| Moody's Investors Service | ||
| Downgrades | From | To |
| Advantica Restaurant Group Sr. Unscd. | B3 | Caa2 |
| Adelphia Communications Corp. Sr. Unscd. | B3 | Caa1 |
| Century Communications Corp. Sr. Unscd. | B3 | Caa1 |
| FrontierVision Holdings L.P. Backed Sr. Unscd. | B3 | Caa1 |
| FrontierVision Holdings Operating Partners L.P. Backed Sr. Sub. | B3 | Caa1 |
| Northern Offshore ASA Sr. Unscd. | Caa2 | C |
| Olympus Communications L.P. Backed Sr. Unscd. | B3 | Caa1 |
| Outsourcing Services Group Sr. Sub. | B3 | Caa2 |
| Acuity Brands Sr. Unscd. | Baa2 | Baa3 |
| Luchthaven Schiphol N.V. Sr. Unscd. MTN | Aa1 | Aa3 |
| Schiphol Nederland B.V. Backed Sr. Unscd. MTN | Aa1 | Aa3 |
| Solectron Corp. Sr. Unscd. | Ba1 | Ba3 |
| Sears DC Corp. Sr. Unscd. MTN | A3 | Baa1 |
| Sears Roebuck Acceptance Corp. Sr. Unscd. | A3 | Baa1 |
| Sears Roebuck Acceptance Corp. Sr. Unscd. MTN | A3 | Baa1 |
| Sears Roebuck Acceptance Corp. Sub. MTN | Baa1 | Baa2 |
| Sears, Roebuck & Co. Sr. Unscd. | A3 | Baa1 |
| Sears Roebuck & Co. Sr. Unscd. MTN | A3 | Baa1 |
| Merrill Corp. Sr. Sub. | Caa2 | Caa3 |
| Contour Energy Co. Backed Sr. Scd. | B3 | Caa1 |
| Contour Energy Co. Backed Sr. Sub. | Caa2 | C |
| Medianews Group Inc. Sr. Sub. | B1 | B2 |
| Cherokee Intl. LCC Backed Sr. Sub. | Caa1 | Caa3 |
| Intermedia Communications Inc. Sr. Unscd. | Ba1 | B1 |
| Intermedia Communications Inc. Sub. | Ba2 | B2 |
| MCI Communications Corp. Sr. Unscd. | Baa2 | Ba2 |
| MCI Communications Corp. Sr. Unscd. MTN | Baa2 | Ba2 |
| MCI Communications Corp. Sub. MTN | Baa3 | Ba3 |
| U.S. Timberlands Klamath Falls L.L.C. Backed Sr. Unscd. | B2 | Caa1 |
| WorldCom Inc. Sr. Unscd. | Baa2 | Ba2 |
| Bell Canada Intl. Sr. Unscd. | B2 | Ca |
| New World Infrastructure Ltd. Sr. Unscd. | Ba1 | Ba3 |
| Upgrades | ||
| SUSA Partnership L.P. Backed Sr. Unscd. | Baa3 | Aa1 |
| Republic of Italy Sr. Unscd. | Aa3 | Aa2 |
| Republic of Italy Sr. Unscd. MTN | Aa3 | Aa2 |
| Security Capital Group Inc. Sr. Unscd. | Baa2 | Aa1 |
| Security Capital Group Inc. Sr. Unscd. MTN | Baa2 | Aa1 |
| Security Capital Group Inc. Sub. MTN | Baa3 | Aa2 |
| Den Norske Bank ASA Sr. Unscd. | A1 | Aa3 |
| Den Norske Bank ASA Sr. Unscd. MTN | A1 | Aa3 |
| Den Norske Bank ASA Sub. | A2 | A1 |
| Den Norske Bank ASA Sub. MTN | A2 | A1 |
| Den Norske Creditbank Sub. | A2 | A1 |
| PTC Intl Finance B.V. Backed Sr. Sub. | B2 | B1 |
| PTC Intl Finance II S.A. Backed Sr. Sub. | B2 | B1 |
| Quanex Corp. Sub. | B1 | Ba3 |
| Flowserve Corp. Sr. Sub. | B3 | B2 |
| FITCH | ||
| Downgrades | ||
| WorldCom Inc. Sr. Unscd. | BBB- | BB |
| Hidrocantabrico Sr. Unscd. | A+ | BBB |
| McDonalds Corp. Sr. Notes | AA | AA- |
Rating Game (May 10 -- May 16)