Equinix Recovery Rating Profile

On June 10, 2009, Standard&Poor's Ratings Services assigned its issue-level and recovery ratings to Equinix Inc.'s (B+/Stable/--) new $325 million 4.75% convertible subordinated notes. The issue-level rating is 'B-' (two notches below the company's corporate credit rating). The recovery rating is '6', indicating expectations for negligible (0%-10%) recovery in the event of a payment default. The issue-level ratings on Equinix's existing convertible subordinated notes issues remain at 'B-' (two notches below the corporate credit rating). The recovery ratings on this unsecured debt remain at '6', indicating expectations for negligible (0%-10%) recovery in the event of a payment default.