| MOODY'S | TO | FROM |
| Downgrades | ||
| Allegheny Ludlum Corporation sr. unsec. | B1 | Ba3 |
| Allegheny Technologies Inc. sr. unsec. | B3 | B2 |
| Amerada Hess Corporation sr. unsec. | Ba1 | Baa3 |
| Arch One Finance Limited struct. sr. sub. | A2 | A1 |
| Arvin Industries, Inc. sr. unsec. MTN | Ba1 | Baa3 |
| bkd. sr. unsec. | Ba1 | Baa3 |
| Arvin International (UK) plc bkd. sr. unsec. | Ba1 | Baa3 |
| Arvin Overseas Finance B.V. bkd. sr. unsec. MTNs | Ba1 | Baa3 |
| ArvinMeritor, Inc. sr. unsec. | Ba1 | Baa3 |
| CABS Capital Limited struct. sr. sub. | Baa1 | A3 |
| Delta Air Lines, Inc. sr. unsec. | Caa2 | B3 |
| sr. unsec. MTNs | Caa2 | B3 |
| El Paso Production Holding Company sr. unsec. | B3 | B2 |
| FC CBO II, Limited struct. sr. sub. | A2 | A1 |
| struct. sr. sub. | B2 | B1 |
| FC CBO III Limited/FC CBO III Corp. struct. sr. sub. | B3 | B1 |
| FC CBO Limited struct. sr. sec. | Ba2 | Baa3 |
| Meritor Automotive, Inc. bkd. sr. unsec. | Ba1 | Baa3 |
| Metso Corporation sr. unsec. | Ba1 | Baa3 |
| sr. unsec. MTNs | Ba1 | Baa3 |
| Owens-Brockway Glass Container, Inc. bkd. sr. sec. | B2 | B1 |
| bkd. sr. unsec. | B3 | B2 |
| Owens-Illinois Inc. sr. unsec. | Caa1 | B3 |
| PPM America Structured Finance CBO I Ltd. struct. sr. sec. | Aa3 | Aaa |
| struct. sr. sub. | Ba3 | Baa2 |
| struct. sr. sub. | Caa3 | B3 |
| - | ||
| Upgrades | ||
| Bottling Group, LLC sr. unsec. | Aa3 | A1 |
| Caterpillar Financial Asset Trust 2001-A struct. sr. sub. | Aa2 | A2 |
| Caterpillar Financial Asset Trust 2002-A struct. sr. sub. | A1 | A2 |
| CNH Equipment Trust 2001-A struct. sr. sub. | Aaa | A3 |
| CNH Equipment Trust 2001-B struct. sr. sub. | Aaa | A3 |
| CNH Equipment Trust 2002-A struct. sr. sub. | Aa2 | A2 |
| struct. sub. | A2 | Baa3 |
| FonCaixa struct. sr. sub. | Aa2 | A1 |
| Fortum Oyj sr. unsec. | Baa1 | Baa2 |
| sr. unsec. MTNs | Baa1 | Baa2 |
| Navistar Financial 2001-A Owner Trust struct. sub. | Aa2 | A1 |
| PepsiCo, Inc. sr. unsec. | Aa3 | A1 |
| PRIMUS Japan Funding 03-B struct. sr. sub. | Aa2 | A2 |
| SBS Broadcasting S.A. sr. unsec. | B1 | B2 |
| SEB AB sr. unsec. | Aa3 | A1 |
| sr. unsec. MTNs | Aa3 | A1 |
| sub. | A1 | A2 |
| sub. MTNs | A1 | A2 |
| jr. sub. | A1 | A2 |
| jr. sub. MTNs | A1 | A2 |
| Swing Street CLO 2001-1 struct. sr. sub. | Aaa | Aa1 |
Rating Game (FEBRUARY 13 -- FEBRUARY )