Essay on U Dont Need the thug life - 880 Words

I grew up listening to the gs in my hood talk about the gang life. Now all my life, on tv, in school, etc. i always heard the same thing, the thing u hear all throughout this school the gang life leads nowhere, ull regret it, dont start, and etc. but to hear a lot of the people in my neighborhood talk about the shit theyd done, and to see their tattoos, i always thought it was like the greatest thing. nbsp; I come from a broken home, i dont know my dad, and my mom is never around, i was basically raised by my brother Giseppi, anyway, i am 19 now, and i joined a gang when i was about 13, it started off great, i mean i finally had a real family unit, some people that looked out for me, and i wanted to gain their respect and†¦show more content†¦nbsp; skipping ahead...i was in court when i got the good news bad news report, the good news, i had not killed a man, i was firing a 9 mm. handgun out the window, and no bullets from my weapon ever came into contact with him, the bad news, i was an accessory, and also a youth involved with a gang, and not only that, but i had traces of cocaine and marijuana in my system. and i remember being givin my sentence, as the judge began to say Thomas Calcaterra.. as he said my name, everything hit me like a brick wall, and my childhood innocence left me, my mind went blank, and i looked over at my brother in the courtroom as i stood there helpless, this tough guy who wasnt scared of anything was crying for the first time in his life, at least as far i know, i swear, my legs began to shake, it was what i had seen in my dream. nbsp; anyway, i was 3 months away from my 14th birthday, and i spent the next five years in lock up, and i was released just 3 months ago, the judge actually went easy on me,i should have done longer, at least to 21, but what sucks now is looking back, i mean my brother never came to visit, the last time i saw him he was crying in the courtroom, i dont even know where he is right now, and i look back to before the gang, i only saw my family life, my neighborhood, and my financial situation, i thought i had nothing, when in reality i had it all, aShow MoreRelatedShes Dating the Gangster149221 Words   |  597 Pagesdrinks, he goes clubbing on a weekday, and he fights and bullies a lot. Take note, A LOT. He is very moody and a bit blunt. Oh yeah, he even threatened to kill me. -- for short, HE IS A GANGSTER. NO he s not a criminal, a mobster, a hoodlum or a thug. I have my own definition of a gangster you know.. I kind of pushed all of his bad traits. OK FINE. I m sorry.   He s nice (at times), he lets me feel that I m extra special (kinda), he protects his friends (true), gives freebies (true) WELL

Instructional Programs For Technology Education - 938 Words

To develop meaningful instructional programs for technology education, goals need to be in place to direct the outcomes of curriculum development and teaching. They go beyond everyday teaching objectives; they are directed at long-term learning and programmatic outcomes. Performance standards measure how much of the content the student is proficient. Opportunity-to-learn standards ensure the learning is student focused, everyone has a right to education and that education should be learner centered. For an educational technology standard to be most effective it needs to recognize these three standards. International Society for Technology in Education (ISTE) has accomplished this with its National Educational Technology Standards (NETS). The standards provided by NETS provide a comprehensive set of goals to encourage a technology integrated education. Introducing educational technology into the developing world is multidimensional and requires many basic issues to be recognized and addressed. It is becoming recognized that telecentres and the use of ICT in developing countries to assist in meeting the Millennium Development Goals is becoming increasingly viable. Focus Area #1: Technology Operations and Concepts Throughout this program, you have developed your technical skills by using various tools, applications, hardware, and software such as the Internet, Microsoft Word, Excel, and PowerPoint. You have also used a Web editor along with other Web-basedShow MoreRelatedTeacher Training Of Assistive Instructional Technology939 Words   |  4 PagesTeacher training in assistive instructional technology (AIT) has been a topic of discussion that has heightened with the drive for differentiated instruction. Although, research has been extensively conducted on pre-service training, not much research has indicated the success of teacher training in assistive instructional technology for in-service experienced teachers (Edyburn, 2014). In an attempt to advance the science in the field of leadership and educational administration in relationship toRead MoreThe Leading Theories For Development Of Adult Education Programs Essay1362 Words   |  6 PagesAndragogy and TPACK have been the leading theori es for development of adult education programs and curricula. This white paper will provide various reasons to support the need for professional training programs to be implemented into educational settings for instructional leaders, coaches and supervisors. As the technological era continues to grow and flourish, instructional leaders are not able to effectively support instructors in implementing the technological, pedagogical, and content knowledgeRead MoreResearch Based Teaching Strategies Educators Essay1570 Words   |  7 PagesResearch Based Teaching Strategies Students with severe and profound visual impairments benefit from an inclusive educational environment. They need a specialized educational program to learn self-care skills, functional academic skills, social skills, and vocational skills (Korir, 2015). Successful strategies educators can use when teaching students with severe visual impairments include vision training, support strategies, functional vision training, and orientation and mobility training (WestlingRead MoreAssistive Technology And Instructional Technology1551 Words   |  7 Pagesâ€Å"The number one benefit of information technology is that it empowers people to do what they want to do. It lets people be creative. It lets people be productive. It lets people learn things they didn t think they could learn before, and so in a sense it is all about potential.† –Steve Ballmer Technology can be very empowering especially for children who are exceptional. In understanding both Assistive Technology and I nstructional technology one may begin to see how they can both beneficial to studentRead MoreStem Integration Within America s Schools971 Words   |  4 PagesCommittee of Highly Successful School for Programs for K-12 STEM Education (2011) calls for schools to â€Å"strive for excellence for all students in all disciples† (p.13). Meaning successful STEM K-12 education programs have specific qualities which lead towards success, including; a coherent set of standards and curriculum, teachers with high capacity to teach in their discipline, a supportive system of assessment and accountability, adequate instructional time, and equal access to high-quality STEMRead More Distance Education Essay1630 Words   |  7 PagesDistance Education Distance education is a process that creates and provides access to learning when time and distance separate the source of information and the learners(Zhang, 1998, p.1). Distance education defies time and space and can help create a virtual schoolhouse, or a ‘classroom without walls’(Wheat, 1998, p.1). The need to take the distance out of education has not been driven largely by sheer need to bridge physical separations. It has been based mainly on providing accessRead MoreDesign And Development Case Study1285 Words   |  6 Pageslearning have changed (Ion, Vespan, and Uta, 2013) with the use of advanced technology incorporated into classes for many other health care students (Telford Senior, 2017). Successful use of the Web 2.0 tools, such as, Google Drive, blogs, Wiki, instant messaging, social networking, media sharing, and podcasts showed a positive impact by stimulating students intellectually, and making communication easier in education (Amgad AlFaar, 2 014; Fan et al., 2016; Hollinderbaumer, Hartz, and UckertRead MoreInformation From The Elementary Education Program Essay1371 Words   |  6 PagesData on program graduates is collected from two post-graduation surveys. The surveys seek preparation and performance information from the program graduates, on a self-reflection survey, and from their administrator at the current school of employment (e.g., the Employer Education Follow-up Survey and Employee Education Follow-up Survey) (Exhibits 1.3c/1.4c and 2.3d). Both surveys are aligned to the units Conceptual Framework and contain 15 indicators for response plus an open section for recommendationsRead More New Learning Opportunities for Adult Learners Essay1608 Words   |  7 Pages and are aware that they would benefit from further education, many are not interested in a standard long-term course of study. They do not have the time or energy to become involved in a traditional education system, and their concerns are context-de pendent, focused on specific information relevant to their immediate concerns (Tennant, 1997). Given this information, it is natural that educators look to this relatively new phenomenon technology, namely, the Internet for Web-based learning opportunitiesRead More Teachers Education Essay1648 Words   |  7 PagesTeachers Education Not only do the rapid growth of technology changed the way we live, from the way business is conducted to the way we communicate with each other, technology advancements are also affecting the way we teach and learn. According to the National Council for Accreditation of Teacher Education (NCATE), new skills needed in the workplace are catalysts that spur technology use in the classroom. It is clear that the business world demand schools to prepare educated workers who are

Impact of Technology on Young Generation Free-Samples Myassignment

Question: Does Technology make us lonelier? Answer: People are highly becoming technology savy, especially the young generation. However, it is a key debate that whether technology is making people lonelier or not. A number of research shows that technology is making people lonelier; however some of them talk against the issue. Thus, in the following paragraphs, the arguments and counter-arguments would be demonstrated in an evidence based manner to analyze the statement. Three articles has been selected related to the topic, based on which the arguments would be analyzed. Article 1: Feeling lonely? Social media may have something to do with it Author: Randy Dotinga Published on: cbsnews.com Date of Publishing: 6th March, 2017 Reason for selecting the article: The growth and usage of technology by the current era is significantly understood by the usage of social media, thus, understanding whether social media is making people isolated or not would serve the purpose of the debate. Pro Arguments Con Arguments Young people within the age group of 19 to 32, spending two hours or more per day on social media had two fold greater odds of feeling lonely and isolated than their peers who spent less time on social media. People who feels isolated may generally be unable to find a connection through social media Social media is not a solution for people feeling socially isolated There are still unanswered questions and untested variables, for example being active on Facebook may indicate one type of behaviour, while being active on something like Snapchat might indicate a very different type of behaviour; which does not lead to the conclusion that technology or specifically social media is making people isolated People who used the service more often, related to frequency or time spent, reported more likely to be socially isolated It may be the fact that people who feel socially isolated comes on social media to self-medicate, which can only serve for increasing perceptions of social isolation The article is con regarding the issue, as the article highlights that lonely people are also attempt to use social media to deal with it. Article 2: Is technology making us lonely? Author: Branwen Morgan Published on: abc.net.au Date of publishing: 3rd November 2011 Reason for choosing the article: This article directly meets criteria for the debate issue, i.e. whether technology is making us lonelier or not. Pro Arguments Con Arguments According to recent survey by Relationships Australia, the more people use technology to communicate, the lonelier they are likely to be It is obvious that technology brings positive attempts in relationships, if it is considered that how many people today meet their partners online. 42 % Australians using an average of 4 technologies to communicate like email, SMS, Facebook, Twitter were lonelier than 11 % people using only one technology For the vast majority of people, the internet can help us to function better in our increasingly global world Respondents in the survey demonstrating frequent loneliness were more likely to use Facebook than respondents who infrequently and respondents who never felt lonely. Whether a person is solely a social networker or prefers the old-fashioned face-to-face meeting with friends, can feel lonely from time to time, which sometimes is not due to technology The article is Pro regarding the issue, as it is providing justification for the statement. Article 3: Text or Talk: Is Technology Making You Lonely? Author: Margie Warrell Published on: forbes.com Date of publishing: 24th May, 2012 Reason for choosing the article: This article directly link the debate issue, thereby helping to analyze the pros and cons of the debate issue Pro Arguments Con Arguments Recent studies have found that instead of being more connected than ever, people more feel alone by using latest technologies Technology helps to make people more connected with friends and family all the time on Facebook, Twitter and Tumblr, and, of course, by texting It seems that as technology is making it easier for people connect with others, while keeping distance, more and more people themselves feeling distant, instead of touching However, whether loneliness leads to Internet or Internet leads to loneliness has not been established yet, because many people simply turn to internet to avoid being with self Technology provides the opportunity to control the virtual world, where individual show what he wants others to see or think about him and friendships may be shallow Online technology is not some necessary evil, rather it can be referred to a magnificent tool, which help to stay individual in touch with people across miles, time zones and years. The article is pro regarding the issue, as it is indicating that technology is really making us lonely. Bibliography Dotinga, R. (2017).Feeling lonely? Social media may have something to do with it.Cbsnews.com. Retrieved 28 April 2017, from https://www.cbsnews.com/news/feeling-lonely-social-media-may-have-something-to-do-with-it/ Morgan, B. (2011).Is technology making us lonely? - Health Wellbeing.Abc.net.au. Retrieved 28 April 2017, from https://www.abc.net.au/health/thepulse/stories/2011/11/03/3353184.htm Warrell, M. (2012).Text or Talk: Is Technology Making You Lonely?.Forbes.com. Retrieved 28 April 2017, from https://www.forbes.com/sites/womensmedia/2012/05/24/text-or-talk-is-technology-making-you-lonely/#31346a1d2a7

School Culture and Differentiated Instruction

Introduction Most instructors opine that all students have equal capacity to understand instructions. Hence, instructors prepare teaching guidelines and learning content while considering the fact that students have equal capacity. Various scholars have done research on this topic, and the results have shocked teachers.Advertising We will write a custom essay sample on School Culture and Differentiated Instruction specifically for you for only $16.05 $11/page Learn More Research has shown that the general assumption provided by researchers about the equality of the students is false and misleading. The question to ask is that, if all students have equal capacity, why are their faces different? Or why do some students understand learning content better than others? These are some of the issues that this paper addresses. Research and experience of teachers has shown that students do not have equal capacity to understand learning instructions. Therefore, st udents are different from each other, they understand things differently, and they also come from different backgrounds, and have varied preferences and basic needs. Professional learning communities There are various forms of professional learning communities. The communities include: Study groups, coaching, mentoring, curriculum development, jigsaw strategy, video viewing, action research, and examining students work. The learning communities enhance the understanding of each student. In addition, the learning communities enhance the teacher’s communication, monitoring and evaluation of students (Bender Larkin, 2009). Study groups are small groups that students create to discuss certain learning topics. Students mainly focus on inquiry, reflection, and exploration of information. During study group sessions, goals and implementation plans are established. Video sessions provide an opportunity for scholars and teachers to view actual lessons. Individuals learn from mistakes by watching videos. They also learn new ideas and techniques from other scholars and researchers. Jigsaw is a strategy that group members use to learn new ideas by reading interdependently in small groups. Each member of the group is assigned a certain portion of the text to read independently before a discussion. This fosters teamwork because individuals rely on one another while carrying out their duties. Action research refers to the use of inquiry and research to address certain questions that students ask. Action research provides students and teachers the opportunity to pursue the questions, which students and teachers have passion (Gregory, 2008).Advertising Looking for essay on education? Let's see if we can help you! Get your first paper with 15% OFF Learn More School culture and differentiated instruction School policies and programs facilitate improvement and growth capacity of learning and professional institutions. Improvement, growth, and change depend o n various factors. These factors include: Skills, knowledge, and dispositions of the educator, which improves quality of staff. They also include professional learning communities, which foster teamwork. In addition, there is the principal leadership, which provides encouragement and mentorship (Gregory, 2008). In learning institutions, the main objectives and goals are to improve the students’ understanding, knowledge and skills. This also includes the need to improve the competence, confidence and skills of the teaching staff. It also includes the need to instill professionalism in the students and teachers (Eaker, DuFour Dufour, n.d.). The culture of an institution plays a big role in the optimal performance of the staff and students. Culture refers to norms, values and assumption that govern a society. Values are aspects that the society maintains. Assumptions are theories that govern values and beliefs. Norms are the expected behaviors that members should support. The n orms either have a positive or negative effect on student’s achievement. Positive norms involve giving people the opportunity to express their opinions. It also includes respecting personal suggestions and giving continuous support and help to needy students. Negative norms in culture include: Lack of involvement in group activities, continuous criticism of other members, and discouraging participation (Gregory, 2008). Conclusion Differentiated instructional learning should be encouraged because it helps students with special needs to access quality education. Through this technique, teachers identify the students’ weak areas through continuous monitoring and evaluation. Through professional learning communities, students learn the importance of teamwork. This is carried to professional organizations once these students complete education. References Bender, W.N. Larkin, M.J. (2009). Reading strategies for elementary students with learning difficulties: Strategies for RTI. Thousand Oaks, CA, Corwin Press. Eaker, R., DuFour, R. Dufour, R. (n.d.). Transforming a school into a professional learning community. Retrieved from: https://www.teachertube.com/video/transforming-a-school-into-a-professional-lea-1281Advertising We will write a custom essay sample on School Culture and Differentiated Instruction specifically for you for only $16.05 $11/page Learn More Gregory, G. (2008). Differentiated instructional strategies in practice: training, implementation, and supervision. Thousand Oaks, CA: Corwin Press. This essay on School Culture and Differentiated Instruction was written and submitted by user Liam Richardson to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.

Self Evaluation Essays

Self Evaluation Essays Self Evaluation Essay Self Evaluation Essay Self-Evaluation from Employee It’s easy to say you can use any performance review phrase, change it to â€Å"I† or â€Å"me† and be finished with your performance review – but it’s not always that simple. You want your phrases to be honest, accurate, but not too harsh. Phrases criticizing performance need to be well balanced. We’ve compiled a list of hundreds of self evaluation phrases you can use to complete your performance review and receive the high marks you deserve. We’ve separated the phrases by topical area, then by positive and needs improvement. Find the right balance to describe yourself and speed up your performance review paperwork. This is part 1 of a several part series on self evaluations. Self Evaluation Sample Templates Writing a great self evaluation during performance review time can be a difficult task. How exactly do I describe my performance in Training or Leadership? We’ve written 450 self evaluation paragraphs in 30 categories – by exceeds expectations, meets expectations, and below expectations. These paragraphs make completing the self evaluation easy – simply copy and paste into your document. This ebook is available for instant download for $18. 5. - Top of Form Bottom of Form Attendance and Punctuality Self Evaluation Positive Phrases I am a reliable employee who arrives on-time and leaves on-time. My break times are well planned and do not exceed the allotted time. I arrive each day fully prepared to tackle my responsibilities. I am reliable and do not have any attendance problems. I   ensure my team adheres to their lunch schedules and breaks. I meet all company standards for attendance and punctuality. I begin each day refreshed and ready for any challenges I will face. My attention to punctuality has paid off this year, I consistently arrive on time. I start and end meetings on time. I schedule time off well in advance. I am conscientious of others when scheduling time off. Attendance and Punctuality Needs Improvement Self Evaluation Phrases I am occasionally late for work and will improve this area by focusing on showing up on time each day. I need to improve showing up to work on time and keeping a normal work schedule. Over the next year, I’m going to improve meetings so they run to their prescribed time. Some of my breaks may run a little long, but I will improve my schedule. I will work on taking heavy traffic and weather into account for arrival time. I will continue to work on punctuality. Attitude Positive Self Evaluation Phrases I always try to keep a positive attitude, a smile on my face, and demonstrate how much I enjoy my job. I try to be cheerful to help those around me feel welcome and appreciated. I have an even demeanor through good times and bad. I do this to help others keep their â€Å"enthusiasm† – both positive and negative – in check. I have a calm personality to keep an even attitude. I bring a high level of enthusiasm to my job. I try to always set a good example for the team and be here when they need a lift. I maintain a positive mind-set. Even though we have difficult situations and decisions to make, I maintain a positive outlook. I maintain a positive attitude. I like to build trust with my team by being a positive force on the team, congratulating high performers on successes, and working with those that need assistance to improve. Attitude Needs Improvement Self Evaluation Phrases At times, I can be brisk and to the point. I don’t mean to offer a negative impression, but sometimes I am very focused on the work at hand. Due to the demanding nature of our business, my team may at times think I am insensitive, but we have to get the job done, on time, and on budget. I am working to improve how I deal with others and customers. Though some may struggle with my personality, I believe I effectively use it to manage my employees. Communication Positive Self Evaluation Phrases I keep managers and coworkers informed of my work progress. I report all necessary information to my coworkers. I am excellent at keeping written information about my assignments and projects. One of my strengths is the use of candor and effective communication with my employees. One of my core strengths is the ability to immediately connect with someone. I am a very competent communicator. I clearly communicates with my employees and they understand my expectations. I am clearly good at communication as evidenced by my effectiveness in resolving customer problems. At first, communication was not my strongest attribute. However, after a lot of work, I have become a very good communicator. Communication Needs Improvement Self Evaluation Phrases Though some may believe I withhold information from my co-workers, I provide all information as required. My written communication is great, but I need to improve my verbal communication skills. My verbal communication skills are very good, but I need to work on my written communication skills. I believe I effectively communicate with my fellow team members, but I must improve communication with my management team. Communication is a weakness which I know I must improve. Creativity and Innovation Positive Self Evaluation Phrases My ability to change direction when required is an asset to the team. I am an innovator at heart – my skill at inspiring new ideas adds a lot to the team. I have an imaginative personality and am very resourceful in times of need. I have a creative touch in a sometimes normal role within our team. I add an artistic flair to everything I produce which makes my projects much more fun than most. When a major problem arises, I use creative problem solving to look at different sides of an issue I think outside the box when crafting solutions. I demonstrate a key ability to craft creative solutions to problems. I show ingenuity when facing difficult situations. Whenever we need a fresh look at a problem, I try to provide a novel perspective. I don’t rely on common methods to solve a problem, but address each situation with a innovative viewpoint. I constantly search for new ideas and ways to improve efficiency. I create an exciting atmosphere for his team: one in which new ideas are rewarded and encouraged. Creativity and Innovation Needs Improvement Self Evaluation Phrases I find at times that I am more practical than creative in many aspects of my job. Over the next year, I plan on working to improve my imagination at work to think more creatively. Innovation is not at the heart of what I do – I am more of a task oriented person. There are times when creative solutions are just not called for, but I have a creative mind and have a tendency to go there immediately. Sometimes I have difficulty thinking outside of the box and creating innovative solutions. I plan on improving innovation this year by seeking out new opinions and ideas. I have a tendency to ask for help from other people more frequently than researching potential solutions and fixes. Customer Satisfaction Positive Self Evaluation Phrases I take great pride in my work with our clients. I skillfully overcome client objections. I consistently receive high marks on my customer satisfaction surveys. I understand the latitude to ensure customer satisfaction and do everything necessary to retain customers. I am able to handle clients well. I am very good at keeping happy customers and successfully up selling them at the same time. I deal with customer complaints with a calm demeanor. I am very good at handling difficult situations with customers. I work with customers very well. I am very good at dealing with irate customers in a calm and rational manner. I believe no problem is too big that cannot be solved with care and understanding. I listen to our customers and resolves their problems in an agreeable manner. I understand how to listen to customers and extract those details which make a big difference when dealing with our clients. Customer Satisfaction Needs Improvement Self Evaluation Phrases Sometimes, I do not follow up with customers quickly enough. Though I have some low marks on customer satisfaction surveys, I am working to improve those scores. I continue to work on improving my ability to overcome customer objections. I understand the importance of customer service training, though I do believe I’ve received enough training to be successful. I am much better about handling telephone customer service than in person situations.

Abraham Lincoln and the Telegraph

Abraham Lincoln and the Telegraph President Abraham Lincoln used the telegraph extensively during the Civil War, and was known to spend many hours in a small telegraph office set up in the War Department building near the White House. Lincolns telegrams to generals in the field were a turning point in military history, as they marked the first time a commander in chief could communicate, practically in real time, with his commanders. And as Lincoln was always a skillful politician, he recognized the great value of the telegraph in spreading information from the army in the field to the public in the North. In at least one instance, Lincoln personally interceded to make sure a newspaperman had access to telegraph lines so a dispatch about action in Virginia could appear in the New York Tribune. Besides having an immediate influence on the actions of the Union Army, the telegrams sent by Lincoln also provide a fascinating record of his wartime leadership. The texts of his telegrams, some of which he wrote out for the transmitting clerks, still exist in the National Archives and have been used by researchers and historians. Lincoln's Interest in Techology Lincoln was self-educated and always highly inquisitive, and, like many people of his era, he had a keen interest in emerging technology. He followed the news of new inventions. And he was the only American president to obtain a patent, for a device he designed to assist riverboats to cross sandbars. When the telegraph changed communication in America in the 1840s, Lincoln would certainly have read about those advances. Its likely he knew about the wonders of the telegraph from newspaper articles he read in Illinois before any telegraph wires had reached that far west. When the telegraph started to become common through the settled parts of the nation, including his native Illinois, Lincoln would have had some contact with the technology. As a lawyer working for railroad companies, Lincoln would have been a sender and receiver of telegraph messages. One of the men who would serve as a government telegraph operator during the Civil War, Charles Tinker, had done the same job in civilian life at  a hotel in Pekin, Illinois. He later recalled that in the spring of 1857 he chanced to meet  Lincoln, who was in town on business related to his legal practice. Tinker recalled that Lincoln had watched him sending messages by tapping the telegraph key and writing down incoming messages he converted from Morse code. Lincoln asked him to explain how the apparatus worked. Tinker recalled going into considerable detail, describing even the batteries and electrical coils as Lincoln listened intently. During the campaign of 1860, Lincoln learned he had won the Republican nomination and later the presidency via telegraph messages which arrived in his hometown of Springfield, Illinois. So by the time he moved to Washington to take up residence in the White House he was not only aware of how the telegraph worked, but he recognized its great usefulness as a communication tool. The Military Telegraph System Four telegraph operators were recruited for government service in late April 1861, soon after the attack on Fort Sumter. The men had been employees of the Pennsylvania Railroad, and were enlisted because Andrew Carnegie, the future industrialist, was an executive of the railroad who had been pressed into government service and ordered to create a military telegraph network. One of the young telegraph operators, David Homer Bates, wrote a fascinating memoir, Lincoln In the Telegraph Office, decades later. Lincoln In the Telegraph Office For the first year of the Civil War, Lincoln was barely involved with the militarys telegraph office. But in the late spring of 1862 he began to use the telegraph to give orders to his officers. The Army of the Potomac was becoming bogged down during General George McClellans Peninsula Campaign in Virginia, Lincolns frustration with his commander may have moved him to establish faster communication with the front. During the summer of 1862 Lincoln took up the habit he followed for the rest of the war: he would often visit the War Department telegraph office, spending long hours sending dispatches and waiting for responses. Lincoln developed a warm rapport with the young telegraph operators. And he found the telegraph office a useful retreat from the much busier White House. One of his constant complaints about the White House was that job seekers and various political figures wanting favors would descend upon him. In the telegraph office he could hide away and concentrate on the serious business of conducting the war. According to David Homer Bates, Lincoln wrote the original draft of the Emancipation Proclamation at a desk in the telegraph office in 1862. The relatively secluded space gave him solitude to gather his thoughts. He would spend entire afternoons drafting one of  the most historic documents of his presidency. The Telegraph Influenced Lincoln's Style of Command While Lincoln was able to communicate fairly quickly with his generals, his use of communication was not always a happy experience. He began to feel that General George McClellan was not always being open and honest with him. And the nature of McClellans telegrams may have led to the crisis of confidence that led Lincoln to relieve him of command following the Battle of Antietam. By contrast, Lincoln seemed to have a good rapport via telegram with General Ulysses S. Grant. Once Grant was in command of the army, Lincoln communicated with him extensively via telegraph. Lincoln trusted Grants messages, and he found that orders sent to Grant were followed. The Civil War had to be won, of course, on the battlefield. But the telegraph, especially the way it was used by President Lincoln, did have an effect on the outcome.

Recognizing and Managing Asymptomatic Left Ventricular Dysfunction Research Paper

Recognizing and Managing Asymptomatic Left Ventricular Dysfunction after Myocardial Infarction - Research Paper Example I agree with this thesis particularly because the absence of symptoms or signs of LVSD in myocardial infarctions makes a timely diagnosis of the condition to be significantly crucial for the survival of the affected patients. Epidemiological data on the etiology of Asymptomatic left ventricular Dysfunction in Europe and America suggests that nearly 60% of patients develop the condition after suffering from myocardial infarction. According to Gheorghiade  and Bonow (1998), â€Å"myocardial infarctions survivors usually have an increased risk of LVSD.† Consequently proper and early disease management models should be established to ensure cases of the disease are detected and managed effectively. Similarly, a number of critical pathways can now be effectively used to improve detection and detection of asymptomatic LVSD. On the other hand, one-half of LVSD patients are asymptomatic. In this regard, the early detection and management of the condition in post-myocardial patients can significantly help nurses to reduce mortality in the asymptomatic cases. Some of the evidence-based practices and techniques employed in the early diagnosis of the disease include radionuclide imaging, echocardiography, and ventriculography (Goldberg  and Jessup, 2006). All these strategies are important in the intervention of the dysfunction and the improvement of the quality of life in the affected patients. A number of evidence-based practices can be employed in the assessment of LVSD in patients who have suffered from myocardial infarction. One of the effective multidisciplinary approaches is carrying out an assessment of the disease in myocardial infarction survivors (Timmins and Kaliszer, 2001). Additionally educating such patients on their conditions can help doctors and clinicians to detect and prevent some the risk factors that may increase progression to heart failure.

New york landmarks Essay Example | Topics and Well Written Essays - 500 words

New york landmarks - Essay Example Accordingly, it stood as the tallest building in the world for more than forty years. It was replaced by the World Trade Center as the tallest building in City of New York but regained this important position following the horrendous destruction of the World Trade Center in the infamous attacks of September 11, 2001. The Statue of Liberty is a pure copper monument which stands overlooking Manhattan on the Island of Liberty. It is officially entitled Liberty Enlightening the World and was a monument donated to the City of New York by the French government on the 100 year anniversary of the US Declaration of Independence. What is significant about the Statue of Liberty is that it is a beacon of hope and signifies the important role that liberty played in the development of the United States of America. Liberty Island is an important transit point for migrants and travelers who arrive by ship. Accordingly, this monument has come to signify the United States to millions of people account the world. Madison Square Garden is an iconic sports stadium found in Midtown Manhattan. It was built more than one hundred years ago and is home to the New York Nicks, the New York Rangers and a whole host of other events including concerts and conventions. In its present location for more than sixty years, Madison Square Garden presently sits at Pennsylvania Plaza in midtown Manhattan and is representative of the sports entertainment community in New York. The Chrysler Building is an Art Deco landmark – not too dissimilar to the Empire State Building – and was the tallest building in the world until the construction of the Empire State Building in 1931. It is a landmark because of the stylistic interpretation of the designers and can be seen far and wide from the shores of the surrounding boroughs. It represents the Art Deco design par excellence and is viewed as an important landmark on the Manhattan horizon. Finally, the World

Night of the Living Dead Essay Example for Free

Night of the Living Dead Essay American  independent  black-and-white  horror film  and  cult film  directed by  George A. Romero   Night of the Living Dead  was heavily criticized during its release because of its explicit content, but received critical acclaim and was selected by the  Library of Congress  for preservation in the  National Film Registry  as a film deemed culturally, historically or aesthetically significant. reviewers cited the film as groundbreaking. Pauline Kael  called the film one of the most gruesomely terrifying movies ever made — and when you leave the theatre you may wish you could forget the whole horrible experience. .  . . The films grainy, banal seriousness works for it — gives it a crude realism. [62]  A  Film Daily  critic commented, This is a pearl of a horror picture which exhibits all the earmarks of a  sleeper. Since the release, critics and film historians have seen  Night of the Living Dead  as a subversive film that critiques 1960s American society, international  Cold War  politics and domestic  racism. Elliot Stein of  The Village Voice  saw the film as an ardent critique of American involvement in  Vietnam, arguing that it was not set in  Transylvania, but Pennsylvania — this was  Middle America  at war, and the zombie carnage seemed a grotesque echo of the conflict then raging inVietnam Pauline Kael,  5001 Nights at the Movies  (Henry Holt and Company, 1991 Elliot Stein, The Dead Zones: George A. Romero at the American Museum of the Moving Image,  The Village Voice(New York), January 8–14, 2003 http://www. filmsite. org/posters/psyc2. jpghttp://www. filmsite. rg/reddot. gif  Alfred Hitchcocks powerful, complex psychological thriller,  Psycho  (1960) is the mother of all modern horror suspense films it single-handedly ushered in an era of inferior screen slashers with blood-letting and graphic, shocking killings The master of suspense skillfully manipulates and guides the audience into identifying with the main character, luckless victim Mari on (a Phoenix real-estate secretary), and then with that characters murderer a crazy and timid taxidermist named Norman (a brilliant typecasting performance by Anthony Perkins). Hitchcocks techniques voyeuristically implicate the audience with the universal, dark evil forces and secrets present in the film. Psycho  also broke all film conventions by displaying its leading female protagonist having a lunchtime affair in her sexy white undergarments in the first scene; also by photographing a toilet bowl and flush in a bathroom (a first in an American film), and killing off its major star Janet Leigh a third of the way into the film . Film reviews, for instance, will sometimes take up political or sociological concerns in the course of issuing formal-aesthetic judgments. Night of the Living Deaddramatizes the bewildering and uncanny transformation of human beings into non-human forms. Indeed, like all metamorphosis narratives, the film carries uncomfortable messages about identity — about what it means to be a human being and about the terror of alienation. The films power to unsettle its audience also derives from its focus on the taboo subject of cannibalism (which it depicts far more graphically than previous zombie films). In the eighteenth century, the English ironist Jonathan Swift (1996) wroteA Modest Proposal,a darkly satirical attack on the privations suffered by the Irish people at the hands of the English in which the author ironically proposed that infants be killed and eaten in order to solve the problem of poverty in Ireland. Night of the Living Deadalso uses cannibalism as a metaphor for exploitative power relations. Thus, while it deals with a quite different set of social problems, Romeros film can also be seen a sinister satire that exploits an outrageous premise in the interests of social and political critique. In his book  Understanding Popular Culture,  John Fiske writes: It is not violence per se that characterises popular culture, but only that violence whose structure makes it into a metaphor for the distribution of power in society. Fiske, 1989: 137) According to Fiske, then, violence is a metaphor for inequitable (and presumably unjust) power relations in society. It is important, however, to understand this point in historical context. Violence became more commonly depicted in films and on television in the late 1960s, during a socially turbulent period when social hierarchies were being challenged   Night of the Living Dead  draws on Alfred Hitchcocks  Psycho  (1960), especially in its film craft: the use of shadow and camera angles. Night of the Living Dead  (and, indeed, its worthy equels) reminds us of something that the recent outbreak of zombie films may have caused us to forget: the oppositional potential of popular culture. In this sense, the film is an undead classic that can still tell us something about who we are — and warn us about what we might turn into. Waller, Gregory A. (1986),  The Living and the Undead  (Urbana and Chicago: University of Illinois Press) Swift, Jonathan (1996),  A Modest Proposal and other Satirical Works  (New York: Dover) like most genre movies, reflect the values and ideology of the culture that produced them. Don Siegels  Invasion of the Body Snatchers  (1956), for example, about an invasion of alien seed-pods that replace people with emotional replicas, is typically discussed in relation to American contemporary culture in the 1950s. Unlike earlier horror films,  Invasion of the Body Snatchers  imagines infection on an apocalyptic rather than personal scale, as in the vampire myth, a clear reflection of Cold War fears of nuclear destruction. But even as Americans felt threatened by possible nuclear war and Communist infiltration, the film also expresses a fear of creeping conformism at home. Invasion  makes the commonplace seem creepy, and in the climax a mob of plain-looking townsfolk pursue Miles and Becky out of town in a horrific evocation of the kind of witch-hunting mentality witnessed in the United States just a few years before the films releaseRead more:  Critical debates Horror Films actor, children, cinema  http://www. filmreference. com/encyclopedia/Criticism-Ideology/Horror-Films-CRITICAL-DEBATES. html#ixzz1qab4D5B2

My Senior Year of High School Essay -- Personal Narrative Writing

Having spent twelve years of my school life in just one small red brick building, the years tend to fade into each other. But the year I remember most clearly and significantly is my senior year of high school, where I finally began to appreciate what this institution offered to any student who stopped to look. Before, school had been a chore, many times I simply did not feel motivated toward a subject enough to do the homework well, and seeing the same familiar faces around ever since I was 5 years old grew very tiring soon enough. But I began to see things from a different angle once I became a senior. First of all, there are roughly only 800 students in my entire school, from kindergarten up to upperclassmen and women, and my graduating class of a mere 67 was the biggest in my school's history. So you were forever running into everyone you knew, and who you had known for your whole life. At times this was comforting, at others, slightly claustrophobic. After a while it was easy to feel that you knew practically everyone's middle name or favorite movie, and it was impossible to...

How does Steinbeck prepare us for the end, and link it to the beginning? Essay

Steinbeck prepared us for the end by many different reasons that occur in the play. The Incident at weed, killing mice, killing a dog and crushing Curley’s hand is all evidence for this. The ‘weed’ incident prepared us for the end by alerting the readers that something has gone wrong at one place and how long will it be till something else like this occurs. â€Å"An’ you ain’t gonna do no bad things like you done in Weed, neither.† George liked to stroke mice in his hand, but he doesn’t know his own strength as he is a big bulky strong man. ‘I could pet it with my thumb while we walked along’ said Lennie, but as Lennie is so strong he just crushes the poor animal. Candy’s old dog was shot because it is wrong to let an animal suffer in pain. The dog â€Å"Got no teeth, He’s all stiff with rheumatism† and he is â€Å"ancient†. Lennie killed Curley’s wife by acciendent because they were in the barn together and Lennie was stroking her hair, but she didn’t want him to mess it up ‘You stop it now you’ll mess it all up’. And she yelled and Lennie put his hand around her mouth and said â€Å"Oh! Please don’t do that. George will be mad†. George broke her neck another incident were Lennie doesn’t know his own strength. Steinbeck links the beginning to the end with George and Lennie. They both continue through out the play reminding them selves of ‘The American Dream’, and that is what they talked about before going on to the ranch George thought it would be nicer to lay under the stars with one night relaxation. The last time they ever dream of ‘The American Dream’ is at the end when George shoots Lennie while he is dreaming of the rabbits. â€Å"Le’s do it now. Le’s get that place now† – was the last words he ever said. Lennie is the same old Lennie with a childlike mental age. George is always there to look after him and tell him what to do like in a adult child situation, â€Å"come on, give it to me†. Stienbeck always describes Lennie as a animal from the beginning to the end â€Å"snorting into the water like a horse†. They always argue and Lennie says he will go away, but george knows that his best friend wont be able to look after him self and will end up getting shot, at the end he says â€Å"I can go away †¦ an’ find a cave†. At the beginning Lennie says the same thing â€Å"go off in the hills†¦. I’d find a cave†. George said â€Å"somebody’d shoot you for a coyote if you was by yourself† Lennie is also a killer, he attacks Curley, curlys wife, kills mice and throws his dead pup on to the floor in anger. Lennie is not mean, he doesn’t want to cause pain or suffering. George knew that if he let Lennie live then he would sooner or later be found and caught, and would most likely be tortured by Curly then be put in a prison for the rest of his life or killed on the spot. George didn’t want to she George go through any pain or suffer so he put him out of his own misery, just like the dog!

Fun Water Sports Essay

There are so many fun activities to do in, on, and around the water; thus, making it a difficult choice a as to which way to spend a day in the sun. Whether it’s a creek, lake, river or the ocean, there are may ways to have fun in the water, and stay cool. Surfing is a water sport in which the wave rider, referred to as a â€Å"surfer,† rides on the forward face of a wave, which is most often carrying the surfer towards the shore. Waves suitable for surfing are primarily found in the ocean, however, modern-day surfing can also be done in man-made sources such as wave pools. Snorkeling is a form of recreational diving that allows swimmers to explore the surface of oceans or lakes, and dive to shallow depths. Basic equipment used in snorkeling are the dive mask, fins and a snorkel. The dive mask allows clear vision of the underwater environment without damage to the eyes. Fins allow a swimmer to propel, his or her self, through the water efficiently and with minimal disturbance to the environment. The snorkel is designed to allow you to submerge your face and head at the surface of the water, and still breath. Additional snorkeling equipment includes; snorkel, vests for floatation, and protective wet suits for cold water diving conditions. Tubing is a water sport that usually takes place on a large body of water such as a lake or river. One or more tube riders, (often called â€Å"tubers†) tether their tubes to a powered watercraft, such as a ski boat or a pontoon boat. The riders are then towed through the water by the watercraft. Noodling is a type of fishing for the thrill seeker. Although the concept of catching fish with only the use of the arm in the water is simple enough, the process of noodling is more complicated. The choice of catfish as the prey is not arbitrary, but comes from the circumstances of their habitat. Flathead catfish live in holes or under brush in rivers and lakes, thus making the fish easy to capture. To begin, a noodler (fisherman) goes underwater to depths ranging from only a few feet, up to twenty feet, and places his hand inside a discovered catfish hole. Assuming all goes as planned, the catfish will swim forward and latch onto the fisherman’s hand, usually as a defensive maneuver, as an attempt to protect it’s hole. The fish can be particularly large, in which case, the noodler can hook his hand around its gills to retrieve his catch. This sport has been outlawed in several states due to the many dangers, and risks of the sport. As you can see there are a verity of water sports to choose from when you plan your next out door adventure. From surfing crystal blue waters, to taking chanced in a merry catfish hole, there is a water spot to suit every type of thrill seeker.

Timeline of the Medieval Traders on the Swahili Coast

Timeline of the Medieval Traders on the Swahili Coast Based on archaeological and historical data, the medieval period of the 11th through 16th centuries AD was the heyday of Swahili Coast trading communities. But that data has also shown that the African merchants and sailors of the Swahili Coast began to  trade in international goods at least 300-500 years earlier. A timeline of the major events on the Swahili coast: Early 16th century, the  arrival of Portuguese and the end of Kilwas trading powerCa 1400 start of Nabhan dynasty1331, Ibn Battuta visits Mogadishu14th-16th centuries, a shift in trade to the  Indian Ocean, the heyday of coastal Swahili townsCa 1300, the  start of Mahdali dynasty (Abul Mawahib)Ca 1200, first coins minted by Ali bin al-Hasan in Kilwa12th century, a rise of Mogadishu11th-12th centuries, most coastal people converted to Islam, a shift in trade to the  Red Sea11th century, start of Shirazi dynasty9th century, slave trade with the  Persian Gulf8th century, the first mosque built6th-8th centuries AD, trade established with Muslim traders40 AD, author of Periplus visits Rhapta The Ruling Sultans A chronology of ruling sultans can be derived from the Kilwa Chronicle, two undated medieval documents recording an oral history of the large Swahili capital of Kilwa. Scholars are skeptical of its accuracy, however, particularly with respect to the semi-mythical Shirazi dynasty: but they are agreed on the existence of several important sultans: Ali ibn al-Hasan (11th century)Daud ibn al-HasanSulaiman ibn al-Hasan (early 14th c)Daud ibn Sulaiman (early 14th c)al-Hasan ibn Talut (ca 1277)Muhammad ibn Sulaimanal-Hasan ibn Sulaiman (ca 1331, visited by Ibn Battuta)Sulaiman ibn al-Husain (14th c) Pre  or Proto-Swahili The earliest pre or proto-Swahili sites date to the first century AD, when the unnamed Greek sailor who authored the merchants guide Periplus of the Erythraean Sea, visited Rhapta on what is today the central Tanzanian coast. Rhapta was reported in the Periplus to be under the rule of Maza on the Arabian Peninsula. The Periplus reported that ivory, rhinoceros horn, nautilus and turtle shell, metal implements, glass, and foodstuffs were imports available in Rhapta. Finds of Egypt-Roman and other Mediterranean imports dated to the last few centuries BC suggest some contact with those areas. By the 6th to 10th centuries AD, people on the coast were living in mostly rectangular earth-and-thatch houses, with household economies based on pearl millet agriculture, cattle pastoralism, and fishing. They smelted iron, built boats and made what archaeologists called Tana Tradition or Triangular Incised Ware pots; they obtained imported goods such as glazed ceramics, glassware, metal jewelry, and stone and glass beads from the Persian Gulf. Beginning in the 8th century, the African inhabitants had converted to Islam. Archaeological excavations at Kilwa Kisiwani and Shanga in Kenya have demonstrated that these towns were settled as early as the 7th and 8th centuries. Other prominent sites of this period include Manda in northern Kenya, Unguja Ukuu on Zanzibar and Tumbe on Pemba. Islam and Kilwa The earliest mosque on the Swahili coast is located in the town of Shanga in the Lamu Archipelago. A timber mosque was built here in the 8th century AD, and rebuilt in the same location, again and again, each time larger and more substantial. Fish became an increasingly important part of the local diet, consisting of fish on the reefs, within about one kilometer (one-half mile) from the shore. In the 9th century, connections between Eastern Africa and the Middle East included the export of thousands of slaves from Africas interior. The slaves were transported through Swahili coastal towns to destinations in Iraq such as Basra, where they worked on a dam. In 868, the slave revolted in Basra, weakening the market for slaves from Swahili. By ~1200, all of the large Swahili settlements included stone built mosques. The Growth of Swahili Towns Through the 11th-14th centuries, the Swahili towns expanded in scale, in the numbers and variety of imported and locally-produced material goods, and in trade relationships between the interior of Africa and other societies around the Indian Ocean. A wide variety of boats were built for sea-going trade. Although most of the houses continued to be made of earth and thatch, some of the houses were built of coral, and many of the larger and newer settlements were stone towns, communities marked by elite residences built of stone. Stonetowns grew in number and size, and trade blossomed. Exports included ivory, iron, animal products, mangrove poles for house construction; imports included glazed ceramics, beads and other jewelry, cloth, and religious texts. Coins  were minted in some of the larger centers, and iron and copper alloys, and beads of various types were produced locally. Portuguese Colonization In 1498-1499, the Portuguese explorer Vasco de Gama began exploring the Indian Ocean. Beginning in the 16th century, Portuguese and Arab colonization began to decrease the power of the Swahili towns, evidenced by the construction of Fort Jesus in Mombasa in 1593, and the increasingly aggressive trade wars in the Indian Ocean. The Swahili culture fought variously successfully against such incursions and although disruptions in trade and loss of autonomy did occur, the coast prevailed in urban and rural life. By the end of the 17th century, the Portuguese lost control of the western Indian Ocean to Oman and Zanzibar. The Swahili coast was reunited under the Omani sultanate in the 19th century. Sources Chami FA. 2009. Kilwa and the Swahili Towns: Reflections from an archaeological perspective. In: Larsen K, editor. Knowledge, Renewal and Religion: Repositioning and changing ideological and material circumstances among the Swahili on the East African coast. Uppsala: Nordiska Afrikainstitututet.Elkiss TH. 1973. Kilwa Kisiwani: The Rise of an East African City-State. African Studies Review 16(1):119-130.Phillipson D. 2005. African Archaeology. London: Cambridge University Press.Pollard E. 2011. Safeguarding Swahili trade in the fourteenth and fifteenth centuries: a unique navigational complex in south-east Tanzania. World Archaeology 43(3):458-477.Sutton JEG. 2002. The southern Swahili harbour and town on Kilwa Island, 800-1800 AD: A chronology of booms and slumps.: Uppsala University.Wynne-Jones S. 2007. Creating urban communities at Kilwa Kisiwani, Tanzania, AD 800-1300. Antiquity 81:368-380.

Essay on Managing through Continuous Improvement

Essay on Managing through Continuous Improvement Essay on Managing through Continuous Improvement This is a free sample essay on Managing through Continuous Improvement: The corporate world in the new economic environment is experiencing a paradigm shift in management thought, where human resources have become the key asset of an organization and strategic human resource management is recognized as an important element to achieve competitive advantage. The emerging scenario is highly complex, necessitating speed, flexibility, precision, quality and willingness and the ability to change for survival and success. This involves the formulation of a strategy to reorient organizational cultures to bring about openness, transparency, and mutual trust and healthy competition among employees. The colour and complexion of industry has changed due to changes in technology and expansion of world markets. While organizations in he past had relatively stable and predictable environments, todays organizations have to cope with the unexpected. The development of a positive work culture, where employees work as teams, is perhaps one of the best ways to manage change. An increased number of human resource professionals have been included in the top management of Companies. This has led to a qualitative improvement in human resource interventions. Human resource management is being used as a business development tool. This includes the following initiatives taken by various organizations: Imparting new skills and upgrading existing ones through training and managerial conferences, encouraging creativity and identifying fresh talent. Infusing professionalism and dynamism, building a learning organizations, promoting corporate values, opening communication channels, designing accurate job description, monitoring achievements, giving incentives to encourage productivity, etc. With globalization and technological changes feeding each other, business paradigms have undergone a major shift. Information technology has resulted in flatter structures and less hierarchical control in organization. Competition has places several demands on Companies, especially in terms of revamping the organization to meet contemporary needs. In the current Indian scenario, while public services are being privatized, private sector organizations are also in the process of re-examining their structures and job roles. Traditional hierarchies are making way for innovative structure to manage organizations. ______________ is a professional essay writing service which can provide high school, college and university students with 100% original custom written essays, research papers, term papers, dissertations, courseworks, homeworks, book reviews, book reports, lab reports, projects, presentations and other assignments of top quality. More than 700 professional Ph.D. and Master’s academic writers. Feel free to order a custom written essay on Management from our professional essay writing service.

Existentialism and Marxism Paper Essay Example | Topics and Well Written Essays - 1500 words

Existentialism and Marxism Paper - Essay Example This notion swept the world through a phase of political change that evolved generation after generation. There was also the concept of Existentialism that also spread through Latin America in a major manner. This concept was unique in that it stressed the significance of experience as compared to notions that come from other people’s views. This means that it identifies an individual to be a free being not to follow various factors from others. Many philosophers had different notions on the two different philosophies and the comparison of their views goes deep. Romero Francisco in Theory of a Man displays his vast and widespread support of the Existentialism notion. In this book, he argues deeply stating that the running of the society through material ideology is nothing but a waste of time due to the manner through which the society has progressed through the ages (Romero 134). The author states very clearly that he very much supports the effort and the changes observed in the behavioral sciences and that they have hopes in the future but rather discredits the pace through which they have had in the past days. Romero states that in Latin America, people were rather confused on the way to which they should follow in society and thus many of them did not have a sound decision but rather followed the mass (Romero 142). He states this to be the reason unto why societal progress has been very slow from those days, thus Existentialism credited, and the entire disregard pointed towards Marxism. He also goes ahead to state that the weakness of the human being is what made him believe in culture rather the scientific revolution of the age. He states that with the stand that he takes on the issue, he has no offence towards reductionism and that it is a concept feared only by those with developmental fear. A writer that is clearly against this notion is Enrique Dussel’s Philosophy of Liberation. In this book, Enrique goes a long way in explaining the mann er in which the Latin Americans were represented or rather took up Marxism and states that this was a rather conscious decision for them (Dussel 67). In the book, he majorly focuses on issues relating to Ethics and politics. Enrique states that human beings in the era needed a political scope of the world and notes a sociological view because understanding the society was not just enough. Enrique claims that for one to concentrate on the rather large Latin American society at the time, the basic philosophy to understand is that on politics. Enrique states that no society can run without the basic unit that is a government. It is due to this that he states that the formation of a government was important. It is from this governing body that unity was found to develop and as a single unit, there was the ability to move forward with decisions that are more informed rather than having an individual making a single decision (Dussel 154). This is because it would lead to confusion with on e another constantly ending in feuds and thus the importance of the Marxism movement in Latin America. Francisco Milro Quesda in Without Theory goes a long way in explaining the various concepts that show the reason as to why the Existentialism notion was rather important in the Latin American society. He states that many of the human philosophies going around are baseless and are bound to fail because they base the human experience in a manner that the issues that they faced were rather

Kants morally impermissible actions Essay Example | Topics and Well Written Essays - 1000 words

Kants morally impermissible actions - Essay Example Deontological ethical theory Immanuel Kant, a German philosopher proposed the theory of deontological ethical theory; this has the foundation on the point that only essentially good will is derived from a good thing. This implies that an action is evaluated when the motives or maxim behind it are evaluated, these can be looked at from two angles. First, evaluation of actions by taking into consideration their consequences, this is rejected, a person can control motives and purpose but lack the inability to control the consequences of his/her actions. Secondly what is ‘ought’ means ‘can’ this means that a person is held responsible morally only for a limited number of actions that are under his/her control. Logic as the Basis for Ethics: What action can be described as permissible and hence the converse implies impermissibility? An action is said to be permissible if its cause can be found to be logically consistent and an action is said to be impermissible if its cause is found to be irrational, inconsistent or contradictory (Sullivan 163). This arguments aid in avoidance of mistake and prejudice, provides tenable defense of moral motives, and implies a reply to moral skeptics. The argument can also be said to provide moral universality theory and to give the impression that immorality implies inconsistency and irrationality. For an action to be praiseworthy, the action must have foundation on a logically rational or consistent motive. A praiseworthy action is one that has foundation on a given motive that is obeying the moral law, moral laws are those that are consistent for everyone and are applicable to every other person. Permissible actions are as defined above are those that are because of a consistent motive and are done out of moral duty. The Categorical Imperative: Kant suggested that the moral duty is given to an agent by reason as a categorical imperative (McCracken 131) a person is told how to behave out of an imperative statement. Imperative statements can be considered on two occasions, hypothetical imperative is built on commands for accomplish a particular objective; categorical imperative is modeled on natural law. This becomes the focal point of Kant’s moral principle; to him the foundation of the principle cannot be anything but absolute. An attempt to rationalize morally impermissible behavior will prove self-defeating; this is known as morally impressible action (McCracken 131). An act is impermissible if and only if the action is acted upon the foundation of the maxim that a person cannot will to a universal law; therefore, the permissible action implies the converse. This implies that a person will do an action given the circumstance and because of a certain motiv e, this gives the reason for the action-the maxim. Every person will do actions given the set of circumstances and because of those motives; this means that a person’s actions is consistent with everyone’s actions. The murder example If a person is considering killing another person for egoistic reasons, because, the other person is committing adultery with his wife, consider the impermissibility of this case. The action, which is murder for egoistic reasons this gives the circumstance and finally the motive, is adultery. Every person will kill those people for egoistic reasons, because, these people have committed adultery with their wives. The first argument provides the maxim principle while the second argument provides the universal law; this cannot consistently will that people will commit all those actions this therefore means that the action is impermissible. This example above illustrate classifications of moral duties, the classifications are premised on these divisions, first, the duties to self by implication to others and perfect duties by implication imperfect duties. Perfect duties are done at every other chance whilst the imperfect duties are done at a unique chance but the agent must put thought to it. Violation of

Interpreting Popular Music Essay Example | Topics and Well Written Essays - 2000 words

Interpreting Popular Music - Essay Example Lastly, of every significant structure, music has maybe the most unpretentious and complex connection to verbal dialect and the sorts of referentiality in which it is (customarily) related. The state of it being rich, makes music a vital source-case for a basic semiotics. Nevertheless, it is likewise this richness, which has regularly separated musical semiotics into contending camps, each one deficient. I ought to pause a minute, then, to show the general blueprints of the new amalgamation which, I believe, can at long last start to address this many-sided quality. There are three key improvements in musical semiotics in the 1990s. The principal was a basic swing in the field far from formalism for its own particular purpose, towards a recharged enthusiasm for hermeneutics (but of a profoundly formalized sort). The hermeneutic turn has given room for musical semiotics to say significantly more in regards to the particular connections between cultural value and formal detail. The second advancement was the development of an intelligible and effective hypothesis of musical gesture a vastly improved picture of the associations between musics symbolic and corporeal aspects, and the inconspicuous interplay in the middle of literal and progressively abstract signs of encapsulation in musical practice. This advancement has permitted musical semiotics to be more particular about the instruments fundamental musical connotation at all levels of sweeping statement. The third advancement has been the rise of a semiotic hypothesis of musical narrative and musical personae. However, the main aim of this paper is to give a semiotic analysis of aâ€Å"Not a second† a rock song done by the Beatles back in the years. There has been plenty of earnest rock writing -- Heylin 1992 Eisen 1969, and Kureishi 1995- are excellent anthologies. Nevertheless, so far it has largely concentrated on disciplines like music’s sociology, with their theories and concepts rooted in

Monash Carbon Footprint report

Monash Carbon Footprint report This report presents interpreted data after Monash university conducted a carbon footprint assessment between 2005 till 2014.   Introduction Today we can see for ourselves the damage we have caused to our home planet. overshoot is known as the consumers demands for earths resources are going beyond the level which the earth can regenerate. According to dahl(2008), improving global governance and our ability to manage the earths resources is thus a key part of any solution. Preventing overshoot and collapse is a challenge of our time. to reduce greenhouse gas emissions, Monash university has assessed their carbon footprint from 2005 to 2014. Monash university consists of the Berwick, Caulfield, Clayton, Parkville, and Peninsula campuses within all of Australia, Carbon dioxide(co2) is emitted daily when we account for the burning of fossil fuels to supply heat and to cool rooms, to run appliances, transportation, and the management of water and waste products. According to the united states environmental protection agency, co2 is then trapped within our earths atmosphere and are termed as greenhouse gases as co2 is a direct threat to our ozone layer and is also a major contributor to global warming. There are three scopes consisting of either direct or indirect. Monash universitys gross total emissions started out with 168,838 tonnes of co2-e/year after being recorded in 2005 and at the end of 2014, Monash universitys gross total emissions were calculated at 190,874 tonnes of c02-e/year. Characterizing the scopes Scope 1: this is a direct method of emitting greenhouse gases (GHG) by Monash universitys use of natural gas at all sites, the types of fuel used for transportation, the types of fuel used for other purposes, use of appliances such as refrigerants, methane emissions, and commercial c02. Scope 2: this is an indirect consequence by monash university of GHG emissions released for their use of electricity which is purchased from another party. Scope 3: this is also an indirect way of GHG emissions being released into the earths atmosphere which generally accounts for electricity, natural gas, paper/cardboard waste, food waste, recyclables, transport fuel, water waste, air travel, taxi cabs, fire extinguishers, and public transport. GHG emissions from scope 1 according to marty mccarthy (2015), scientists gathered a national study was taken where over a 1000 cows were tested and the method of measuring the ghg emissions under the factor of livestock methane is by putting the livestock animal in chamber which can be used to measure methane. Then the next step is to monitor the air in and out and then calculate the concentration in that of the air mixture. It can be observed that the emissions have tripled over the course of 9 years. A reason to this might be the amount of food that is been fed to the livestock animal, or à ¢Ã¢â€š ¬Ã‚ ¦. upon checking the ghg emissions within all of the sites of monash university, it is most important to check the fuels used for transport purposes and to separate the types of fuel since different fuels produce different emiisions. according to the national greenhouse account factors (2014), there is a formula which calculates the ghg emisiions released by different fuel types. there is a trend to be seen and it could be seen that the ghg emissions are slowing declining after each year. A reason to this might be the adaptation of hybrids and electric carsà ¢Ã¢â€š ¬Ã‚ ¦ the ghg emissions can be measure by the equation given below, scope 1 Refrigerants When we use refrigerants, we never account for the harmful emissions that are released into our atmosphere. Beck in the day, ghg emissions like chlourofluoro carbons(CFC), halons, and hydrochlorofluro carbons (HCFC) went unnoticed for a very long time. To combat CFCs , halons, HCFCs, substitues such as hydroflouro carbons (HFC) and perfluoro carbons (PFC) have been used to regulate the substances that deplete the ozone layer. This occurance was due to the amendment of the montreal protocol in 1990 which is known to be widely successful due to the universal ratification of fighting ozone depleting substances (ODS). Emissions from regrigerators and ari conditioners can be a resulted from the manufacturing process of the product, from leakages, or from poor service of the operation life of the products. Any reduction of the ODSs can have huge potential benefits since ODSs pose a threat greater than 1000 times that of co2. during the period of assessing monsh univeritisys carbon footprin t, it can be see that there is a linear trend where ghg emissions are increasing over time. This can be a result of opening up new builings within the campuses and the addition of commercial unitary air contioning units to have comfortable room temperatures in the given buildings, or it can be from the transport of refrigerated goods, à ¢Ã¢â€š ¬Ã‚ ¦. Scope 2 electricity The ghg emissions from the comsumption of purchased electricity from the grid has a physically toll on our environment but this is not a direct result from monash university as aforementioned. The burning and processing of coal, natural gas, or the refinement and transport of crude oil(petroleum) can have the direct response of ghg emission released into our environment. Emissions from electricity (scope 2) can be meure by the equation below, According to scope 2 guidance by GHG protocol, there are two methods to determine for the emission associated with electricity consumption. The first metheod is the location-based method, where it can be applied to every grid, and it focues on the connection between collective comsumer demand for electricity and how much emisiions re leased from the local electricity generated. The other method which is market-based method, focuses on hoiw much electricity is consumed by the choices of the consumer. Observing Monash Univeristys scope 2 emissions, is can be seen in the graph that the lowest reading of GHG emissions occurred in 2005, and throughout the years of recording scope 2 emissions, it can be seen the number fluctuates each year till the period of 2009 till 2014 where the number have a staggering amount where the ghg emissions ranges around 120, 000 tonnes of CO2-e per year, but during 2014, the ghg emissions have sort of been regulated. A reason for the increase of ghg emission s might be negotiating with a company whose primary source of energy might be from coal, and a way to reduce this would be to switch to a low carbon electricity supplier, or to purchase certifictaes from low carbon energy generation. Scope 3 https://www.giss.nasa.gov/research/briefs/fung_01/ http://www.abc.net.au/news/2015-12-14/impact-of-cattle-on-methane-emissions-downgraded/7027088 http://www.chlorinated-solvents.eu/index.php/regulatory-compliance/ods-regulation http://www.environment.gov.au/protection/ozone/montreal-protocol http://ghgprotocol.org/files/ghgp/Scope%202%20Guidance_Final.pdf http://www.cleanenergyregulator.gov.au/NGER/About-the-National-Greenhouse-and-Energy-Reporting-scheme/Greenhouse-gases-and-energy http://www.cleanenergyregulator.gov.au/DocumentAssets/Documents/NGER%20Energy%20production%20and%20consumption.pdf http://www.environment.gov.au/climate-change/greenhouse-gas-measurement/publications/national-greenhouse-accounts-factors-dec-2014 https://www.monash.edu/environmental-sustainability/get-involved/staff/green-program https://www.monash.edu/environmental-sustainability/get-involved/students/do-one-thing https://www.monash.edu/environmental-sustainability/campus-initiative/energy/renewable-energy http://www.greenpower.gov.au/About-Us/ https://www.epa.gov/ghgemissions/overview-greenhouse-gases http://edition.cnn.com/2016/07/01/health/antarctic-ozone-layer-healing/ http://sciencing.com/co2-deplete-ozone-layer-4828.html http://www.cleanenergyregulator.gov.au/NGER/About-the-National-Greenhouse-and-Energy-Reporting-scheme/Greenhouse-gases-and-energy http://www.ghgprotocol.org/calculation-tools/faq http://www.environment.gov.au/climate-change/greenhouse-gas-measurement/publications/nger-technical-guidelines-2014 http://www.ghgonline.org/othershfcs.htm https://ec.europa.eu/clima/policies/f-gas/alternatives_en https://www.epa.gov/ods-phaseout http://www.energyaction.com.au/energy-procurement/electricity-procurement http://www.ghgprotocol.org/scope_2_guidance http://www.treasury.gov.au/PublicationsAndMedia/Publications/2015/2015-Intergenerational-Report http://www.treasury.gov.au/~/media/Treasury/Publications%20and%20Media/Publications/2015/2015%20Intergenerational%20Report/Downloads/PDF/2015_IGR.ashx https://www.mla.com.au/Research-and-development/Environment-sustainability/National-livestock-methane-program https://www.monash.edu/environmental-sustainability/our-commitment/environmental-sustainability-policy https://www.monash.edu/policy-bank/management/facilities-services/enviro-procedures http://iefworld.org/ddahl08d.htm https://www.monash.edu/__data/assets/pdf_file/0005/783617/Environmental-Sustainability-Policy-Australia-only.pdf https://phys.org/news/2007-11-atmosphere-carbon.html http://www.environment.gov.au/climate-change/greenhouse-gas-measurement/tracking-emissions http://www.environment.gov.au/system/files/resources/da7bde5c-1be2-43f7-97d7-d7d85bb9ad6c/files/nger-technical-guidelines-2014.pdf http://www.environment.gov.au/system/files/resources/5e11ecad-6d23-4e4b-bf9d-d4630a4e523b/files/nger-technical-guidelines-2012.pdf https://carbonneutral.com.au/wp-content/uploads/2015/01/Carbon-Offsetting-and-Carbon-Neutralilty-Explained.pdf https://www.epa.gov/sites/production/files/2015-07/documents/fugitiveemissions.pdf http://www.treasury.gov.au/~/media/Treasury/Publications%20and%20Media/Publications/2015/2015%20Intergenerational%20Report/Downloads/PDF/2015_IGR.ashx

Making an Impact :: Teaching Education Careers Essays

Making an Impact Today, society demands more of teachers than ever before. In many cases teachers are required not only to teach their content area, but to also teach values and skills needed to function properly in society. It is a heavy burden to handle, but I cannot wait to do it. I hope to make a positive impact on students’ lives. Education is very important because it must prepare students to take on their dreams and goals. Without an education the chances of a student succeeding in life are very slim. Some students see school as an escape from a rough life at home or as their opportunity to go to college on an academic or athletic scholarship; opportunities they would not have had otherwise. I would give students an equal opportunity in class, where everyone is on the same playing field, to gain an understanding of my content area, social studies, and how they can apply it to real-life situations. My plans for achieving my goal of becoming a teacher include staying dedicated and enthusiastic about my content area and the possibility of having a good influence on a young person’s life. A love of learning about the areas of social studies will push me to continue learning. After graduating from college, I plan on obtaining a master’s degree and becoming a high school social studies teacher. As a teacher, I plan to join the National Education Association and join the teacher’s union at my district of employment. I see an advantage in teachers working together to provide a better learning atmosphere for students. As an educator, my goal is to prepare students for the â€Å"real world† to the best of my abilities. Many times, teachers are the only guiding light in students’ lives and are often their greatest influence. School is more than just a place for learning. The experiences students have in school usually lay the groundwork for the future of their lives. School is also a place for social interaction. The everyday interaction with other students prepares them to handle themselves properly once their schooling is finished. If a person breaks the rules, he or she is punished for it, the same way they would if they broke a law in society. Discipline is essential in maintaining order in the classroom. A larger percentage of today’s students lack the discipline and responsibility that should be learned at home.

Background in computer science, mathematics, and information systems

I had just finished my Bachelors’ in Commerce and was weighing different options of future study that would serve my career best. This was twelve years back and I was one of the fortunate many who were aware of the outsourcing story in India. US Multinationals were off shoring more and more large software projects to India. There was a tremendous shortage of computer skills in the world and India, which foresaw this stepped in to fill the gap The Indian software industry, had zoomed from a mere $ 20 million in 1978 to $ 4 billion in 1998-99, of which $ 2. 6 billion was exported.India had achieved this feat by leveraging its most valuable resource, that of highly skilled manpower. These facts stared at all young aspirants who were looking at a bright future career and I decided to make the most of this opportunity by entering the Information Technology sphere to enhance my skills and improve myself. The thirst is not over as yet and I am applying for Masters’ today after relevant exposure and experience. Right from High School. I had a way with numbers and this made me get an A in Mathematics in my High School, and very good grades in my Accounts, Costing and Statistics in BCom.This aptitude and confidence in my quantitative skills made me choose the field of Computers where I knew a person’s logical thinking was the key to success. I got my Post Graduate Diploma in Computer Sciences from Comp-U-Serve, a professional organization. I cleared my Microsoft Certified Professional exams and also did a course at Harvard University in Advance networking and secured an A I also joined a Master’s program in Computer Applications and the following are the courses that I studied during my training at Vivekananda. 1. IT Tools and Applications. 2 Business Systems. 3 Programming and Problem Solving through C Language .4 Computer Organisation. 5 Structured System Analysis & Design. I started my career as a Systems Administrator and Training Faculty with a Computer Training Institute called Wintech Computers where I learnt a lot about real world computing in Java and Networking. My next learning curve took me to General Electric which gave me a totally different perspective. I was appointed as a Client Services Analyst for one of the world’s first off-shoring trials of Network Operations to India, where I had to study Information Systems and Network Operations in the United States and off shore the whole process to my peers in India.Later, I joined a start up IT consulting firm in the United States, Mascon Global Consulting. I have been with this firm for the past 6 years and have helped clients like Novartis Pharmaceuticals, Verizon and McGraw Hill with implementing various IT solutions Novartis gave me exposure to how information Systems could be used for purposes of research, of innovation in drugs and rules and regulations in the manufacture of drugs. At Verizon I got a chance to work and Implement path breaking prot ocols like ‘Voice Over IP’ which was a very strategic product as all of Verizon’s future voice products will be based on this platform.I played an instrumental role in creating a prototype for VOIP which was based on SIP technology. My work also led me to create a framework for testing Verizon’s VOIP Client for real world scenarios by adding jitter, delay and packet loss using NIST NET Software and being able to compare it with other clients such as Google, MSN and Yahoo etc. The proposed prototype for VOIP was very well accepted and is currently in use at Verizon. Technical excellence explains why India was identified by 82 per cent of American companies as their top destination for software outsourcing, according to a World Bank survey.My education and work experience have intensified my thirst for Masters’ in Information Systems. Second version I had just finished my Bachelors’ in Commerce and was weighing different options of future study that would serve my career best. This was twelve years back and I was one of the fortunate many who were aware of the outsourcing story in India. US Multinationals were off shoring more and more large software projects to India.There was a tremendous shortage of computer skills in the world and India, which foresaw this stepped in to fill the gap India was leveraging its most valuable resource, that of highly skilled manpower These facts stared at all young aspirants who were looking at a bright future career and I decided to make the most of this opportunity by entering the Information Technology sphere to enhance my skills and improve myself. The thirst is not over as yet and I am applying for Masters’ today after relevant exposure and experience. Right from High School., I had a way with numbers and this made me get an A in Mathematics in my High School, and very good grades in my Accounts, Costing and Statistics in B. COM. This aptitude and confidence in my quantitative skills made me choose the field of Computers where I knew a person’s logical thinking was the key to success. I got my Post Graduate Diploma in Computer Sciences from Comp-U-Serve, a professional organization. I cleared my Microsoft Certified Professional exams and also did a course at Harvard University in Advance networking and secured an A.I started my career as a Systems Administrator and Training Faculty with a Computer Training Institute called Wintech Computers where I learnt a lot about real world computing in Java and Networking. My next learning curve took me to General Electric which gave me a totally different perspective. I was appointed as a Client Services Analyst for one of the world’s first off-shoring trials of Network Operations to India, where I had to study Information Systems and Network Operations in the United States and off shore the whole process to my peers in India.My experience in the course of my first interaction with GE Plastics was uniq ue Later, I joined a start up IT consulting firm in the United States, Mascon Global Consulting. I have been with this firm for the past 6 years and have helped clients like Novartis Pharmaceuticals, Verizon and McGraw Hill with implementing various IT solutions Novartis gave me exposure to how information Systems could be used for purposes of research, of innovation in drugs and rules and regulations in the manufacture of drugs.At Verizon I got a chance to work and Implement path breaking protocols like ‘Voice Over IP’ which was a very strategic product as all of Verizon’s future voice products would be based on this platform. I played an instrumental role in creating a prototype for VOIP which was based on SIP technology. My work also led me to create a framework for testing Verizon’s VOIP Client for real world scenarios by adding jitter, delay and packet loss using NIST NET Software and being able to compare it with other clients such as Google, MSN and Yahoo etc.The proposed prototype for VOIP was very well accepted and is currently in use at Verizon. Technical excellence explains why India was identified by 82 per cent of American companies as their top destination for software outsourcing, according to a World Bank survey. My education and work experience have shown me that there is much more to excellence and have intensified my thirst for Masters’ in Information Systems.

Global Chemical Industry

www. moodys. com Rating Methodology Table of Contents: Summary About the Rated Universe About This Rating Methodology The Key Rating Factors Assumptions and Limitations and Rating Considerations That are not Covered in the Grid Conclusion: Summary of the GridIndicated Rating Outcomes Appendix A: Global Chemcial Industry Methodology Factor Grid Appendix B: Methodology GridIndicated Ratings Appendix C: Observations and Outliers for Grid Mapping Appendix D: Chemical Industry Overview Appendix E: Key Rating Issues over the Intermediate Term 1 3 5 8Corporate Finance December 2009 Moody’s Global Global Chemical Industry Summary This rating methodology explains Moody’s approach to assessing credit risk for global chemical companies. This document replaces a previous publication from February 2006. The grid for the rating methodology is substantially unchanged from the 2006 publication, with minor updates to provide greater clarity regarding application of the grid. We also hav e provided a clearer explanation of how ratings in the chemical industry are derived.This publication is intended to provide a reference tool that can be used when evaluating credit profiles within the global chemical industry, helping issuers, investors, and other interested market participants understand how key qualitative and quantitative risk characteristics are likely to affect rating outcomes. This methodology does not include an exhaustive treatment of all factors that are reflected in Moody’s ratings but should enable the reader to understand the qualitative considerations and financial ratios that are most important for ratings in this sector.This report includes a detailed rating grid and illustrative mapping of each rated company in a representative sample of companies against the factors in the grid. The purpose of the rating grid is to provide a reference tool that can be used to approximate credit profiles within the chemical industry sector. The grid provides summarized guidance for the factors that are generally most important in assigning ratings to chemical companies. The grid is a summary that does not include every rating consideration, and our illustrative mapping uses historical results while our ratings methodology also considers forward-looking expectations.As a result, the grid-indicated rating is not expected to match the actual rating of each company. 17 18 19 20 21 26 27 Analyst Contacts: New York 1. 212. 553. 1653 William Reed Vice President -Senior Credit Officer John Rogers Senior Vice President James Wilkins Vice President -Senior Analyst Steven Wood Senior Vice President Tokyo 81. 35408. 4100 Noriko Kosaka Vice President -Senior Analyst Analyst Contacts continued on last page Rating Methodology Moody’s Global Corporate Finance Global Chemical IndustryThe grid contains five key factors that are important in our assessments for ratings in the global chemical sector: 1. Business Profile 2. Size & Stability 3. Cost P osition 4. Leverage / Financial Policies 5. Financial Strength Each of these factors also encompasses a number of sub-factors or metrics, which we explain in detail. Since an issuer’s scoring on a particular grid factor often will not match its overall rating, in the Appendix we include a brief discussion of â€Å"outliers† – companies whose grid-indicated rating for a specific factor differs significantly from the actual rating.This rating methodology is not intended to be an exhaustive discussion of all factors that Moody’s analysts consider in ratings in this sector. We note that our analysis for ratings in this sector covers factors that are common across all industries (such as ownership, management, liquidity, legal structure in the corporate organization, and corporate governance) as well as factors that can be meaningful on a company specific basis. Our ratings consider qualitative considerations and factors that do not lend themselves to a transp arent presentation in a grid format.The grid represents a compromise between greater complexity, which would result in grid-indicated ratings that map more closely to actual ratings, and simplicity, which enhances a transparent presentation of the factors that are most important for ratings in this sector most of the time. Because this methodology applies globally, it is necessarily general in some respects and is not intended to be an exhaustive and country-specific discussion of all factors that Moody’s analysts consider in every rating.Moody’s rating approach considers country-specific differences and at the same time allows for qualitative evaluation of these factors as well as other factors that cannot be easily presented in grid format. Highlights of this report include: ? ? ? An overview of our rated universe. A description of the key factors that drive rating quality. Comments on the rating methodology’s assumptions and limitations, including a discussio n on other rating considerations that are not included in the grid.The Appendices show the rating grid criteria on one page (Appendix A), tables that illustrate the application of the methodology grid to 20 representative rated chemical companies (Appendix B) with explanatory comments on some of the more significant differences between the grid-implied rating and our actual rating (Appendix C), a brief industry overview (Appendix D), and a discussion of key rating issues for the chemical sector over the intermediate term (Appendix E). 2 December 2009 ? Rating Methodology ? Moody’s Global Corporate Finance – Global Chemical Industry Rating Methodology Moody’s Global Corporate FinanceGlobal Chemical Industry About the Rated Universe Moody's rates 107 companies globally in the chemicals and allied industries. In the aggregate, these issuers have approximately $230 billion of rated debt. Our definition of the chemical industry includes a variety of related industrie s, such as: ? ? ? ? ? ? ? ? ? ? ? ? Commodity organic and inorganic chemicals ? Specialty chemicals ? Plastics, resins and elastomers ? Fertilizers, agricultural chemicals and seeds ? Industrial gases ? Architectural and industrial coatings ? Flavors and fragrances ? Other food ingredients ? Pharmaceutical intermediates ?Organometallics ? Specialty materials produced from refinery by-products ? Specialty materials that are used in composites ? These companies develop and produce a wide variety of products including basic chemicals, specialty materials, and industrial gases. Products range from true commodities to highly customized products used in technically demanding applications. The rated universe is spread throughout the world with the highest concentrations in the Americas (68), Europe (24) and Middle East/Asia (15). Companies range in size from as large as $40 billion in revenues to as small as $100 million.Some may be multinational with numerous manufacturing locations aroun d the globe, while others may operate a single facility with domestic customers only. The highly volatile nature of the industry as well as fairly high levels of business risk make it increasingly difficult for all but a select few companies who are extremely large and diversified to achieve and maintain a Aa rating. Ratings of A3 or above are generally limited to larger companies or to smaller specialty companies that exhibit uncommon stability in financial performance and relatively low business risk.The Corporate Family Rating (CFR) or senior unsecured ratings of the covered issuers range from Aa2 to Caa2 with a concentration in the Baa, Ba and B rating categories. The median rating for chemical companies is Ba1. The vast majority of companies – 81 out of 107, approximately 76%, are in the Baa (27), Ba (26), and B (28) range because of the cyclical nature of the industry and our view of the industry’s moderate to high business risk. 3 December 2009 ? Rating Methodol ogy ? Moody’s Global Corporate Finance – Global Chemical Industry Rating Methodology Moody’s Global Corporate FinanceGlobal Chemical Industry Exhibit 1: Global Chemical Rating Distribution 2009 and 2006 Chemical Industry Ratings Distribution 25 Number of Issuers 20 15 10 5 0 Aa2 Aa3 A1 A2 A3 Baa1 Baa2 Baa3 Ba1 Ba2 Ba3 Ratings 2009 – 107 com panies 2006 – 111 com panies B1 B2 B3 Caa1 Caa2 Caa3 Over the last ten years, in Europe and in the US, a growing number of speculative grade names have been added to the rated universe. This is attributable in part to incumbents' recent strategic efforts to focus on their core businesses by selling non-core assets as well as to a growing interest from private equity sponsors.For the purpose of this methodology we have identified 20 representative issuers out of the companies that we rate globally. These issuers represent both investment grade and speculative grade issuers. The criteria used to select the 20 focu sed on the larger, in terms of revenues, well-known issuers. For this reason the proportion of investment grade to non-investment grade issuers represented is higher than it is in the rated universe. 4 December 2009 ? Rating Methodology ? Moody’s Global Corporate Finance – Global Chemical Industry Rating Methodology Moody’s Global Corporate FinanceGlobal Chemical Industry Exhibit 2 Global Chemical Rating Methodology Representative Sample Company Name 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Shin-Etsu Chemical Company Ltd BASF (SE) E. I. du Pont de Nemours and Company Kaneka Corporation Teijin Limited Bayer AG Akzo Nobel N. V. Potash Corporation of Saskatchewan Inc. Rating Aa3 A1 A2 A2 A3 A3 Baa1 Baa1 Baa1 Baa2 Baa2 Baa3 Ba1 Ba2 Ba3 Ba3 B1 B1 B1 B3 Outlook Stable Stable Negative Stable Negative Stable Negative Stable Stable Stable Stable Negative Stable Positive Stable Stable Stable Stable Positive NegativeApprox Debt millions $189 $21,347 $7,545 $293 $ 2,143 $20,215 $5,233 $3,082 $2,716 $1,441 $1,971 $23,073 $4,456 $3,390 $3,156 $1,217 $1,904 $4,681 $423 $3,451 LG Chem, Ltd. Eastman Chemical Company Yara International ASA The Dow Chemical Company Braskem SA Celanese Corporation Nalco Company ISP Chemco LLC NOVA Chemicals Company Huntsman Corporation PolyOne Corp Hexion Specialty Chemicals Inc. About This Rating Methodology This report explains the rating methodology for chemical companies in six sections, which are summarized as follows: 1.Identification of Key Rating Factors The grid in this rating methodology focuses on five key rating factors. These five broad factors are further broken down into eleven sub-factors that are equally weighted. 5 December 2009 ? Rating Methodology ? Moody’s Global Corporate Finance – Global Chemical Industry Rating Methodology Moody’s Global Corporate Finance Global Chemical Industry Factor Weighting Sub-Factor Weighting Rating Factor Relevant Sub-factor Operational Diversity Product Diversity Geographic Diversity Factor 1: Business Profile 9. 09%Commodity/Specialty Market Shares Raw Material Access Government Impact Revenues 9. 09% 9. 09% 9. 09% 9. 09% 9. 09% 9. 09% 9. 09% 9. 09% 9. 09% 9. 09% Factor 2: Size & Stability 27. 27% Divisions of Equal Size Stability of EBITDA Factor 3: Cost Position 18. 18% EBITDA Margin (5 yr Avg. ) ROA – EBIT / Avg. Assets (5 yr Avg. ) Factor 4: Leverage / Financial Policies 18. 18% Current Debt / Capital* Debt / EBITDA (5 yr Avg. )* EBITDA/ Interest Expense Factor 5: Financial Strength 27. 27% Retained Cash Flow/Debt (5 yr Avg. )* Free Cash Flow (FCF) /Debt (5 yr Avg. * *Where appropriate net adjusted debt may be used (see discussion of Cash Balances and Net Debt Considerations) 2. Measurement of the Key Rating Factors We explain below how the sub-factors for each factor are calculated. We also explain the rationale for using specific rating metrics, and the ways in which we apply them during the rating process. Mu ch of the information used in assessing performance for the sub-factors is found in or calculated using the company’s financial statements; others are derived from observations or stimates by Moody’s analysts. Moody’s ratings are forward-looking and incorporate our expectations of future financial and operating performance. We use both historical and projected financial results in the methodology and the rating process. Historical results help us to understand patterns and trends for a company’s performance as well as for peer comparison. While the rating process includes both historical and anticipated results, this document makes use of historical data only to illustrate the application of the rating methodology.Specifically, unless otherwise stated, the mapping examples in this report use reported financials for the last three audited fiscal years. All of the quantitative credit metrics incorporate Moody’s standard adjustments to income statemen t, cash flow statement and balance sheet amounts for, among others, off-balance sheet accounts, receivable securitization programs, under-funded pension obligations, and recurring operating leases. Note: For definitions of Moody's most common ratio terms please see Moody’s Basic Definitions for Credit Statistics, User’s Guide which can be found at www. oodys. com in the Research and Ratings directory, in the Special Reports subdirectory (07 June 2007, document #78480/SP4467). 3. Mapping Factors to the Rating Categories After identifying the measurements for each factor, the potential outcomes for each of the 11 sub-factors are mapped to a broad Moody’s rating category. (Aaa, Aa, A, Baa, Ba, B, Caa, Ca). 6 December 2009 ? Rating Methodology ? Moody’s Global Corporate Finance – Global Chemical Industry Rating Methodology Moody’s Global Corporate Finance Global Chemical Industry 4.Mapping Issuers to the Grid and Discussion of Grid Outliers In t his section (Appendix C) we provide tables showing how each company maps to grid-indicated ratings for each rating sub-factor and factor. The weighted average of the sub-factor ratings produces a grid-indicated rating for each factor. We highlight companies whose grid-indicated performance on a specific sub-factor is two or more broad rating categories higher or lower than its actual rating and discuss general reasons for such positive outliers and negative outliers for a particular factor or sub-factor. . Assumptions and Limitations and Rating Considerations That are not Included in the Grid This section discusses limitations in the use of the grid to map against actual ratings, additional factors that are not included in the grid that can be important in determining ratings, and limitations and key assumptions that pertain to the overall rating methodology. 6. Determining the Overall Grid-Indicated Rating To determine the overall rating, we convert each of the 11 factor ratings in to a numeric value based upon the scale below.Aaa 6 Aa 5 A 4 Baa 3 Ba 2 B 1 Caa 0 Ca -1 The numerical score for each factor is weighted equally with the results then summed, and divided by 11, to produce a total factor score. The total factor score is then mapped back to an alphanumeric rating based on the ranges in the table below. Grid-Indicated Rating Aaa Aa1 Aa2 Aa3 A1 A2 A3 Baa1 Baa2 Baa3 Ba1 Ba2 Ba3 B1 B2 B3 Caa1 Caa2 Caa3 Ca Total Factor Score X ? 5. 50 5. 17 ? X ; 5. 50 4. 83 ? X ; 5. 17 4. 50 ? X ; 4. 83 4. 17 ? X ; 4. 50 3. 83 ? X ; 4. 17 3. 0 ? X ; 3. 83 3. 17 ? X ; 3. 50 2. 83 ? X ; 3. 17 2. 50 ? X ; 2. 83 2. 17 ? X ; 2. 50 1. 83 ? X ; 2. 17 1. 50 ? X ; 1. 83 1. 17 ? X ; 1. 5 0. 83 ? X ; 1. 17 0. 50 ? X ; 0. 83 0. 33 ? X ; 0. 50 0. 17 ? X ; 0. 33 0. 0 ? X ; 0. 17 x ; 0. 0 7 December 2009 ? Rating Methodology ? Moody’s Global Corporate Finance – Global Chemical Industry Rating Methodology Moody’s Global Corporate Finance Global Chemical Industry For e xample, an issuer with a composite weighted factor score of 1. 5 would have a Ba2 grid-indicated rating. We used a similar procedure to derive the grid-indicating ratings in the tables embedded in the discussion of each of the five broad rating factors. The Key Rating Factors Moody’s analysis of chemical companies focuses on five broad factors: ? ? ? ? ? Business Profile Size & Stability Cost Position Leverage / Financial Policies Financial Strength Factor 1: Business Profile (9. 09% weight) Why It Matters Business Profile is an important indicator of credit quality.The chemical team at Moody's looks at seven factors and aggregates them into a single score which is then mapped to a specific rating. The first three factors focus on diversity. Diversity, whether it be operational, product, or geographic, is a key component of business position that, can help mitigate the volatility in financial performance characteristic of the chemical sector. 1. Operational Diversity Single s ite locations, as an indicator of operational diversity, can expose a company to the prospect of unanticipated down times.We note that this factor is extremely important. Where a company operates a single site, the risk of that single site failing is deemed to have such a catastrophic impact on the business model that even the prospect of site insurance or business interruption insurance will not provide sufficient mitigation against the potential effects of a fundamental failure of the site. 2. Diverse Product Lines Diverse product lines can help stem volatility in cash flows to the extent that different products can have varied pricing dynamics. 3. Geographic DiversityGeographic diversity can also be beneficial as a company with multiple plant sites can still be negatively affected by both economic and weather related events. 4. Commodity Versus Value Added Products In the chemical sector commodity players are typically more volatile in terms of cash flow generation whereas the va lue added producers often produce more stable cash flows. At times, today's value added producers can become more commodity-like in their cash flow generating capabilities, so we will carefully assess where a product or group of products may be in its life cycle. 5.Market Share or Unique Competitive Advantage Large market share suggests a sustainable business position with the proven ability to weather the volatile market conditions in the chemical cycle. In some instances companies with large market shares will adjust their production volumes to help balance the supply and demand dynamics in the markets served as a means to stabilize product pricing. Market share that is protected by patent and unique licensing restrictions can also be a strong, positive contributor to stable cash flows and performance. 8 December 2009 ? Rating Methodology ?Moody’s Global Corporate Finance – Global Chemical Industry Rating Methodology Moody’s Global Corporate Finance Global Che mical Industry 6. Exposure to Volatile Raw Materials Raw material exposures greater than 33% in terms of cost of goods sold, for example, can often result in dramatic swings in cash flow. This is especially true in times of supply/demand imbalances, which can create shortages in raw materials and exaggerate raw material price movements. Companies with the ability and foresight to locate their production facilities in areas of the world where they can benefit from long term fixed riced raw materials have a distinct advantage over companies that are subject to the vagaries of the raw material spot markets. 7. Impact of Government Regulation The final factor we assess is the positive or negative impact of government regulation. This factor addresses the positive or negative role that government regulation or policy may have on an individual company or sector of the chemical industry. For many companies, the impact of government regulation may be neutral. For some sectors, such as the e thanol sector in the U. S. the very existence of the sector is a function of government legislated policy. In still other instances, the government has sought to ban the use of certain products – such as MTBE – in some markets. This factor is also extremely important and we will, as explained below, overweight it when assessing companies for whom government regulations/mandates are, essentially, the sole driver for the business model. How We Measure it for the Grid The 7 Business Profile criteria are merged into an assessment score, as follows: Business Profile Assessment Score This score is made up of seven criteria.To each we assign a discrete numerical value. The values across the criteria range from (-2) to 2 with many coming in at 0 or 1. Moody's analysts may use a modifier of 0. 5 across the seven criteria to refine the score relative to other companies in the industry. These values are totaled into a score which is then mapped to a rating category in the followi ng manner: Aaa Aa A Baa Ba B Caa Ca = = = = = = = = > 6. 0 > 4. 5 to < 6. 0 > 3. 5 to < 4. 5 > 2. 5 to < 3. 5 > 1. 5 to < 2. 5 > 0. 5 to < 1. 5 > – 0. 5 to < 0. 5 < – 0. 5 ?Operational diversity – We count the number of discrete operating plants that have a globally competitive scale. A (-2) is assigned for 1 or 2 plants, a 0 is assigned for 2 – 8 plants and a 1 is assigned if there are greater than 8 large manufacturing locations. This is one of three factors with a negative score given the importance we assign to operational diversity. A sole site simply leaves the company with too many eggs in one basket. Product diversity – We assign a 0 if a majority of cash flow is generated from 1-2 key product lines and a 1 if a company relies on 3 or more product lines or product categories.Geographic diversity – We assign a 0 if a majority of the production assets are primarily in a single geographic region and assign a 1 if production assets are i n multiple regions Commodity versus value added products – We assign a 0 if a majority of sales are primarily commodity products and assign a 1 if we view products as adding distinct unique additional value. Quantitative factors such as stability of EBITDA and EBITDA margins are used later as another component in the measurement of this important factor. ? ? ? 9 December 2009 ? Rating Methodology ? Moody’s Global Corporate Finance – Global Chemical IndustryRating Methodology Moody’s Global Corporate Finance Global Chemical Industry ? Market share – We assign a 0 if a market share is inconsequential relative to the next three largest competitors and assign a 1 if a sector or company has large share or few real competitors. We would assign a 2 if the company has a unique competitive advantage (patents, know-how, etc. ) that could reduce competition significantly. Market share assessments are driven by the definition of the markets served. Definitions should be wide enough to represent legitimate alternative products.Raw material access – We assign a (-1) or (-2) if we estimate exposure to volatile raw material costs at greater than 33% of costs of goods sold. We assign a 0 if exposure to volatile raw materials costs is from 10% to 33% of costs of good sold. We assign a 1 if the exposure to raw materials is less than 10% and a 2 if the company has a material, demonstrable, long-lived feedstock advantage. Given the importance of raw material inputs to ultimate cash flows this metric is vitally important. It is one of three metrics with a possible negative value. Given the importance of this metric, the value can go as high as 2.Impact of governmental regulations or policies – For companies subject to significant government regulations or sensitive to changes in government policies, we assign a score reflecting the positive or negative impact of these regulations/policies on the companies' long term financial perform ance. Most of the companies in this industry will score a 0. Ethanol producers in the US would be assigned a (-1) because of their reliance on government regulation to create demand for the product. Companies that would be positively affected over the long term by government regulations could be assigned a 1. ? The importance of the business profile score is highlighted by the fact that, in certain cases, it can outweigh all other factors in the methodology, materially lowering ratings. The two most prominent examples are: operations limited to a single site and a business model whose success is highly or solely dependent on government actions or policies. Factor 1: Business Profile (9. 09%) Weight a) Business Position Assessment 9. 09% Aaa ? 6. 0 Aa 4. 5 – 6. 0 A 3. 5 – 4. 5 Baa 2. 5 – 3. 5 Ba 1. 5 – 2. 5 B 0. 5 – 1. 5 Caa – 0. 5 – 0. 5 Ca ; – 0. 5A chart that illustrates grid mapping results for Factor 1 and a discussion of o utliers for companies in the sample is included in Appendix C. Factor 2: Size & Stability (27. 27% weight) Why It Matters This factor includes discrete quantitative measures that attempt to measure size, diversity and the stability of a business model. Large revenues combined with large divisions as well as a long history of stable performance suggest sustainable business positions that have been and will be able to demonstrably weather the vagaries of capital and economic cycles. SizeSize can suggest the ability to benefit from much needed economies of scale both in production and access to raw materials on a preferred basis. In addition, size suggests the ability to service large customers globally — an important attribute as many customers step up efforts to reduce the number of their suppliers. Size also tends to favor the companies that sovereigns, government related entities, and other large companies choose as their joint venture partners or technology suppliers of che micals that add important value added properties to customer’s products. Number of DivisionsThe presence of multiple large divisions typically signals a balanced diversified product portfolio and, by extension, more stable cash flows. Companies with high product concentration may exhibit more volatile cash flows and may be more vulnerable to one time events that can be damaging to credit quality. Multiple divisions also provide for discrete assets that can be sold as necessary to provide alternate liquidity. Larger companies 10 December 2009 ? Rating Methodology ? Moody’s Global Corporate Finance – Global Chemical Industry Rating Methodology Moody’s Global Corporate FinanceGlobal Chemical Industry with many divisions can, for example, sell weaker performing or non-core segments, with the sale proceeds providing funding for debt reduction or growth in other segments. Stability of Business Model (Stability of EBITDA) Given the diversity of this industry, we attempt to gauge the likely level of volatility in earnings and cash flow. Companies with elevated levels of volatility in earnings and cash flow will require better liquidity and more robust financial metrics, on average, to compensate for uncertainty over the magnitude and duration of potential downturns.We analyze the volatility of EBITDA over a long period of time (7-10 years, when the data is available) to get an estimation of the expected volatility of the company relative to its peers in the industry. While there are many problems associated with the use of EBITDA as a measure of either profitability or cash flow, EBITDA is typically less affected by extraordinary items, fluctuations in working capital, and capital spending on new capacity than other measures of cash flow. It also allows us to remove the potential impact from differences in capital intensity across the industry.To the extent that a company's EBITDA may contain unusual items, or items that we judge to be one- time, the reported data may be adjusted to improve the quality of the analysis and hence get a better view of the true volatility of the company relative to its peers in the industry. When companies have completed a transformational acquisition or divestiture, or if seven years of data is otherwise unavailable, we estimate this metric based on a comparison to other rated companies and attempt to adjust for differences in product or geographic mix, as well as the impact of feedstock advantages or disadvantages.A transforming transaction is typically defined as the acquisition or divestiture of assets that comprise more that 1/3 of the pre-transaction EBITDA. While we measure the past 7-10 years of data, we would emphasize that our ratings are a forward view informed by historical volatility. To the extent we believe that future performance might deviate from historical patterns, we will modify this factor. How We Measure it for the Grid Size Measured by Revenues We use the most recen t annual revenues or latest 12 month reported revenues.The current year's revenues obviously can be either understated or overstated subject to where the company is in the commodity price cycle. While the commodity price cycle may be different for various companies, this metric measures all companies, by and large, at the same point in the economic cycle. For companies whose revenues are on the border between two ratings categories, the analyst would consider the point in the commodity price cycle at which the measurement is taken and the estimate of future revenues. Divisions with Revenues of Equal Relative SizeThis factor can be captured from financial statements. We use the segment information found in the most recent quarterly report on a latest four quarter basis. We are attempting again to capture both diversity as well as scale. The analyst may adjust segment revenues manually to adjust for non-ordinary items or non-public segment information provided by management. For compa nies whose divisional revenues are volatile and subject to cycles, the analyst would again consider the point in the pricing cycle at which the measurement is taken.Our focus is to measure diversity of revenue streams. For a company with $1 billion in revenues – if all revenues come from a sole division/product it would map to a B. If there were four discrete divisions with $250 million in revenues each (essentially equal in size) it would map to a Baa. For a company with $10 billion in revenues with four discrete divisions/products, if two divisions had $3 billion in revenues each and 2 divisions had $2 billion in revenues each – it would still be judged to be relatively diverse and equate to a Baa. 1 December 2009 ? Rating Methodology ? Moody’s Global Corporate Finance – Global Chemical Industry Rating Methodology Moody’s Global Corporate Finance Global Chemical Industry Stability of EBITDA This factor is measured by the normalized standard error of the company's EBITDA as determined by a least squares regression on seven to ten years of data. We utilize standard error rather than standard deviation as it is much better at differentiating between commodity and specialty chemical companies.Standard deviation is a static measure that cannot clearly differentiate between a stable company growing over time and a commodity company whose volatility is induced by changes in its cash margins. Standard error is a statistical measure of the difference between the company's actual performance versus a theoretical line drawn through the data (hence normal growth in EBITDA over 7-10 years should not have a negative impact on this metric). The normalized standard error is obtained by dividing the standard error obtained from a linear regression by the average EBITDA over the period analyzed.This allows us to compare the standard error of large companies to much smaller companies This measurement is designed to capture two types of stabil ity: For smaller companies – The stability of business or businesses relative to other companies in the industry. The absolute size of a company is not considered. For larger companies – A very large or diverse commodity company may exhibit more stability based on the number of businesses in its portfolio, especially if the earnings of their individual businesses are not correlated (i. e. , all businesses don't go into a downturn or upturn at the same time).In statistical terms, if the covariance of the company’s businesses is low, the company's performance should be more stable although it may be an inherently cyclical commodity chemical business. Companies with a normalized standardized error above 40% (which maps to the Caa category) are most common for companies with very low or negative EBITDA at the bottom of a downturn. Factor 2: Size & Stability (27. 27%) Weight a) Revenue (Billions of US$) b) # of Divisions of Equal Size c) Stability of EBITDA 9. 09% 9. 09% 9. 09% Aaa ? $50 8 ; 2% Aa $20 – $50 6 to 7 2% – 6% A $10 – $20 5 6% – 12%Baa $5 – $10 4 12% – 20% Ba $1 – $5 2 or 3 20% – 30% B $. 2 – $1 1 or 2 30% – 40% Caa $. 1 – $. 2 1 40% – 60% Ca ; $. 1 0. 5 ? 60. 0% A chart that illustrates grid mapping results for Factor 2 and a discussion of outliers for companies in the sample is included in Appendix C. Factor 3: Cost Position (18. 18% weight) Why It Matters Relative cost position is a critical success factor for a chemical company because, in a downturn, (either cyclical or economic) prices often decline to the point where only companies with first and second quartile cash costs generate meaningful cash flow.Operating cost positions are a function of criteria that include size, access to low cost raw material inputs, location of assets, labor rates, and capital invested. Further, with low levels of financial leverage, low cost producers are typicall y better positioned to outperform competitors. Low cost producers, with low leverage, are better able to survive in a downturn and are also better positioned to grow when opportunities arise. A company's cash costs and its position on the industry cost curve, as well as the overall shape of the industry cost curve, are all valuable information.However, true cash cost curve data, while useful, is often proprietary or may be the property of various consultants and difficult to verify. 12 December 2009 ? Rating Methodology ? Moody’s Global Corporate Finance – Global Chemical Industry Rating Methodology Moody’s Global Corporate Finance Global Chemical Industry Comparisons across the wide variety of commodity and specialty chemical companies make it difficult to rely on relative or absolute costs for ranking companies. We use two measures in addition to information provided by companies to assess cost positions: ? ?EBITDA Margin Return on Average Assets How We Measur e it for the Grid EBITDA Margin This factor is used in part to gauge the quality of the pricing power a company has and is likely to achieve. It is measured using EBITDA, which includes recurring â€Å"other† income and excludes non-recurring â€Å"other† income and one time charges. This factor, along with several others, is an important measure of a company's profitability in multiple economic scenarios. We use the past three years' actual results along with our expectation for the next two years, and to consider the average as well as the high and low points.For illustrative purposes the measurement used in the company examples herein is based on an average of the past three years' EBITDA margin. The choice of EBITDA, versus EBIT, is driven in part by the many and varied depreciation polices used globally and the need for comparability between regions. Nonetheless, we recognize the weaknesses of EBITDA, discussed below, and analysts within regions will also evaluate EBIT margins as well. Another reason for the use of EBITDA is the aterial difference in capital intensity within sub-sectors of the chemical industry. The capital intensity of a large commodity company can be very different from a smaller specialty player. The use of EBITDA – as opposed to EBIT – has a disadvantage in that EBITDA fails to address the capital intensity of the chemical industry effectively. Clearly an important indicator of a company's ability to generate operating profit should be assessed after the costs of plant maintenance and capacity expansion, as represented by its annual depreciation charges.Experience indicates that while a chemical company's capital spending often swings with major projects, it will generally need to spend its depreciation over time as it maintains and develops new facilities. We attempt to capture the effect of this capital intensity in our use of free cash flow metrics in the financial strength rating factor discussion. Retu rn on Average Assets This is a strong measure of a company's ability to generate a consistent and meaningful return from its asset base. This metric specifically takes into account the capital intensive nature of the industry.This is also a five-year average measurement using the past three years of actual results along with our expectation for the next two years. We use total assets, less cash and short term investments rather than tangible assets to provide a more meaningful measure for the universe of speculative grade companies. Factor 3: Cost Position (18. 18%) Weight a) EBITDA Margin b) ROA – EBIT / Assets 9. 09% 9. 09% Aaa ? 30% ? 25% Aa 20% – 30% 15% – 25% A 15% – 20% 10% – 15% Baa 10% – 15% 7% – 10% Ba 8% – 10% 4% – 7% B 4% – 8% 2% – 4% Caa 1% – 4% 0. 5% – 2% Ca < 1% < 0. 5%A chart that illustrates grid mapping results for Factor 3 and a discussion of outliers for companies in the sam ple is included in Appendix C. 13 December 2009 ? Rating Methodology ? Moody’s Global Corporate Finance – Global Chemical Industry Rating Methodology Moody’s Global Corporate Finance Global Chemical Industry Factor 4: Leverage / Financial Policies (18. 18% weight) Why It Matters Management's willingness to enhance shareholder value via debt financed acquisitions and/or share repurchases, is likely to increase credit risk. The chemical industry is particularly vulnerable given its volatile nature.We learn about financial policies through a discussion with management that includes hypothetical scenarios. Such meetings often examine management's willingness to stretch its balance sheet and/or financial flexibility. The hypothetical situations often relate to acquisitions or share repurchase appetites. Concerning acquisitions, discussions often focus on size and on the combination of debt and/or equity that will be used to fund a growth initiative. Another key conce rn is management's approach to managing financial flexibility through a range of cycles.Specifically we look for an approach that emphasizes preparedness for lean times such that strong cash flows, when available, are used to reduce debt. Measurement of leverage and financial policies is based on two different estimates of leverage: current debt to capitalization, and debt to EBITDA. We believe that the amount of leverage with which management operates is a choice and a direct result of a company's financial strategy. Issuers, particularly those in the investment grade and high Ba rating categories, often actively manage to these ratios.Certainly these ratios, especially debt to EBITDA, are used by providers of capital in the form of specific covenant tests. Debt to capital is a simple way to compare the capital structure of companies operating within an industry, and managements often claim to manage to it. This metric is also a way to assess management's willingness to grow via de bt financed acquisitions. The debt to EBITDA ratio is a measure that balances the debt to capitalization ratio with a measurement of a company's ability to generate EBITDA both in times of peak pricing and in times of stress.We believe these two metrics provide insight into the company's financial policies, including its tolerance for debt and the ability of the company to ride out the highs and low of a cycle. How We Measure it for the Grid Debt to Capital This factor can be easily captured from financial statements using the most recent annual or quarterly debt and equity balances (incorporating our standard adjustments). There are certainly situations where this metric becomes less useful — particularly in the case of LBOs or spinouts wherein book equity is low or nonexistent. In these instances this metric could be given reduced weight.In the event that a company's book equity is extremely low and the stock is publicly traded, the analyst may use the market capital of the company in place of book equity in this ratio. While market capital has its own weaknesses and can be very volatile, this approach can be of some value. Debt to EBITDA For this measure we use a five-year average of the annual debt and EBITDA balances as shown on the financial statements. We look back three years and use estimates to make assumptions for two years going forward. Factor 4: Leverage / Financial Policies (18. 18%) * Weight a) Current Debt / Capital b) Debt / EBITDA 9. 09% 9. 09% Aaa lt; 15% < . 5x Aa 15% – 25% . 5x – 1. 5x A 25% – 35% 1. 5x – 2. 25x Baa 35% – 50% 2. 25x – 3x Ba 50% – 70% 3x – 4x B 70% – 80% 4x – 6x Caa 80% – 95% 6x – 8x Ca ? 95% ? 8x * Where appropriate net adjusted debt may be used (see discussion of Cash Balances and Net Debt Considerations) 14 December 2009 ? Rating Methodology ? Moody’s Global Corporate Finance – Global Chemical Industry Rating Methodo logy Moody’s Global Corporate Finance Global Chemical Industry A chart that illustrates grid mapping results for Factor 4 and a discussion of outliers for companies in the sample is included in Appendix C. Factor 5: Financial Strength (27. 7% weight) Why It Matters The three key indicators of financial strength are 1) Interest Coverage, 2) Retained Cash Flow to Debt, and 3) Free Cash Flow to Debt. All of these metrics are averaged over five-year periods to address the volatile nature of the industry. Interest coverage: Interest coverage can be particularly meaningful for speculative grade companies. This is especially true if the interest rate environment is in a period of change — such as the migration from lower rates to higher rates — and an issuer is facing the need to refinance debt that is nearing maturity. It is a less important metric for higher-rated companies.The remaining two metrics are useful across the rating spectrum and relate to the amount of ca sh flow available to cover varied scenarios of both operating needs and financing needs. ? ? Operating needs include major items such as working capital and capital spending. Financing needs refers to the impact of dividends and the â€Å"free† cash then available to service debt. As discussed above, the use of EBITDA (as opposed to EBIT) in the interest coverage ratio is important for companies in the chemical industry and the decision to use it is a function of the need to make the ratio more comparable globally.Retained Cash Flow and Free Cash Flow: The cash flow metrics we use measure two different levels of cash flow: retained cash flow and free cash flow and their ratio to total adjusted debt. Retained cash flow is a broader measure of financial flexibility than free cash flow as it excludes the potential ‘noise' created by changes in working capital and unusual capital spending programs. This is a helpful measure given the volatility and the variation in capital intensity within the chemical sector.As with other factors in which debt is involved we can look at these cash flow metrics in two ways — as a percentage of both debt and of net debt (net of cash balances). We use net debt for companies at which it is either a stated, long-lived policy to hold material cash balances or for which there may be unique scenarios such as recent asset sales whereby cash may be earmarked for use in debt reduction efforts. In some specific instances we may use a net debt denominator for the free cash flow metric as well. A more detailed discussion of our views on cash balances appears below.Free cash flow is, in many instances, one of the most important and reliable measures of financial strength and flexibility. This metric reflects a company's primary source of liquidity as it directly speaks to management's ability to service its debt burden after considering both its operating and financial commitments to shareholders. In this metric we often ide ntify where capital spending programs may be extraordinarily large and/or risky. At times, programs can have a direct impact on ratings because of the size of expenditure that may be involved as well as the risks of executing the program on time and on budget.If, for example, a large amount of capital is spent on new greenfield capacity and we believe that such capacity is being added at a time when product prices are low (i. e. , there is a lack of an adequate return on capital) the ratings may be negatively affected. There is also the risk that anticipated operating cash cost benefits upon project completion are different than expected. 15 December 2009 ? Rating Methodology ? Moody’s Global Corporate Finance – Global Chemical Industry Rating Methodology Moody’s Global Corporate Finance Global Chemical Industry How We Measure it for the GridInterest coverage This metric is a straightforward look at EBITDA (adjusted for non-recurring other income and one-time ch arges) to gross interest expense (including capitalized interest). This is a five-year measure. Cash Flow to Debt ? Retained Cash Flow to Debt – Defined as funds from operations (FFO) minus dividends, as a percentage of total debt. This is a five-year measure. Free Cash Flow to Debt – Defined as cash flow from operations (by its nature operating cash flow is determined after taking into account working capital) minus capital spending and dividends, as a percentage of total debt.This is a five-year measure. ? Cash Balances and Net Debt Considerations Typically, analysts approach the use of cash balances and the use of cash in â€Å"net debt† calculations in a conservative fashion. As a general rule we would not typically consider cash on the balance sheet as a true offset to adjusted total debt in for the purpose of ratio analysis. Reasons that we would not look at cash on the balance sheet as fungible for the debt include concern that: ? the cash is easily used for other purposes and debt reduction is only counted hen debt is permanently reduced in some instances cash is actually needed to fund the day-to-day operations of the issuer the cash is â€Å"stranded' overseas and subject to material taxes such that the true cash balance is materially lower than represented in the financial statements there may be other claims on the cash for restructuring efforts or legacy liabilities. ? ? ? There are, however, examples where our analysis for chemical companies incorporates cash balances as providing a measure of offset to adjusted total debt balances. Exceptions to the above analytical approach, for which we give credit for cash balances include: ? he specific refunding of near term debt maturities wherein management borrows in advance to prefund a near term maturity. cash is held temporarily for legal, tax or other purposes and the company has publicly stated its intention to reduce debt once the temporary period has ended. ? Other instances, typically only for large companies, include situations in which management has a history of maintaining material levels of cash on the balance sheet, it has publicly stated its intention not to pursue largedebt financed acquisitions or share repurchases, and cash is accessible without meaningful loss to taxes.In Europe and Latin America, we also generally observe that companies are more willing to maintain higher cash balances that may sometimes be linked to tax considerations or more broadly reflect a more conservative style of financial policies. Considering only gross debt may not reflect the real financial strength of these companies and we may prefer in this case to focus on net debt. In these cases, however, we capture the expectation that these cash balances can be liquidated at least at book value and without tax costs.Factor 5: Financial Strength (27. 27%) * Weight a) EBITDA / Interest Expense b) Retained Cash Flow / Debt c) Free Cash Flow / Debt 9. 09% 9. 09% 9. 09% Aaa ? 20x ? 65% ? 40% Aa 15x – 20x 45% – 65% 25% – 40% A 10x – 15x 30% – 45% 15% – 25% Baa 5x – 10x 20% – 30% 8% – 15% Ba 2x – 5x 10% – 20% 4% – 8% B 1x – 2x 5% – 10% . 5% – 4% Caa 0. 5x – 1x 1% – 5% 0% – . 5% Ca ; 0. 5x ; 1% ; 0% * Where appropriate net adjusted debt may be used (see discussion Cash Balances and Net Debt Considerations) 16 December 2009 ? Rating Methodology ?Moody’s Global Corporate Finance – Global Chemical Industry Rating Methodology Moody’s Global Corporate Finance Global Chemical Industry A chart that illustrates grid mapping results for Factor 5 and a discussion of outliers for companies in the sample is included in Appendix C. Assumptions, Limitations and Rating Considerations not Covered in the Grid The rating methodology grid incorporates a trade-off between simplicity that enhances transparency and greater complexity that would enable the grid to map more closely to actual ratings.The five rating factors in the grid do not constitute an exhaustive treatment of all of the considerations that are important for ratings of global chemical companies. In choosing metrics for this rating methodology grid, we did not include certain important factors that are common to all companies in any industry, such as the quality and experience of management, assessments of corporate governance and the quality of financial reporting and information disclosure.The assessment of these factors can be highly subjective and ranking them by rating category in a grid would, in some cases, suggest too much precision in the relative ranking of particular issuers against all other issuers that are rated in various industry sectors. Ratings may include additional factors that are difficult to quantify or that only have a meaningful effect in differentiating credit quality in some cases. Such factors include regulatory and l itigation risk as well as changes in end use demand such that today’s specialty chemical becomes tomorrow’s commodity.While these are important considerations, it is not possible to precisely express these in the rating methodology grid without making the grid excessively complex and less transparent. Ratings may also reflect circumstances in which the weighting of a particular factor or qualitative issue will be different from the weighting or outcome suggested by the grid. For example, the importance of the business profile score is highlighted by the fact that, in certain cases, it can outweigh all other factors in the methodology materially, lowering ratings significantly. The three most prominent examples are: ? ? operations limited to a single site, and a business model whose success is highly dependent on government actions or policies. a company with significant litigation related to either environmental or product liability issues. This variation in weighting as a rating consideration can also apply to factors that we chose not to attempt to represent in the grid. For example, liquidity is a rating consideration that can sometimes be critical to ratings and under other circumstances may not have a substantial impact in discriminating between two issuers with a similar credit profile.Ratings can be heavily affected by extremely weak liquidity that magnifies default risk. However, two identical companies might be rated the same if their only differentiating feature is that one has a good liquidity position while the other has an extremely good liquidity position. This illustrates some of the limitations for using grid-indicated ratings to predict rating outcomes. Another consideration is the increase in pension underfunding that occurred at the end of 2008 as a result of large declines in the global equity markets.Increased pension fund liability is unlikely to be the sole driver of ratings downgrades where issuers have adequate liquidity, sufficient resources to alleviate their funding deficiency over time and financial metric contraction is modest for their rating category and the metric contraction is expected to only temporarily deviate. In evaluating the impact of an issuer’s pension liability on ratings, the analyst will consider the magnitude of the shortfall, the ability of the company to reduce the shortfall over time using internal sources and committed external sources of capital, and the plans for doing so.Issuers with higher ratings are likely to avoid a downgrade solely resulting from the increased pension liability if there is a clearly articulated plan for reducing the liability and we believe there are resources available to meet the plan without putting the core business and financial profile at risk. Issuers with speculative grade ratings and those at the lower end of investment grade rating levels are at greater risk of ratings transition because of higher potential exposure to liquidity is sues and weaker perceived capability of eradicating the funding liability without weakening the company’s financial or business position. 7 December 2009 ? Rating Methodology ? Moody’s Global Corporate Finance – Global Chemical Industry Rating Methodology Moody’s Global Corporate Finance Global Chemical Industry In addition, our ratings incorporate expectations for future performance, while the financial information that is used to illustrate the mapping in the grid is historical in practice we look at a combination of prior years and future years; usually three years of history and two years looking forward. In some cases, our expectations for future performance may be informed by confidential information that we cannot publish.In other cases, we estimate future results based upon past performance, industry trends, demand and price outlook, competitor actions and other factors. In either case, predicting the future is subject to the risk of substantial i naccuracy. Assumptions that can cause our forward looking expectations to be incorrect include unanticipated changes in any of the following: the macroeconomic environment and general financial market conditions, industry competition, new technology, regulatory actions, and changes in environmental regulation. Conclusion: Summary of the Grid-Indicated Rating OutcomesThe methodology grid-indicated ratings based on last twelve month financial data as of the quarter end closest to September, 30, 2009 map to current assigned ratings as follows (see Appendix B for the details): ? ? 8 companies map to their assigned rating 10 companies have a grid-indicated rating that is one or two alpha-numeric notches from the assigned rating 2 companies have a grid-indicated rating that is three notches from their assigned rating ? Overall, the framework indicates that there are an even number of companies whose grid-indicated rating is below their actual rating (6) than above their actual rating (6). This can be attributed to a variety of factors including: (a) willingness to look through periods of stronger or weaker activity where appropriate; (b) grid metrics do not capture our expectation of lower raw material costs and their benefit to margins and (c) liquidity concerns such as generating cash from working capital in a downturn are not fully captured by the grid. 18 December 2009 ? Rating Methodology ? Moody’s Global Corporate Finance – Global Chemical Industry Rating Methodology Moody's Global Corporate Finance Global Chemical IndustryAppendix A: Global Chemical Industry Methodology Factor Grid Weight Factor 1: Business Profile a) Business Position Assessment Factor 2: Size & Stability a) Revenue (Billions of US$) b) # of Divisions of Equal Size c) Stability of EBITDA Factor 3: Cost Position a) EBITDA Margin b) ROA – EBIT / Assets Factor 4: Leverage / Financial Policies * a) Current Debt / Capital b) Debt / EBITDA Factor 5: Financial Strength * a) EBIT DA / Interest Expense b) Retained Cash Flow / Debt c) Free Cash Flow / Debt 9. 09% 9. 09% 27. 28% 9. 09% 9. 09% 9. 09% 18. 19% 9. 09% 9. 09% 18. 9% 9. 09% 9. 09% 27. 28% 9. 09% 9. 09% 9. 09% ? 20. 0x ? 65. 0% ? 40. 0% 15. 0x – 20. 0x 45. 0% – 65. 0% 25. 0% – 40. 0% 10. 0x – 15. 0x 30. 0% – 45. 0% 15. 0% – 25. 0% 5. 0x – 10. 0x 20. 0% – 30. 0% 8. 0% – 15. 0% 2. 0x – 5. 0x 10. 0% – 20. 0% 4. 0% – 8. 0% 1. 0x – 2. 0x 5. 0% – 10. 0% 0. 5% – 4. 0% 0. 5 – 1. 0x 1. 0% – 5. 0% 0. 0 – 0. 5% < 0. 5x < 1. 0% < 0. 0% < 15. 0% < 0. 50x 15. 0% – 25. 0% 0. 50x – 1. 50x 25. 0% – 35. 0% 1. 50x – 2. 25x 35. 0% – 50. 0% 2. 25x – 3. 00x 50. 0% – 70. 0% 3. 00x – 4. 00x 70. 0% – 80. 0% 4. 00x – 6. 00x 80. 0% – 95. % 6. 00 – 8. 00x ? 95. 0% ? 8. 00x ? 30. 0% ? 25. 0% 20. 0% – 30. 0% 15. 0% â €“ 25. 0% 15. 0% – 20. 0% 10. 0% – 15. 0% 10. 0% – 15. 0% 7. 0% – 10. 0% 8. 0% – 10. 0% 4. 0% – 7. 0% 4. 0% – 8. 0% 2. 0% – 4. 0% 1. 0% – 4. 0% 0. 5% – 2. 0% < 1. 0% < 0. 5% ? $50. 0 8 > 2. 0% $20. 0 – $50. 0 6 to 7 2. 0% – 6. 0% $10. 0 – $20. 0 5 6. 0% – 12. 0% $5. 0 – $10. 0 4 12. 0% – 20. 0% $1. 0 – $5. 0 2 or 3 20. 0% – 30. 0% $0. 2 – 1. 0 1 or 2 30. 0% – 40. 0% $0. 1 – $0. 2 1 40. 0% – 60. 0% < $0. 1 0. 5 ? 60. 0% ? 6. 0 4. 5 – 6. 0 3. 5 – 4. 5 2. 5 – 3. 5 1. 5 – 2. 5 0. – 1. 5 0. 5 – 0. 5 < – 0. 5 Aaa Aa A Baa Ba B Caa Ca * Where appropriate net adjusted debt may be used (see discussion Cash Balances and Net Debt Considerations) 19 December 2009 ? Rating Methodology ? Moody’s Global Corporate Finance – Global Chemical Industry Rating Methodology Moody's Global Corporate Finance Global Chemical Industry Appendix B: Methodology Grid-Implied Ratings Overall Grid Implied Rating Issuer Moody's Rating Business Profile Size & Stability # of Divisions of Equal Size Baa Aa Aa Aa Aa A A B A Baa Ba Aa Ba B Ba B Caa Ba B Ba Cost PositionLeverage / Financial Policies EBITDA/ Interest Expense (3 Yr) Avg Aaa A A Aaa A Ba Baa Aaa A Baa A A B Ba B Ba B Ba B Ca Financial Strength Retained Cash Flow/ Debt (3 Yr Avg) Aaa A Baa A Ba Ba Ba Aaa A Baa Baa Baa B Ba B Ca Ba Ba Ba Caa Free Cash Flow/ Debt (3 Yr Avg) Ca Baa Ba Ca Ca Ba Ba Aa B B Ba Ba Ca Ba Ba Ca Ba Ca Ba Ca Business Position Assessment Shin-Etsu Chemical Company Ltd BASF (SE) E. I. du Pont de Nemours and Company Revenue (Billions of US$) A Aaa Aa Ba Baa Aa Aa Baa A Baa A Aaa Baa Baa Ba Ba Baa A Ba Baa Stability of EBITDA Baa A Baa Ba Baa A Aa Ca Baa Ba Ba Baa Ba Ba A Baa Ca Ba Ba BaEBITDA Margin % (3 Year Avg) Aaa A A Baa Baa A Baa Aaa Baa A Baa Baa A Aa A A Baa Ba B Ba ROA – EBIT / Assets (3 Yr Avg) A A A Ba Ba Ba Ba Aaa A A A A Baa A Baa A Baa Ba Ba Ba Current Debt/Capital Aaa Baa Ba A Ba Baa Baa Baa Baa Ba Ba Ba B Caa Caa Caa Ba B Caa Ca Debt/ EBITDA (3 Yr Avg) Aaa Aa Baa A Ba Ba Ba Aa A Baa Baa Baa Ba Ba B B B B B Ca Aa3 A1 A2 A2 A3 A3 Baa1 Baa1 Baa1 Baa2 Baa2 Baa3 Ba1 Ba2 Ba3 Ba3 B1 B1 B1 B3 A1 A1 A3 Baa1 Baa3 Baa1 Baa1 A2 Baa1 Baa2 Baa2 A3 Ba3 Ba1 Ba1 Ba3 B1 Ba3 B1 B2 Aa Aa Aa A Aa Aa A A Ba A Baa Aa B Baa A Baa Ca Baa B Baa Kaneka Corporation Teijin Limited Bayer AG Akzo Nobel N.V. Potash Corporation of Saskatchewan LG Chem, Ltd. Eastman Chemical Company Yara International ASA Dow Chemical Company (The) Braskem SA Celanese Corporation Nalco Company ISP Chemco LLC NOVA Chemicals Corporation Huntsman Corporation PolyOne Corporation Hexion Specialty Chemicals Inc. Positive Outlier Negative Outlier For illustrative purposes most financial metrics used the last three full fiscal years of reported data FYs 2006, 2007 and 2008 20 December 2009 ? Rating Methodology ? M oody’s Global Corporate Finance – Global Chemical Industry Rating MethodologyMoody's Global Corporate Finance Global Chemical Industry Appendix C: Observations and Outliers for Grid Mapping Factor 1 – Business Profile The majority of positive outliers for business profile are associated with companies whose financial strength, financial policy measures or liquidity are weakly positioned, providing offsets that are more consistent with the overall ratings. Factor 1: Business Profile Issuer Shin-Etsu Chemical Company Ltd BASF (SE) E. I. du Pont de Nemours and Company Kaneka Corporation Teijin Limited Bayer AG Akzo Nobel N. V. Potash Corporation of Saskatchewan Inc.LG Chem, Ltd. Eastman Chemical Company Yara International ASA Dow Chemical Company (The) Braskem SA Celanese Corporation Nalco Company ISP Chemco LLC NOVA Chemicals Corporation Huntsman Corporation PolyOne Corporation Hexion Specialty Chemicals Inc. Positive Outlier Rating Aa3 A1 A2 A2 A3 A3 Baa1 Baa1 Ba a1 Baa2 Baa2 Baa3 Ba1 Ba2 Ba3 Ba3 B1 B1 B1 B3 Business Position Assessment Aa Aa Aa A Aa Aa A A Ba A Baa Aa B Baa A Baa Ca Baa B Baa Negative Outlier 21 December 2009 ? Rating Methodology ? Moody’s Global Corporate Finance – Global Chemical Industry Rating MethodologyMoody's Global Corporate Finance Global Chemical Industry Factor 2 – Size & Stability Here the majority of positive outliers for revenue are associated with companies whose financial strength, financial policy measures or liquidity are relatively weakly positioned, providing offsets that are more consistent with the overall ratings. The negative outliers are largely related to the stability of EBITDA metric and reflect the volatility of cash flows in certain companies and sectors due to unprecedented high raw material prices and the significant global economic downturn in 2008.Factor 2: Size & Stability Revenue (Billions of US$) A Aaa Aa Ba Baa Aa Aa Baa A Baa A Aaa Baa Baa Ba Ba Baa A Ba Baa Issuer Shin-Etsu Chemical Company Ltd BASF (SE) E. I. du Pont de Nemours and Company Rating Aa3 A1 A2 A2 A3 A3 Baa1 Baa1 Baa1 Baa2 Baa2 Baa3 Ba1 Ba2 Ba3 Ba3 B1 B1 B1 B3 # of Divisions of Equal Size Baa Aa Aa Aa Aa A A B A Baa Ba Aa Ba B Ba B Caa Ba B Ba Stability of EBITDA Baa A Baa Ba Baa A Aa Ca Baa Ba Ba Baa Ba Ba A Baa Ca Ba Ba Ba Kaneka Corporation Teijin Limited Bayer AG Akzo Nobel N. V. Potash Corporation of Saskatchewan Inc. LG Chem, Ltd.Eastman Chemical Company Yara International ASA Dow Chemical Company (The) Braskem SA Celanese Corporation Nalco Company ISP Chemco LLC NOVA Chemicals Corporation Huntsman Corporation PolyOne Corporation Hexion Specialty Chemicals Inc. Positive Outlier Negative Outlier 22 December 2009 ? Rating