EFTA Document EFTA01386826

RIN II • 094 Alpha Group Capital LLC [Moody's Investors Service Inc. ("Moody's") research shows infrastructure debt as less risky, having lower default and higher recovery rates compared with debt issued by companies operating in other sectors, including leveraged buy-out debt27. Moody's analysis found that over the period from 1983 to 2016. infrastructure debt had meaningfully lower default rates across all rating categories than other non-financial corporate sectors.) See Exhibit 10 below.