Question-and-Answer Session
[Operators Instructions]. Our first question comes from the line of Gregg Gilbert with Merrill Lynch.
Gregg Gilbert - Merrill Lynch
Thanks good morning. First one's for Tom, on currency perhaps you could help us based on current rates what would you expect the impact on '09 in revenues to believe. And then could you walk us through to what extent that hit would be hedged by the time you get down to net income?
Thomas E. Werner - Senior Vice President of Finance, and Chief Financial Officer
Yes, Gregg as far as 2009 goes I really don't want to speculate what that would mean, the rates have been bouncing around so much lately it's one of the reasons we've sort of backed off and going back to constant currency of guidance. So at this point I wouldn't want to speculate.
In the terms of hedging we don't yet have any income or equity hedges in place; we do hedge transactions between our affiliates. We also hedge receivables that the entities may have in other foreign currencies but, in addition to some natural hedges we have in place within the various entities we don't do anything beyond hedging specific transactions.
So, as you've seen the P&L impact this year, I think in this quarter was another penny or so given the top-line impact in the previous quarters we've already talked about those amounts.
Gregg Gilbert - Merrill Lynch
Good. And then, following up on your comments on tax rate. Considering the tax credit, what do you specifically expect the 4Q level to be and then what's a good annual rate to use that after. I assume 4Q is sort of artificially low due to a catch down, type of situation?
Thomas E. Werner - Senior Vice President of Finance, and Chief Financial Officer
Yes, the full year would come in at about 24.8 off of the 25.5 that we've had in the fourth quarter. I think what had to be done some where around 23.2 or so.
Gregg Gilbert - Merrill Lynch
Okay.
Thomas E. Werner - Senior Vice President of Finance, and Chief Financial Officer
I'll check to verify that yes 23.2 and 24.8.
Gregg Gilbert - Merrill Lynch
And then that annual rate should be a good guide for going forward.
Thomas E. Werner - Senior Vice President of Finance, and Chief Financial Officer
Well we'll get to that when we fully go through our 2009 planning. We do not see anything that would cause it to be terribly different but we have to go through our earnings mix and really figure out what next year is going to look like.
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