New York, February 12, 2016 -- Moody's Investors Service ("Moody's") assigned Alphabet Inc. ("Alphabet") an issuer rating of Aa2 and a short term rating of Prime-1 for its expected new commercial paper program. Moody's also assigned Aa2 ratings to Alphabet's expected new senior unsecured notes due 2021 and 2024 and a (P)Aa2 rating to Alphabet's senior unsecured debt shelf. These new notes are expected to result from debt exchanges with Google Inc. ("Google", Aa2 senior unsecured), the most important subsidiary of Alphabet, and assumes the same maturity and coupon rate of the existing Google notes that will be replaced. Google's senior unsecured notes due May 2016 (rated Aa2), and its outstanding commercial paper will remain at Google until the notes and the commercial paper are paid off at maturity, at which time, Google's long-term debt rating and short-term rating will each be withdrawn. Moody's also withdrew Google Inc.'s Aa2 issuer rating. The newly assigned Aa2 issuer rating to Alphabet Inc. reflects the fact that Alphabet is now the corporate family's ultimate parent. The outlook remains stable.

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