American Home Shield 2006 Annual Report Download - page 39

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interest rate fluctuations is not material to its overall results of operations.
The Company has several debt and lease agreements where the interest rate or rent payable under the agreements automatically
adjusts based on changes in the Company's credit ratings. While the Company is not currently expecting a change in its credit
ratings, based on amounts outstanding at December 31, 2005, a one rating category improvement in the Company's credit ratings
would reduce annual expense by approximately $0.4 million. A one rating category reduction in the Company's credit ratings would
increase annual expense by approximately $0.7 million.
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