| RATING GAME ( Feb 28- March 6) | ||
| Moody's Investors Service | ||
| Downgrades | From | To |
| GXS Corp. Sr. Sub. | B2 | B3 |
| PMA Capital Corp. Sr. Unscd. | Baa3 | Ba1 |
| Geon Company Backed Sr. Unscd. | Baa3 | Ba3 |
| Hanna ( M A) Co. Backed Sr. Unscd. | Baa3 | Ba3 |
| Hanna ( M A) Co. Backed Sr. Unscd. MTN | Baa3 | Ba3 |
| PolyOne Corp. Sr. Unscd. | Baa3 | Ba3 |
| DDI Capital Corp. Sr. Unscd. | Caa3 | C |
| DDI Corp. Sub. | Caa3 | C |
| Romacorp Sr. Unscd. | B3 | Caa1 |
| Aurora Foods Inc. Sr. Sub. | Caa3 | Ca |
| Dixons Group plc. Backed Sr. Unscd. | A3 | Baa1 |
| Dixons Group Treasury Backed Sr. Unscd. | A3 | Baa1 |
| Endesa S.A.Sr. Unscd. | A2 | Baa1 |
| Intl. Endesa B.V. Backed Sr. Unscd. | A2 | Baa1 |
| Intl. Endesa B.V. Backed Sr. Unscd. MTN | A2 | Baa1 |
| Paiton Energy Funding Backed Sr. Scd. | Caa2 | B3 |
| Beghin-Say Sr. Unscd. | Ba1 | Ba3 |
| Beghin-Say Sr. Unscd. MTN | Ba1 | Ba3 |
| Diageo Capital Backed Sr. Unscd. | A1 | A2 |
| Diageo Capital Backed Sr. Unscd. MTN | A1 | A2 |
| Diageo Enterprises Backed Sr. Unscd. MTN | A1 | A2 |
| Diageo Finance plc Backed Sr. Unscd. MTN | A1 | A2 |
| Diageo Investment Corp. Backed Sr. Unscd. MTN | A1 | A2 |
| Diageo plc Sr. Unscd. MTN | A1 | A2 |
| Diageo plc Sub. MTN | A2 | A3 |
| Grand Metropolitan Finance Backed Sr. Unscd. | A1 | A2 |
| Grand Metropolitan Invt Corp. Backed Sr. Unscd. | A1 | A2 |
| Pet Inc. Backed Sr. Unscd. | A1 | A2 |
| Upgrades | ||
| Asahi Bank Backed Jr. Sub. MTN | B1 | Ba3 |
| Asahi Finance (Cayman) Ltd. Backed Jr. Sub. | B1 | Ba3 |
| Asahi Finance (Cayman) Ltd. Backed Jr. Sub. MTN | B1 | Ba3 |
| Daiwa PB Ltd. Backed Jr. Sub. | B1 | Ba3 |
| Daiwa PB Ltd. Backed Jr. Sub. MTN | B1 | Ba3 |
| Canadian Nat Railway Co. Sr. Scd. | A3 | A2 |
| Canadian Nat Railway Co. Sr. Unscd.. | Baa2 | Baa1 |
| Hollywood Casino Corp. Backed Sr. Scd. | B3 | B1 |
| Select Medical Corp. Sr. Sub. | B3 | B2 |
| Fitch Ratings | ||
| Downgrades | ||
| Metris Companies Sr. Debt | B- | CCC |
| Koninklijke Ahold N.V. Sr. Unscd. | BBB- | BB- |
| Enel Spa Sr. Unscd. | AA- | A+ |
| Western Power Distribution Holdings Ltd. Sr. Unscd. | BBB+ | BBB |
| Western Power Distribution LLP. Sr. Unscd. | A- | BBB+ |
| Fiat SpA Sr. Unscd. | BBB- | BB+ |
| Bombardier Inc. Sr. Unscd. | A- | BBB+ |
| Bombardier Capital Sr. Unscd. | A- | BBB+ |
| Potlatch Corp. Sr. Unscd. | BBB- | BB+ |
Rating Game (FEBRUARY 27 -- MARCH 5)