BT 2009 Annual Report Download - page 114

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ADDITIONAL INFORMATION FINANCIAL STATEMENTS REPORT OF THE DIRECTORS BUSINESS AND FINANCIAL REVIEWS OVERVIEW
FINANCIAL STATEMENTS CONSOLIDATED FINANCIAL STATEMENTS – NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
112 BT GROUP PLC ANNUAL REPORT & FORM 20-F
17. Derivative financial instruments continued
The credit rating of counterparties with which derivative financial assets were held is detailed in the table below.
2009 2008
£m £m
Moody’s/S&P credit ratinga
Aa1/AA+ –2
Aa2/AA 200 330
Aa3/AA– 650 –
A1/A+ 1,030 –
A2/A 719 55
A3/A– 101 –
2,700 387
aDerivative financial instrument balances with counterparties have been classified at the lower of their Moody’s and S&P rating.
In the 2009 financial year, derivative financial assets were held with 19 counterparties (2008: 13 counterparties). After applying the legal
right of set off under the group’s International Swaps and Derivative Association (ISDA) documentation, the group had a net exposure to
derivative counterparties of £2,282m (2008: £152m). Of this, 85% (2008: 100%) was with six counterparties (2008: five). Details of
hedges in which the derivative financial instruments are utilised are disclosed in note 33.
18. Trade and other payables
2009 2008
£m £m
Current
Trade payables 4,367 4,410
Other taxation and social security 489 548
Other payables 527 838
Accrued expenses 460 580
Deferred income 1,372 1,215
7,215 7,591
2009 2008
£m £m
Non current
Other payables 718 636
Deferred income 76 71
794 707
Non current payables mainly relate to operating lease liabilities and deferred gains on a prior period sale and finance leaseback transaction.
FINANCIAL STATEMENTS