Average debt-to-Ebitda

Measure to indicate the leverage of loans in leveraged buy outs: average debt including debt due within one year divided by EBITDA (Earnings before Interest, Taxes, Depreciation, and Amortization). In 2000, the Average debt-to-Ebitda ratio was 4.3 times. In the third quarter of 2006 this multiple has risen to implying a deterioration of credit quality of issuing companies.