| FITCH | FROM | TO |
| UPGRADES | ||
| Time Warner Inc. & Time Warner sr. unsec. debt | BBB | BBB+ |
| DOWNGRADES | ||
| Alabama Power Co. sr. sec. debt | AA- | A+ |
| sr. unsec. debt | A+ | A |
| Comdisco, Inc. sr. debt rating | BBB+ | BBB |
| Delta Financial Corp. sr. sec. notes | CCC+ | CC |
| GreenPoint Bank long-term dep. obl. | A- | BBB+ |
| sr. bank notes | BBB+ | BBB |
| sub. bank notes | BBB | BBB- |
| GreenPoint Financial Corp. sr. debt | BBB+ | BBB |
| Gulf Power Co. sr. sec. debt | AA- | A+ |
| sr. unsec. debt | A+ | A |
| Juniper Generation LLC sr. sec. bonds | BBB- | CC |
| Medallion Funding Corp. sr. sec. debt | BBB | BB+ |
| MOODY'S | ||
| UPGRADES | ||
| DePfa-Bank Europe sr. unsec., backed sr. unsec., backed sr. unsec. MTN | A1 | Aa3 |
| Gothic Production Corporation backed sr. sec. | B3 | B1 |
| Joseph E. Seagram & Sons backed sub. | Ba2 | Baa3 |
| Keebler Foods Compnay sr. sub. | Ba2 | Baa3 |
| King Pharmaceuticals sr. sub. | B3 | B1 |
| Northeast Utilities sr. unsec. | Ba1 | Baa3 |
| Ocean Energy sr. unsec. | Ba1 | Baa3 |
| Ocean Energy sr. sub. | Ba3 | Ba1 |
| Seagram Company sr. unsec. | Baa3 | Baa2 |
| Seagull Energy Corporation backed sr. unsec. | Ba1 | Baa3 |
| Seagull Energy Corporation backed sr. sub. | Ba3 | Ba1 |
| DOWNGRADES | ||
| American Home Products Corporation sr. unsec. | A2 | A3 |
| American Pacific Coproation sr. unsec. | B1 | B2 |
| AP Holidngs sr. unsec. | Caa2 | Ca |
| MOODY'S | ||
| APCOA sr. sub. | Caa1 | Caa2 |
| Archibald Candy Corporation sr. sec. | B3 | Caa2 |
| BTI Telecom sr. unsec. | B3 | Caa1 |
| CapStar Hotel Company backed sr. sub. | Ba3 | B1 |
| Central Garden & Pet Company sub. | B2 | B3 |
| CF Cable TV backed sr. sec. | Ba1 | Ba3 |
| Dana Corporation sr. unsec. | Baa2 | Baa3 |
| Dana Credit Corporation backed sr. unsec. MTN | Baa2 | Baa3 |
| Dolphin Telecom sr. unsec. | Caa2 | Caa3 |
| Edison Mission Energy sr. unsec. | Baa1 | Baa3 |
| FINOVA Capital Corporation sr. unsec., sr. unsec.MTN | Caa1 | Caa2 |
| FINOVA Group sub. | Ca | C |
| FRD Acquisition sr. unsec. | Caa1 | Caa3 |
| Holt Group sr. unsec. | Caa3 | C |
| J.B. Hunt Transport Services sr. unsec. | Baa2 | Baa3 |
| Kellogg Company sr. unsec. | Aa2 | Baa2 |
| Keystone Consolidated Industries sr. sec. | B3 | Caa3 |
| Lend Lease Finance backed sr. unsec., backed sr. unsec. MTN | A3 | Baa2 |
| Lucent Technolgoies sr. unsec., sr. unsec. MTN | A3 | Baa1 |
| Masco Corporation sr. unsec. | A3 | Baa1 |
| MeriStar Hospitality sr. sub. | Ba3 | B1 |
| Midwest Generation backed sr. sec. | Baa1 | Baa3 |
| Pacific Aerospace & Electronics sr. sub. | Ca | C |
| Royal Carribean Cruises sr. unsec. | Baa2 | Baa3 |
| Southwestern Energy Company sr. unsec., sr. unsec. MTN | Baa2 | Baa3 |
| Videotron Ltee sr. unsec. | Baa3 | Ba3 |
| STANDARD & POOR'S | ||
| UPGRADES | ||
| Chesapeake Energy Corp. notes, sr. notes | B | B+ |
| conv. pfd. stock | D | B- |
| DevX Energy, Inc. sr. notes | CCC+ | B |
| USGen New England, Inc. pass-thru certs. | BBB- | BBB |
Rating Game (Jan. 19 - Jan. 25)