| Moody's Investors Service | ||
| Downgrades | From | To |
| Land Securities plc Sr. Unscd. | A1 | A2 |
| NEXTEL Communications Sr. Unscd. | B1 | B3 |
| Loews Corp. Sr. Unscd. | A1 | A2 |
| Loews Corp. Sub. | A2 | A3 |
| ONO Finance plc Sr. Unscd. | Caa1 | Caa2 |
| Anker Coal Group Sr. Scd. | Caa2 | C |
| Avon Energy Partners Holdings Sr. Unscd. | Baa2 | Baa3 |
| Building Once Services Corp. Backed Sr. Sub. | B2 | B3 |
| Empresas ICA Sociedad Controladora SA de CV Sr. Unscd. MTN | B2 | B3 |
| Empresas ICA Sociedad Controladora SA de CV Sub. | Caa1 | Caa2 |
| Encompass Services Corp. Sr. Sub. | B2 | B3 |
| GPU Power UK Sr. Unscd. | Baa1 | Baa2 |
| Portland General Electric Co. Sr. Scd. MTN | A3 | Baa2 |
| Portland General Electric Co. Sr. Unscd. | Baa1 | Baa3 |
| Portland General Electric Jr. Sub. | Baa2 | Ba1 |
| British Energy plc Backed Sr. Unscd. | A3 | Baa2 |
| Song Networks Holding AB Sr. Unscd. | Caa3 | Ca |
| Tesoro Petroleum Corp. Sr. Sub. | B1 | B2 |
| Advantica Restaurant Group Sr. Unscd. | B3 | Caa1 |
| Union Fenosa Finance B.V. Backed Sr. Unscd. | A2 | Baa1 |
| Union Fenosa Finance B.V. Backed Sr. Unscd. MTN | A2 | Baa1 |
| Upgrades | ||
| Argo Co. Ltd. Sr. Scd. | Aa3 | Aa2 |
| Premcor USA Sr. Unscd. | B3 | B1 |
| FITCH | ||
| Downgrades | ||
| BCE Teleglobe Sr. Unscd. | CCC- | D |
| IDACORP Sr. Unscd. | A- | BBB+ |
| Idaho Power Co. Sr. Unscd. | A | A- |
| Land Securities plc. Sr. Unscd. | AA- | A+ |
| Merrill Lynch & Co. Sr. Unscd. | AA- | A+ |
| JP Morgan Chase Bank LT Sr. Debt | AA | AA- |
| Chase Manhattan Bank USA LT Sr. Debt | AA | AA- |
| Chase Manhattan Bank LT Sr. Debt | AA | AA- |
| Morgan Guaranty Trust Co. of NY LT Sr. Debt | AA | AA- |
| Morgan Stanley Dean Witter & Co. Sr. Debt | AA | AA- |
| Discover Bank Sr. Debt | AA | AA- |
| Cahrles Schwab & Co. Sr. Debt | A+ | A |
| Seehafen Rostock GmbH Sr. Unscd. | BB | B- |
| Atlas Air Unscd. | B+ | B |
| Southern Union Co. Sr. Unscd. | BBB+ | BBB |
| Land Securities plc. Sr. Unscd. | A+ | A |
| Portland General Electric Co. Sr. Unscd. | BBB | BBB- |
Rating Game (MAY 15 - MAY 22)