| Moody's Investors Service | ||
| Downgrades | From | To |
| Petrozuata Finance Backed Sr. Scd. | Baa2 | Baa3 |
| Aurora Foods Sr. Sub. | Caa1 | Caa3 |
| Mission Resources Corp. Backed Sr. Sub. | B3 | Caa1 |
| TCNZ Finance Ltd. Backed Sr. Unscd. | A1 | A2 |
| TCNZ Finance Ltd. Backed Sr. Unscd. MTN | A1 | A2 |
| Telecom Corp. of New Zealand Ltd. Sr. Unscd. | A1 | A2 |
| Telecom New Zealand Finance Ltd. Backed Sub. | A2 | A3 |
| Telefonaktiebolaget LM Ericsson Sr. Unscd. | Baa2 | Baa3 |
| Telefonaktiebolaget LM Ericsson Sr. Unscd. MTN | Baa2 | Baa3 |
| Cox Radio Sr. Unscd. | Baa2 | Baa3 |
| Intermedia Communications Sr Unscd. | B1 | B2 |
| Intermedia Communications Sub. | B2 | Caa1 |
| MCI Communications Corp. Sr. Unscd. | Ba2 | B1 |
| MCI Communications Corp. Sr. Unscd. MTN | Ba2 | B1 |
| WorldCom Sr. Unscd. | Ba2 | B1 |
| CMS Energy Corp. Sr. Unscd. | Ba3 | B3 |
| CMS Energy Corp. Sr. Unscd. MTN | Ba3 | B3 |
| CMS Energy Corp. Sub. | B1 | Caa2 |
| CMS Energy Jr. Sub. | B1 | Caa3 |
| Hewlett-Packard Co. Sr. Unscd. | A2 | A3 |
| Hewlett-Packard Co. Sr. Unscd. MTN | A2 | A3 |
| Hewlett-Packard Co. Sub. | A3 | Baa1 |
| Hewlett-Packard Finance Co. Backed Sr. Unscd. | A2 | A3 |
| Hewlett-Packard Finance Co. Backed Sr. Unscd. MTN | A2 | A3 |
| Panhandle Eastern Pipe Line Co. Sr. Unscd. | Baa3 | Ba2 |
| AES Sul Distribuidora Gaucha de Energia S.A. Sr. Scd. | Ba2 | B1 |
| Magellan Health Services Sr. Unscd. | B2 | B3 |
| Magellan Health Services Sr. Sub. | B3 | Caa1 |
| BGF Industries Sr. Sub. | B3 | Caa3 |
| Solutia Europe S.A./N.V. Backed Sr. Unscd. | Ba2 | Ba3 |
| Solutia Inc. Sr. Unscd. | Ba2 | Ba3 |
| TPG N.V. Sr. Unscd. | Aa3 | A1 |
| Goodyear Tire & Rubber Co. Sr. Unscd. | Baa3 | Ba1 |
| PanCanadian Energy Corp. Sr. Unscd. | A3 | Baa1 |
| Aames Financial Corp. Sr. Unscd. | Caa2 | Caa3 |
| FMC Corp. Sr. Unscd. | Baa3 | Ba1 |
| FMC Corp. Sr. Unscd. MTN | Baa3 | Ba1 |
| FMC Corp. Sr. Sub. | Ba1 | Ba2 |
| Manpower Sr. Unscd. | Baa2 | Baa3 |
| Solutia Europe S.A./N.V. Backed Sr. Unscd. | Ba1 | Ba2 |
| Solutia Inc. Sr. Unscd. | Ba1 | Ba2 |
| Upgrades | ||
| Torchmark Corp. Sr. Unscd. | Baa1 | A3 |
| Boram Bank Sr. Unscd. MTN | Ba2 | Baa2 |
| Boram Bank Sub. MTN | Ba3 | Baa3 |
| Hana Bank Sr. Unscd. | Ba2 | Baa2 |
| KorAm Bank Sub. | Ba3 | Ba1 |
| KorAm Bank Jr. Sub. | Ba3 | Ba1 |
| Korea First Bank Sr. Unscd. MTN | Ba1 | Baa3 |
| Korea First Bank Sub. | Ba2 | Ba1 |
| SeoulBank Sr. Unscd. MTN | Ba3 | Baa3 |
| SeoulBank Sub. | B2 | Ba1 |
| SeoulBank Sub. MTN | B2 | Ba1 |
| Shinhan Bank Sr. Unscd. | Baa3 | Baa1 |
| Shinhan Bank Sr. Unscd. MTN | Baa3 | Baa1 |
| Shihan Sub. | Ba1 | Baa2 |
| Shihan Sub. MTN | Ba1 | Baa2 |
| Fifth Third Bank Michigan Sub. | Aa3 | Aa2 |
| Fifth Third Bank Ohio Sub. | Aa3 | Aa2 |
| FITCH | ||
| Downgrades | ||
| Groupe Casino Sr. Unscd. | BBB+ | BBB |
| Lucent Technologies Sr. Unscd. | BB- | B+ |
| Cox Enterprises Inc. Sr. Unscd. | BBB+ | BBB |
| TCI Communications Sr. Unscd. | A- | BBB+ |
| MediaOne Group Sr. Unscd. | A- | BBB+ |
| MediaOne Group Funding Sr. Unscd. | A- | BBB+ |
| MediaOne Group of Delaware Sr. Unscd. | A- | BBB+ |
Rating Game (JUNE 14 -- JUNE 20)