| Moody's Investors Service | ||
| Downgrades | From | To |
| Allegheny Energy Supply Co. Sr. Unscd. | Baa1 | Baa2 |
| Allegheny Energy Inc. Sr. Unscd. | Baa1 | Baa2 |
| Allegheny Generating Co. Sr. Unscd. | Baa1 | Baa2 |
| Allegheny Generating Co. Sr. Unscd. MTN | Baa1 | Baa2 |
| Calpine Canada Energy Finance ULC Backed Sr. Unscd. | Ba1 | B1 |
| Calpine Corp. Sr. Unscd. | Ba1 | B1 |
| The MONY Group Inc. Sr. Unscd. | Baa1 | Baa2 |
| PX Escrow Corp. Backed Sr. Sub. | Caa1 | Ca |
| Protection One Alarm Monitoring Inc. Backed Sr. Unscd. | B3 | Caa1 |
| Protection One Alarm Monitoring Inc. Backed Sr. Sub. | Caa2 | Caa3 |
| South Point Energy Center Backed Sr. Scd. | Ba1 | B1 |
| Tiverton Power Associates Ltd. Parnership Backed Sr. Scd. | Ba1 | B1 |
| Covanta Energy Corp. Sr. Scd. | Caa2 | Caa3 |
| Gen Tek Inc. Sr. Sub. | B3 | Caa3 |
| Nevada Power Co. Sr. Scd. | Baa1 | Baa3 |
| Nevada Power Co. Sr. Unscd. | Baa2 | Ba1 |
| Sierra Pacific Power Co. Sr. Scd. | A3 | Baa3 |
| Sierra Pacific Power Co. Sr. Scd. MTN | A3 | Baa3 |
| Sierra Pacific Resources Sr. Unscd. | Baa3 | Ba2 |
| Deutsche Telekom AG Sr. Unscd. | A3 | Baa1 |
| Deutsche Telekom AG Sr. Unscd. MTN | A3 | Baa1 |
| Deutsche Telekom AG Sub. MTN | A3 | Baa1 |
| Deutsche Telekom Intl Finance B.V. Backed Sr. Unscd. | A3 | Baa1 |
| Deutsche Telekom Intl Finance B.V. Backed Sr. Unscd. MTN | A3 | Baa1 |
| Deutsche Telekom Intl Finance B.V. Backed Sub. MTN | A3 | Baa1 |
| Kellwood Co. Sr. Unscd. | Baa3 | Ba1 |
| Omnipoint Corp. Sr. Unscd. | Baa1 | Baa2 |
| VoiceStream Wireless Corp. Backed Sr. Unscd. | Baa1 | Baa2 |
| Puget Sound Energy Sr. Scd. | Baa1 | Baa2 |
| Puget Sound Energy Sub. | Baa3 | Ba1 |
| Washington Natural Gas Co. Backed Sr. Scd. MTN | Baa1 | Baa2 |
| General Chemical Industrial Products Sr. Sub. | B3 | Caa2 |
| KPNQwest B.V. Sr. Unscd. | B3 | Caa3 |
| Vitesse Semiconductor Corp. Sub. | B2 | B3 |
| Crown Central Petroleum Corp. Sr. Unscd. | B2 | Caa1 |
| Upgrades | ||
| Export-Import Bank of Korea Sr. Unscd. | Baa2 | A3 |
| Export-Import Bank of Korea Sr. Unscd. MTN | Baa2 | A3 |
| Industrial Bank of Korea Sr. Unscd. | Baa2 | A3 |
| Industrial Bank of Korea Sr. Unscd. MTN | Baa2 | A3 |
| Industrial Bank of Korea Sub. MTN | Baa3 | Baa1 |
| Korea Deposit Insurance Corp. Sr. Unscd. | Baa2 | A3 |
| Korea Development Bank Sr. Unscd. | Baa2 | A3 |
| Korea Development Bank Sr. Unscd. MTN | Baa2 | A3 |
| Republic of Korea Sr. Unscd. | Baa1 | A3 |
| NKK Capital of America Backed Sr. Unscd. MTN | Ba1 | Baa3 |
| NKK Corp. Sr. Unscd. | Ba1 | Baa3 |
| NKK Corp. Sr. Unscd. MTN | Ba1 | Baa3 |
| KT Corp. Sr. Unscd. | Baa2 | Baa1 |
| Team Health Sr. Sub. | B3 | B2 |
| Korea Tobacco & Ginseng Corp. Sr. Unscd. | Baa2 | A3 |
| FITCH | ||
| Downgrades | ||
| Eastman Kodak Co. Sr. Unscd. | A | A- |
| Americredit Sr. Unscd. | BB+ | BB |
| GATX Financial Corp. Sr. Debt | BBB+ | BBB- |
| TXU Europe Ltd. Sr. Unscd. | BBB+ | BBB |
Rating Game (March 29 -- April 4)