| Moody's Investors Service | ||
| Downgrades | From | To |
| Southern Union Co. Sr. Unscd. | Baa2 | Baa3 |
| J.C. Penney Co. Sr. Unscd. | Ba2 | Ba3 |
| J.C. Penney Co. Sr. Unscd. MTN | Ba2 | Ba3 |
| J.C. Penney Sub. | Ba3 | B1 |
| ADT Operations Backed Sr. Sub. | Baa3 | Ba2 |
| ADT Operations Backed Sub. | Baa3 | Ba2 |
| ADT Operations Backed Sr. Sub. | Baa2 | Baa3 |
| ADT Operations Backed Sub. | Baa2 | Baa3 |
| Mallinckrodt Inc. Sr. Unscd. | Ba1 | Ba3 |
| Raychem Corp. Sr. Unscd. | Ba1 | Ba3 |
| Tyco Intl (US) Inc. Sr. Unscd. | Baa2 | Ba1 |
| Tyco Intl (US) Inc. Sr. Unscd. | Baa1 | Baa2 |
| Tyco Intl Group S.A. Sr. Unscd. | Baa3 | Ba2 |
| Tyco Intl Group S.A. Backed Sr. Unscd. | Baa3 | Ba2 |
| Tyco Intl Group S.A. Backed Sr. Unscd. MTN | Baa3 | Ba2 |
| Tyco Intl Group S.A. Sr. Unscd. | Baa2 | Baa3 |
| Tyco Intl Group S.A. Backed Sr. Unscd. | Baa2 | Baa3 |
| Tyco Intl Group S.A. Backed Sr. Unscd. MTN | Baa2 | Baa3 |
| Tyco Intl. Ltd. Sr. Unscd. | Ba1 | Ba3 |
| Tyco Intl Ltd. Sr. Unscd. | Baa3 | Ba1 |
| Ntelos Inc. Sr. Unscd. | B3 | Caa3 |
| Barrett Resources Corp. Sr. Unscd. | Baa2 | Baa3 |
| Carolina Telephone & Telegraph Co. Sr. Unscd. | A3 | Baa1 |
| Centel Capital Corp. Backed Sr. Unscd. | Baa2 | Baa3 |
| Central Telephone Co. Sr. Scd. MTN | A2 | A3 |
| MAPCO Inc. Sr. Unscd. | Baa2 | Baa3 |
| MAPCO Inc. Sr. Unscd. MTN | Baa2 | Baa3 |
| Northwest Pipeline Corp. Sr. Unscd. | Baa1 | Baa2 |
| Provident Companies Inc. Backed Sr. Unscd. | Baa1 | Baa2 |
| Sprint Capital Corp. Sr. Unscd. | Baa2 | Baa3 |
| Texas Gas Transmission Corp. Sr. Unscd. | Baa1 | Baa2 |
| Transco Energy Co. Sr. Unscd. | Baa2 | Baa3 |
| Transcontinental Gas Pipe Line Corp. Sr. Unscd. | Baa1 | Baa2 |
| UNUM Corp. Backed Sr. Unscd. | Baa1 | Baa2 |
| UNUM Corp. Backed Sr. Unscd. MTN | Baa1 | Baa2 |
| UNUM Corp. Backed Jr. Sub. | Baa2 | Baa3 |
| UnumProvident Corp. Sr. Unscd. | Baa1 | Baa2 |
| Williams Companies Inc. Sr. Unscd. | Baa2 | Baa3 |
| Williams Companies Inc. Sr. Unscd. MTN | Baa2 | Baa3 |
| Williams Gas Pipelines Central Inc. Sr. Unscd. | Baa1 | Baa2 |
| Williams Holding of Delaware Backed Sr. Unscd. | Baa2 | Baa3 |
| EDP Finance B.V. Sr. Unscd. | Aa3 | A2 |
| EDP Finance B.V. Backed Sr. Unscd. MTN | Aa3 | A2 |
| Electricidade de Portugal S.A. Sr. Unscd. | Aa3 | A2 |
| Electricidade de Portugal S.A. Sr. Unscd. MTN | Aa3 | A2 |
| Airtrain Citylink Ltd. Sr. Scd. | Ba2 | B2 |
| Ebara Corp. Sr. Unscd. | A3 | Baa1 |
| Oki Electric Industry Co. Ltd. Sr. Unscd. | Ba2 | B1 |
| Raintree Resorts Intl. Inc. Backed Sr. Unscd. | Caa2 | Ca |
| Better Minerals & Aggregates Co. Sr. Sub. | B3 | Caa2 |
| Covanta Energy Corp. Sub. | Ca | C |
| Upgrades | ||
| Suncorp-Metway Ltd. Sr. Unscd. | A3 | A2 |
| Suncorp-Metway Ltd. Sr. Unscd. MTN | A3 | A2 |
| Suncorp-Metway Ltd. Sub. | Baa1 | A3 |
| Suncorp-Metway Ltd. Sub. MTN | Baa1 | A3 |
| Suncorp-Metway Ltd. Jr. Sub. | Baa1 | A3 |
| Clarica Life Insurance Co. Sub. | A2 | A1 |
| Clarica U.S. Inc. Backed Sub. | A2 | A1 |
| Albecca Inc. Sr. Sub. | B3 | Baa1 |
| Crestar Financial Corp. Backed Sub. | A2 | A1 |
| Sun Trust Bank Sub. | A1 | Aa3 |
| SunTrust Bank, Central Florida N.A. Backed Sub. | A1 | Aa3 |
| SunTrust Banks Inc. Sr. Unscd. | A1 | Aa3 |
| SunTrust Banks Inc. Sub. | A2 | A1 |
| FITCH | ||
| Downgrades | ||
| Imperial Tobacco Group Sr. Unscd. | BBB+ | BBB |
| Tyco Intl Ltd. Sr. Unscd. | BBB | BB |
| Tyco Intl Group S.A. Sr Unscd. | BBB | BB |
| CIT Group Inc. Sr. Debt | A- | BBB |
| CIT Group Inc. Sub. Debt | BBB+ | BBB |
| Energy East Corp. Sr. Unscd. | BBB+ | BBB |
| NY State Electric & Gas Sr. Unscd. | A- | BBB |
| Central Maine Power Co. Sr. Unscd. | A | A- |
| Conn. Natural Gas Sr. Unscd. | A | A- |
Rating Game (JUNE 7-- JUNE 13)