Moody's upgrades Language Line to SGL-2; outlook positive

Approximately $520 million of rated debt securities affected

NEW YORK – October 8, 2008 – Moody's Investors Service today upgraded the Speculative Grade Liquidity (SGL) rating of Language Line to SGL-2 from SGL-3, affirmed the B2 Corporate Family Rating and changed the rating outlook to positive from stable. The positive outlook reflects increasing profitability driven by double digit percentage growth in billed minutes, improving credit metrics and favorable regulatory and demographic trends. The upgraded SGL rating benefits from solid cash flow generation and improving headroom under financial covenants.

The B2 corporate family rating is constrained by a relatively small revenue base for the rating category, the potential for larger competitors to enter the growing OPI market and the risk that the company's financial sponsor could adopt more aggressive financial policies to realize a return on its investment. The ratings benefit from solid credit metrics for the rating category, market leadership in the growing OPI market and impressive EBITDA margins.

Moody's also upgraded the $248 million first lien credit facility to Ba2 from Ba3 reflecting significant amortization of the term facility over the last year and additional debt cushion attributable to the accretion of the senior discount notes Moody's took the following rating actions (LGD assessments and point estimates were changed as indicated below):

Affirmed Corporate Family Rating, B2
Affirmed Probability of Default Rating, B2
Affirmed $165 million 11.125% senior subordinated notes due 2012, to B3 (LGD 4, 65%) from B3 (LGD 5,74%)
Affirmed $109 million 14.125% senior discount notes due 2013, to Caa1 (LGD 6, 91%) from Caa1 (LGD 6,93%)
Upgraded $40 million senior secured revolver due 2010, to Ba2 (LGD 2, 19%) from Ba3 (LGD 2, 24%)
Upgraded $208 million senior secured term loan due 2011, to Ba2 (LGD 2, 19%) from Ba3 (LGD 2, 24%)
Upgraded Speculative Grade Liquidity Rating, to SGL-2 from SGL-3

For further information, see the credit opinion for Language Line on

Moody's last rating action on Language Line lowered the speculative grade liquidity rating to SGL-3 from SGL-2 on October 9, 2007.

Headquartered in Monterey, California, Language Line provides over-the-phone interpretation services from English into more than 175 different languages. The company is controlled by ABRY Partners, LLC and reported revenues of $194 million for the twelve month period ending June 30, 2008.