| Moody's Investors Service | ||
| Downgrades | From | To |
| Allmerica Financial Corp. Sr. Unscd. | A2 | A3 |
| Airtrain Citylink Sr. Scd. | Baa3 | Ba2 |
| City of Buenos Aires Sr. Unscd. | B3 | Caa2 |
| City of Buenos Aires Sr. Unscd. MTN | B3 | Caa2 |
| Luxfer Holdings Sr. Unscd. | B2 | Caa1 |
| Pycsa Panama S.A. Sr. Unscd. | Caa3 | Ca |
| Titan Intl Ar. Sub. | B2 | Caa1 |
| Newell Rubbermaid Sr. Unscd. | A3 | Baa1 |
| Newell Rubbermaid Sr. Unscd. MTN | A3 | Baa1 |
| Newell Rubbermaid Sub. | Baa1 | Baa2 |
| Rubbermaid Inc. Backed Sr. Unscd. | A3 | Baa1 |
| Buckeye Technologies Sr. Sub. | B1 | Caa1 |
| LCI Intl Inc. Sr. Unscd. | Baa2 | Baa3 |
| Mountain States Telephone and Telegraph Co. Sr. Unscd. | A3 | Baa2 |
| Northwestern Bell Telephone Co. Sr. Unscd. | A3 | Baa2 |
| Pacific Northwest Bell Telephone Co. Sr. Unscd. | A3 | Baa2 |
| Qwest Capital Funding Sr. Unscd. | Baa2 | Baa3 |
| Qwest Capital Funding Backed Sr. Unscd. | Baa2 | Baa3 |
| Qwest Communications Intl Sr. Unscd. | Baa2 | Baa3 |
| Qwest Corp. Sr. Unscd. | A3 | Baa2 |
| Qwest Corp. Sr. Unscd. MTN | A3 | Baa2 |
| Temple-Inland Sr. Unscd. | Baa2 | Baa3 |
| Temple-Inland Sr. Unscd. MTN | Baa2 | Baa3 |
| Acterna Corp. Backed Sr. Sub. | B3 | Caa3 |
| Mayne Group Ltd. Sr. Unscd. | Baa1 | Baa2 |
| Mayne Group Ltd. Sr. Unscd. MTN | Baa1 | Baa2 |
| Carolina Telephone & Telegraph Co. Sr. Unscd. | A2 | A3 |
| Centel Capital Corp. Backed Sr. Unscd. | Baa1 | Baa2 |
| Central Telephone Co. Sr. Scd. MTN | A1 | A2 |
| Sprint Capital Corp Sr. Unscd. | Baa1 | Baa2 |
| Sprint Capital Corp Backed Sr. Unscd. | Baa1 | Baa2 |
| Sprint Capital Corp Backed Sr. Unscd. MTN | Baa1 | Baa2 |
| Sprint Corp. Sr. Unscd. | Baa1 | Baa2 |
| Untited Telecommunications Backed Sr. Unscd. | Baa1 | Baa2 |
| Untited Telecommunications Backed Sr. Unscd. MTN | Baa1 | Baa2 |
| Computer Associates Intl Sr. Unscd. | Baa1 | Baa2 |
| Covanta Energy Corp. Sub. | Caa2 | Ca |
| Airgas Sr. Unscd. | Baa3 | Ba1 |
| Airgas Sr. Unscd. MTN | Baa3 | Ba1 |
| Upgrades | ||
| Schuler Homes Sr. Unscd. | Ba3 | Ba1 |
| Schuler Homes Sr. Sub. | B2 | Ba2 |
| DLJ Mortgage Acceptance Corp. Backed Sr. Sub. | A1 | Aaa |
| DLJ Mortgage Acceptance Corp. Backed Sub. | A3 | Aaa |
| Edison Intl Sr. Unscd. | Caa3 | B3 |
| SCE Capital Co. Backed Sr. Unscd. | Caa2 | Ba3 |
| Southern California Edison Co. Sr. Unscd. | Caa2 | Ba3 |
| Southern California Edison Co. Jr. Sub. | Caa3 | B2 |
| Air Products and Chemicals Sr. Unscd. | A3 | A2 |
| Air Products and Chemicals Sr. Unscd. MTN | A3 | A2 |
| CommScope Sub. | B3 | Ba3 |
| FITCH | ||
| Downgrades | ||
| Grupo Minero Mexico Unscd. | BB- | B |
| Newell Rubermaid Sr. Unscd. | A- | BBB+ |
Rating Game (February 28 -- March 7)