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Rating Game (January 26 -- February 1)

04 Feb 2001

FITCHFROMTO
DOWNGRADES
Asia Pulp & Paper sr. unsec. debt B- CC
CE Generation LLC sec. bonds BBB BB
Federal Mogel Corp. sr. unsec. debt BB- B-
Finova Capital Corp. sr. debt CCC CC
W. R. Grace & Co. sr. unsec. debt BBB- CCC
MOODY'S
UPGRADES
Alberta Government Telephon Commission backed sr. unsec. Aa1 Aaa
Alberta sr. unsec. Aa1 Aaa
BG Bank sr. unsec. MTN Aa3 Aa2
BG Banksub., sub. MTN A1 Aa3
Cliffs Drilling backed sr. unsec. Ba3 Baa3
Danske Bank sr. unsec., sr. unsec. MTN Aa3 Aa2
Danske Bank sub., sub. MTN, jr. sub. MTN A1 Aa3
Lukens backed sr. unsec. B2 Caa1
R&B Falcon sr. unsec. Ba3 Baa3
RBF Finance backed sr. sec. Ba3 Baa3
Universal Compression sr. unsec. B2 B1
DOWNGRADES
AmSouth Bank sub. A1 A2
Benedek Communications sr. sub. B3 Caa1
Bethlehem Steel sr. unsec. B2 Caa1
Corus Group backed sr. unsec. Baa1 Baa2
Enitel ASA sr. unsec. B3 Caa1
Fujian International Trust & Investment sr. unsec. B2 Caa3
Generac Portable Products backed sr. sub. B3 Caa2
Hannover Finance backed sub. Aa3 A1
Pliant Corporation sr. sub. B3 Caa1
Railworks sr. sub. B3 Caa3
Ryerson Tull sr. unsec. Baa3 Ba1
SEGA sr. unsec. B2 B3
Transocean Offshore backed sr. unsec. A3 Baa2
UNOVA sr. unsec. B2 Caa1
Viatel sr. unsec. B3 Caa2
Weirton Steel sr. unsec. B2 Caa1
STANDARD & POOR'S
UPGRADES
Housing New Zealand Ltd. sr. unsec. MTNs A+ AA-
Connecticut Light & Co. 1st & rfdg. mtg. bonds BBB- BBB+
DARTS BB BBB-
North Atlantic Energy Corp. 1st mtg. bonds BB+ BBB
Northeast Utilities amort. notes BB+ BBB
R&B Falcon Corp. sr. notes, sr. unsec. notes B+ A-
RBF Finance Corp. sr. sec. notes BB- A-
Western Massachusetts Electric Co. 1st mtg. bonds BBB- BBB+
DOWNGRADES
Ameritrade Holding Corp. conv. sub. notes CCC+ CCC
Doe Run Resources Corp. notes B B-
fltg. rate notes B- CCC+
Kevco Inc. sr. sub. notes CCC C
Neenah Foundry Co. sr. sub. notes B- CCC+
Transocean Sedco Forex Inc. debs. zero-cpn. conv. debs., notes A A-
Weirton Steel Corp. sr. notes B B-
04 Feb 2001