates Dex Media West notes B, loan BB-

Standard & Poor's assigned a B rating to Dex Media West LLC's planned $535 million senior unsecured notes due 2010 and $780 million senior subordinated notes due 2013 to be issued jointly with subsidiary Dex Media West Finance Co. and a BB- rating to its planned $2.11 billion senior secured credit facilities. The outlook is stable.

S&P said the ratings reflect Dex Media West's substantial pro forma debt levels, with debt to EBITDA in the mid-6x area, and a meaningful debt amortization schedule.

In addition, the company faces mature industry conditions, revenue concentrations in its major metropolitan markets (top 10 account for 74% of revenues) and a relatively short operating history as a stand-alone entity, S&P said.

Dex Media West's relatively stable revenues and EBITDA compared to other media companies temper these factors. Also, with modest capital expenditure requirements, free operating cash flow generation is healthy and fairly predictable.

Dex Media West will be highly leveraged. Although the initial financial profile is not indicative of the BB- corporate credit rating, it should get there in coming years. Aided by pro forma EBITDA margins in the 55%-60% range and low capital spending needs, the company should continue to have significant levels of free operating cash flow, S&P said, adding that it expects that most, if not all, of these funds will be used for debt reduction in the intermediate term.

For the bank loan, S&P said the distressed enterprise value would not be sufficient to fully cover the facilities.

Moody's rates Dex West notes B2, B3

Moody's Investors Service assigned a B2 rating to Dex Media West LLC's planned $535 million proposed senior unsecured notes due 2010 and a B3 rating to its planned $780 million proposed senior subordinated notes due 2013. The outlook is stable.

Moody's said that despite Dex West's history of stable cash flow and margins and giving consideration to the strength of its incumbent position in the seven states within which it operates, the ratings reflect the magnitude of total funded debt in the pro-forma capital structure, the absence of tangible equity, high financial leverage and modest free cash flow as a percentage of its sizable debt.

The stable outlook reflects Moody's expectation of continued profitability and meaningful reduction in financial leverage in the near-to-intermediate term.

The ratings are constrained by very high funded pro forma debt which well exceeds revenue, high financial leverage, no tangible equity and relatively low cash flow as a percentage of total debt. The ratings incorporate some concern about the directory publishing business' susceptibility to the prolonged economic downturn which could result in increased levels of bad debts and higher churn rates.

Additionally, some cash pension contributions which are likely to arise within the next few years as Dex West transitions to a stand-alone entity are reflected in the ratings.

More positively, the ratings acknowledge the strength of Dex West's incumbent position throughout the seven states in which it operates, solid and predictable cash flow, good earnings quality and its diversified customer base. Transition risk - notably in the areas of technology, administration, and invoicing - is minimal given that the company has been effectively operating since November 2002 separately from Qwest using the installed infrastructure at Dex East. A strong advertiser retention rate of approximately 92%, favorable demographics, the pre-sold nature of the product which provides good visibility into cash flow, modest required capital expenditures and relatively low working capital requirements further support the ratings.

Moody's anticipates that pro forma liquidity should be good once a new credit facility is in place.

Pro-forma for the proposed transaction for the 12 months ending March 31, 2003, financial leverage was high with total debt of approximately $3.4 billion to EBITDA of approximately $524 million at 6.5 times. Debt equates to 3.7 times total revenue. The aforementioned pro-forma debt calculation does not include approximately $130 million of perpetual preferred stock with approximately 4% PIK dividends.

S&P rates Calpine Construction's loan B+, notes B-

Standard & Poor's rated Calpine Construction Finance Company L.P. $385 million first priority institutional term loan due in 2009 at B+ and $365 million second priority floating rate notes due in 2011 at B-. The outlook is negative.

Ratings reflect the volatility of the predominantly merchant revenue stream, a high level of interest rate risk, a potentially high level of execution risk associated with refinancing the term loan in 2009 and the floating rate notes in 2011, credit risk from parent Calpine Corp. and the lack of a debt service reserve fund or cash traps to strengthen liquidity and cushion revenue volatility, S&P said.

Somewhat offsetting these risks is a Goldman Sachs hedge that should cover interest expense and fixed costs if spark spreads decline significantly through 2009, a $250 million working capital facility that should cover interest expense and fixed costs after the Goldman Sachs hedge expires, a geographically diversified portfolio of seven natural gas generating assets operating in five different energy markets, and experienced operator Calpine Operating Services Inc. and a de facto guarantee of operating performance through the power purchase agreement with Calpine energy services, S&P added.

The negative outlook reflects the direct link between the subsidiary and Calpine Corp.'s rating, whose outlook is also negative.

Moody's upgrades AMC subordinated debt

Moody's Investors Service upgraded AMC Entertainment, Inc.'s subordinated debt including raising its $175 million 9 7/8% senior subordinated notes due 2012, $200 million 9½% senior subordinated notes due 2009 and $297.9 million 9½% senior subordinated notes due 2011 to Caa1 from Caa2 and confirmed its other ratings including its $350 million senior unsecured revolver due 2005 at B2, The outlook remains stable.

Moody's said the upgrade and compressed notching of the senior subordinated notes principally reflects the company's conservative approach to managing its business and balance sheet over the past year, specifically in the absence of any bank revolver utilization to effect acquisitions and/or stock repurchases.

Moody's said the action is despite the forgiveness of certain loans and tax payments made on behalf of senior management in 2002.

AMC's strong operating performance over the past 12 months (notwithstanding the difficult comparison with the 2002 box office) has allowed the company to continue financing its operations with internally generated positive free cash flow while simultaneously growing its substantial cash balance.

Even on a net basis, however, consolidated leverage remains too high to warrant a higher senior implied rating at this time, Moody's said. Additionally, Moody's sees fairly limited opportunity for more meaningful deleveraging of the company's balance sheet over the forward period, short of some form of restructuring with new equity capital and/or other event risk occurring, which would be necessary in order to warrant a positive outlook.

S&P withdraws Oregon Steel ratings

Standard & Poor's withdrew its ratings on Oregon Steel Mills Inc. at the company's request including its $305 million 10% first mortgage notes due 2009 previously at B+ and $75 million revolving credit facility due2005 previously at BB-.

S&P confirms K&F, off watch

Standard & Poor's confirmed K&F Industries Inc. including its $185 million 9.25% senior subordinated notes series B due 2007 and $250 million 9.625% senior subordinated notes due 2010 at B and removed it from CreditWatch negative. The outlook is stable.

S&P said the confirmation is based on K&F Industries' adequate earnings and cash flow protection measures despite very difficult conditions in most of the company's markets, and signs that the operating environment has begun to stabilize.

K&F's ratings reflect a fairly heavy debt burden, modest scale of operations (annual revenues about $350 million) and some cyclicality. Those factors are partly offset by K&F's defensible positions in niche commercial and military aerospace markets, efficient operations and an expectation that the firm will employ its generally predictable free cash flow to reduce high debt levels.

Demand from main airlines and general aviation customers weakened in the second half of 2002 and the first half of 2003, stemming from a soft global economy and the consequences of the Sept. 11, 2001, attacks, the Iraq war and SARS, partially offset by increased orders from regional carriers and military sales, S&P noted. About 75% of its braking systems sales (65% of total sales) are to the replacement market, normally a stabilizing factor, although the accelerated retirement of older aircraft types by airlines has had a moderately adverse effect on that portion of the business.

Still, recent program wins in the regional and corporate jet sector should enable K & F to grow its fleet over time. Also, the firm is the leader in the small global commercial and military market for aircraft fuel tanks (14% of sales).

S&P cuts Collins & Aikman

Standard & Poor's downgraded Collins & Aikman Corp. including cutting Collins & Aikman Products Co.'s $125 million term A loan due 2005, $175 million revolving credit facility due 2005 and $275 million term B loan due 2005 to B+ from BB- and $400 million 11.5% senior subordinated notes due 2006 and $500 million 10.75% senior notes due 2011 to B- from B. The outlook is negative.

S&P said the downgrade reflects credit protection measures that are weak for the rating category as a result of lower-than-expected financial performance combined with difficult market conditions. The rating agency added that it does not see favorable prospects for significantly improved credit measures over the near term, given expected pricing pressures in the markets and the company's very high leverage.

The ratings reflect Collins & Aikman's exposure to the highly competitive and cyclical automotive supply industry and a weak financial profile, mitigated by strong market positions for its products.

High financial risk results from the company's heavy debt load and weak cash flow protection, S&P noted. Collins & Aikman's credit protection measures, although improved somewhat since reaching a low point in 2001 because of several acquisitions, have remained weak in 2003 and below S&P's expectations.

First quarter 2003 EBITDA was depressed by operating problems at several of the company's facilities, combined with unexpected high raw-material costs, and continued pricing pressures from the customer base. Management has identified and begun implementing actions necessary to improve the performance of the underperforming facilities and S&P expects results to improve gradually.

Nevertheless, it appears that the company's credit measures will remain under pressure through 2003, given the extent of the challenges at the troubled plants, production volumes that are expected to fall below the 2002 level, and pricing pressures.

S&P said it does not expect Collins & Aikman to undertake any significant acquisitions until its existing operations are performing to appropriate levels for the rating. Two small acquisitions totaling $33 million occurred in the first quarter of 2003. Over the business cycle, S&P expects EBITDA interest coverage in the 2x-2.5x range and total debt to EBITDA in the 4.5x-5x range.

Moody's rates Cinemark's loan Ba3

Moody's Investors Service rated Cinemark USA Inc.'s proposed $165 million term loan C at Ba3, and withdrew the ratings for the $125 million term loan B, which will be retired, and the stub amounts of the company's 9.625% senior subordinated notes, which will called, upon completion of the refinancing. Lastly, the outlook was revised to positive from stable.

Ratings reflect the Cinemark's high financial leverage, fairly modest interest and fixed charge coverage levels and operating risks connected to the theatrical exhibition industry, Moody's said.

Supporting the ratings is the company's large asset base, good liquidity and exposure to relatively less-competitive markets in comparison to its peer group, Moody's added.

The outlook revision reflects the anticipation that the company will use excess liquidity to delever its balance sheet based on the expectation that the company continue to demonstrate EBITDA growth over the near-term and greater free cash flow generation over the extended-term.

Moody's rates Corus loan Ba3

Moody's Investors Service assigned a Ba3 rating to Corus Group plc's new €1.2 billion senior secured bank facility and confirmed its existing ratings including its senior unsecured debt at B3. The outlook is negative.

Moody's said the new bank facility is rated one notch above the senior implied rating, reflecting the facility's superior position relative to other debt instruments in the capital structure and the strong collateral package, which comprises of share pledges in Corus Nederland and selected U.K. entities and a floating charge over Corus Group plc and Corus UK subject to a maximum 20% of Corus U.K.'s gross tangible assets.

Since Moody's last rating action on April 10, Corus has successfully implemented key management changes, maintained operating performance in line with expectations as well as successfully refinanced its core bank facility to resolve its refinancing risks.

No further debt instruments are scheduled to mature until October 2004.

But Moody's added that continued availability and adequacy of headroom under the new facility, which is essential for Corus' liquidity, assumes sustaining improved results.

The company's ratings continue to reflect the challenges facing Corus in re-establishing operating profitability, weak cash flow metrics, potential variance to key profitability and cash flow drivers (e.g. raw material costs, exchange rate movements) over the second half of 2003, the uncertain outlook for European steel demand due to sluggish economic growth and concerns with respect to production overcapacities in key markets, and the possibility that further operational restructuring may be required to enable the group's U.K. assets to compete profitably at all stages of the cycle.

Positively, Moody's said it has taken into account the improving profitability, liquidity and cash flow profile at the U.K. operations since the end of 2002 following the implementation of cost cutting measures and improved yields, the improved production profile of key U.K. assets, particularly following the re-building of blast furnace No.5 at Port Talbot, Corus's strong market position in the relatively more stable long products, good customer and industry diversification which continues to mitigate price pressures, and renewed management focus on matters relating to profitability and operational productivity following an impasse on more strategic issues, notably the sale of the aluminum business.

Moody's cuts JLG

Moody's Investors Service downgraded JLG Industries, Inc. including cutting its $125 million senior unsecured notes due 2008 to B2 from B1 and $175 million senior subordinated notes due 2012 to B3 from B2. The outlook is stable.

Moody's said the downgrades reflect the increase in the company's financial risks as a result of its recent debt-financed acquisition of Textron Inc.'s OmniQuip unit.

In addition, the rating action also reflects continuing weakness in the company's core aerial work platform business amid a protracted recession in the non-residential construction market.

Despite the downgrades, however, the ratings recognize JLG's leading market position in the global aerial work platform industry, the potential benefits of the OmniQuip acquisition in diversifying the revenue base and alleviated liquidity concerns following the successful recent refinancing of its bank credit facility.

The stable rating outlook balances the ongoing challenges JLG faces over the near to medium term with its continuing franchise strength and leading market position over the long run.

Pro forma for the recent acquisition, Moody's estimates JLG's consolidated total debt to increase to approximately $475 million, or 6.9 times adjusted trailing 12 months EBITDA. Excluding limited-recourse debt of approximately $175 million, debt amounted to approximately $300 million, or 4.4 times adjusted trailing 12 months EBITDA.

Moody's rates Oxford notes B3, loan B2

Moody's Investors Service assigned a B3 rating to Oxford Automotive, Inc.'s planned $240 million guaranteed senior secured second-lien notes due 2011 and a B2 rating to its proposed $75 million new guaranteed senior secured first-lien revolving credit facility due 2008. The outlook is stable.

Moody's said Oxford Automotive's new debt facilities will extend principal maturities and address the company's ongoing liquidity requirements for working capital and general corporate purposes.

Oxford Automotive filed a voluntary petition for Chapter 11 bankruptcy in January 2002. The bankruptcy filing was driven by the company's high leverage following a series of acquisitions, in combination with lower-than-projected 2001 vehicle production; the unanticipated movement during 2001 by General Motors of a critical $150 million replacement program in-house, which General Motors substituted with other less favorable programs that entailed numerous concurrent launch expenses; Oxford Automotive's poor integration of the French mechanisms acquisition which occurred during August 2000; and generally soft economic conditions.

The company quickly reorganized during July 2002, with the financial support of private equity investor MatlinPatterson Global Opportunities Fund.

Oxford Automotive's management team was overhauled during the reorganization process, and the company implemented a comprehensive program to rationalize North American operations which is currently near completion and is generating an estimated $15 million of annualized cost savings.

The rating assignments reflect Oxford Automotive's anemic pro forma cash interest coverage and very weak pro forma return on assets following the company's reorganization and proposed refinancing of its debt obligations, Moody's said.

Moody's perceives risk associated with the company's need for near-flawless execution of two very critical new Mercedes programs for the M Class and Grand Sports Tourer, which are due to launch during 2005 and are expected to generate aggregate run rate revenues exceeding $175 million. These very significant programs (notably awarded while the company was still in bankruptcy) entail building a new production facility in Alabama, are critical to the company's ability to meet its financial targets, require significant up-front launch costs, and may potentially define Oxford Automotive's ability to win future value-added new business.

S&P rates Oxford Automotive notes B-, loan B+

Standard & Poor's assigned a B- rating to Oxford Automotive Inc.'s planned $240 million senior secured second lien notes due 2011 and a B+ rating to its new $75 million senior secured bank credit facility. The outlook is stable.

S&P said the ratings reflect Oxford's below-average business position as a large supplier of metal-formed structural components in the highly competitive and fragmented auto supplier industry, its aggressive financial profile, and adequate liquidity.

The automotive parts industry is very challenging, highly competitive, and characterized by highly cyclical demand, intense pricing pressure and a concentrated customer base, S&P noted. Cyclical demand in the auto industry can be significant, with peak-to-trough swings of more than 20%. Pricing pressure is unrelenting with some customers requesting more than 3% per year in price concessions. In addition, many of the North American auto suppliers have relatively large customer concentrations, mainly with the Big Three automakers. Oxford does have some customer concentration, with General Motors Corp. representing approximately 27% of the company's total sales, followed by Ford Motor Co. and DaimlerChrysler AG both with about 18% each.

However, Oxford has been focusing on gaining additional business from foreign automakers - including Mercedes, a unit of DaimlerChrysler, and Nissan Motor Co. Ltd. - and it is expected that over time the company's customer concentration will shift slightly.

Following the closing of the transaction, Oxford is expected to be aggressively leveraged at around 4x total debt to EBITDA (adjusting for the present value of operating leases) and EBITDA to interest coverage in the 2x area, S&P said. For the current rating S&P expects that total debt to EBITDA will be in the 3.5x to 4x area and that FFO to total debt will be in the 10% to 20% area.

S&P says Dresser unchanged

Standard & Poor's said Dresser Inc.'s ratings are unchanged including its corporate credit at BB- with a stable outlook in response to its announcement that there will be a delay in the completion of its 2001 restatement and reaudit.

In addition, Dresser stated that it has obtained an extension from Aug. 5, 2003 to Dec. 15, 2003 for delivering audited financial statements as required by a credit agreement waiver.

S&P said it does not believe that the reaudit will result in financial statement adjustments that would negatively affect Dresser's credit quality.

S&P cuts Crompton to junk

Standard & Poor's downgraded Crompton Corp. to junk including cutting its $600 million 8.5% notes due 2005 to BB+ from BBB- and Witco Corp.'s $110 million 7.75% notes due 2023, $150 million 6.125% notes due 2006 and $150 million 6.875% debentures due 2026 to BB+ from BBB-. The outlook is negative.

S&P said the action reflects the likely near-term continuation of Crompton's recent weak earnings performance, which is affecting its already depressed financial profile.

The difficult business environment has reduced earnings predictability and is stalling the expected recovery of credit quality measures, which remain substandard despite taking into consideration proceeds from the recent sale of the company's organosilicones business. Over the intermediate-term profitability will need to rebound substantially to enhance prospects key credit quality measures can strengthen to appropriate ranges adjusted for the lower ratings, S&P said.

Profitability and cash flow have reflected cyclical weakness in key areas (such as agriculture, automotive, and construction) and the lingering effects of an industrial recession on the domestic market, S&P noted. Excluding significant antitrust legal costs, sharply lower recent quarterly earnings were the result of higher raw material and energy costs, reduced unit volume from a generally weaker global economic environment and lower selling prices. In particular, year to year operating income at the polymer additives, polymers, and crop protection segments was down substantially.

With the recent sale of its organosilicones unit to General Electric Co., Crompton received $645 million in cash and GE's plastic additives operation valued at $160 million. In addition, Crompton will receive earn-out payments, ranging from a total of $105 million to $250 million, over a three-year period, based on the combined performance of GE's existing silicones business and the organosilicones operation it has acquired from Crompton.

During 2003 Crompton intends to reduce debt by more than $525 million and make a contribution of about $75 million to its pension plans, S&P noted. Through 2006, Crompton plans to further reduce borrowings with earn-out proceeds.

Moody's rates Flender loan Ba2, Ba3

Moody's Investors Service assigned a prospective Ba3 rating to the new €97.0 million of senior secured loans of Flender Beteiligungsverwaltungs GmbH and a prospective Ba2 rating to the new €100 million senior secured revolver of A. Friedrich Flender GmbH. Flender Holding GmbH's new €250 million senior notes due 2010 was recently given a prospective B2 rating. The outlook is stable.

Moody's said the ratings for the senior secured credit facility reflect its senior position with respect to the notes. Whilst FBVG provides a secured senior subordinated guarantee to holders of the notes, lenders under the secured bank facility are structurally, effectively and contractually senior to the notes.

The rating for the secured revolver at Flender is one notch above the senior implied rating for the group. This reflects the fact that Flender is the main operating company in the group, the comprehensive security package afforded to the lenders and the limited amount of debt that could rank ahead of the revolver, principally a permitted indebtedness basket under the facility of €17.5 million.

S&P lowers Williams Scotsman outlook, rates notes B+

Standard & Poor's assigned a B+ rating to Williams Scotsman Inc.'s proposed $150 million senior second secured notes and confirmed its existing ratings including its corporate credit rating at B+. The outlook was lowered to negative from stable.

Williams Scotsman's ratings reflect its weak earnings, substantial debt burden and potential issues with meeting bank covenants, S&P said. Positive credit factors include the company's 25% market share of the mobile office leasing market and stable cash flow.

The outlook revision reflects S&P's concern that Williams Scotsman's financial performance, which has been weaker than expected, will continue to be pressured by reduced demand, resulting in lease and utilization rates below historical levels.

Williams Scotsman's credit ratios remain relatively weak, reflecting increased debt levels incurred to expand its fleet in the late 1990s, S&P said. Pretax interest coverage has averaged in the mid-1x area, EBITDA coverage at around 2x, and funds from operations to debt around 10%. The company's debt to capital continues at the high level of 98.3% at March 31, 2003, although this was an improvement from 125.8% in 1997, when the company recapitalized.

The company's financial flexibility, adequate for the rating, is significantly weaker than that of its major competitor, GE Capital Modular Space, reflecting a weak balance sheet, private ownership, and limited access to the capital markets.

S&P says Service Corp. unchanged

Standard & Poor's said Service Corp. International's ratings are unchanged including its corporate credit at BB- with a stable outlook after an unfavorable arbitration decision that levied a $15 million charge against the company and caused it to restate its second quarter earnings.

The charge resulted from a 1999 merger-related shareholder lawsuit, and the $15 million payment was to have been made by an insurance company that subsequently became insolvent.

S&P said it believes the company can easily meet this small obligation from cash or unused bank lines. Service Corp. generated more than $117 million of free cash flow in the first half of 2003, and at June 30, 2003, had cash in excess of $157 million and $104 million of unused capacity on its $185 million senior secured bank facility maturing in July 2005. Furthermore, the charge resolves this legal matter.

Fitch upgrades Citgo

Fitch Ratings up graded Citgo Petroleum Corp.'s senior unsecured debt to BB- from B+ and its $200 million secured term loan to BB+ from BB. With the payment of the $500 million maturity of senior notes on August 1, Fitch withdrew its rating on PDV America, Inc. Citgo's outlook is stable.

Fitch said the rating action recognizes the continued improvement in Citgo's liquidity position since the general strike in Venezuela and the company's strong operating performance over the last several months.

Despite the 63-day national strike in Venezuela that lasted from December 2002 through February 2003, Citgo's refineries have continued to perform well, generating significant EBITDA and free cash flow for the company.

Based on Citgo's new credit profile, Fitch would expect the company to generate EBITDA-to-interest coverage of approximately 5.0 times during a mid-cycle margin environment.

The ratings, however, also reflect the potential for further interference from PDVSA as Citgo enters a period of high capital requirements to meet the upcoming low sulfur regulations. Citgo estimates the total capital expenditures to meet environmental regulations to be approximately $1.3 billion over the next five years. Financial flexibility could be limited by further dividend payments or additional force majeure situations interrupting Citgo's supply of heavy Venezuelan crude.

Despite the company's strong performance, Citgo's credit profile also reflects the addition of the $550 million of 11 3/8% senior unsecured notes and the $200 million secured term loan which were added earlier this year.

S&P rates Graphic Packaging notes B-, loan B+

Standard & Poor's assigned a B- rating to Graphic Packaging International Inc.'s new $425 million senior unsecured notes due 2011 and $425 million subordinated notes due 2013 and a B+ rating to its new $325 million revolving credit facility due 2009, $150 million term loan A due 2009 and $1.125 billion term loan B due 2010. The outlook is positive.

S&P withdrew Riverwood International Corp.'s ratings including its senior secured bank loan rating at B and senior unsecured debt and subordinated debt at CCC+ and Graphic Packaging Corp.'s ratings including its senior secured bank loan rating at BB and subordinated debt rating at B+.

The rating on the bank facility is the same as the corporate credit rating because S&P believes there is the likelihood of meaningful recovery of principal in the event of default or bankruptcy but that the value of the enterprise in a distressed situation may not fully cover the amount of secured debt, assuming a fully drawn revolving credit facility.

The senior unsecured notes are rated two notches below the corporate credit rating because of the significant amount of senior secured debt that ranks ahead of senior unsecured creditors in the event of bankruptcy.

S&P said it believes the merger is a good strategic combination that should provide forward integration opportunities, a broader product line, the potential to accelerate revenue growth for new consumer packaging applications and a reduction in customer concentration. In addition, the potential realization of $52 million of synergies identified by the companies, the expected tax benefit of a significant portion of Riverwood's $1.2 billion of net operating losses and lower interest expense following the debt refinancing should boost free cash flow generation above the current capabilities of the individual companies.

Nonetheless, Graphic Packaging International faces integration challenges and is highly leveraged, with pro forma debt to EBITDA of 5.5x, excluding synergies.

Moody's rates Del Monte liquidity SGL-1

Moody's Investors Service assigned an SGL-1 speculative-grade liquidity rating to Del Monte Foods Co.

The SGL-1 rating reflects Moody's expectation that Del Monte will have very good liquidity over the next 12 months.

Moody's expects the company to generate significant free cash flow in excess of capital expenditures and there is little required debt amortization.

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