| FITCH | FROM | TO |
| DOWNGRADES | ||
| Edison Funding Co. sr. debt | CCC | CC |
| Edison International sr. unsec. debt | CCC | CC |
| pfd. secs. | CC | C |
| Medallion Funding Corp sr. sec. debt | BBB | BB+ |
| Pacific Gas and Electric Company pfd. secs. | CC | C |
| Southern California Edison sr. unsec. debt | CCC | CC |
| pfd. secs. | CC | C |
| 5.875 % due 1/16/01 | CCC | D |
| MOODY'S | FROM | TO |
| UPGRADES | ||
| Charles River Laboratories backed sr. sub. | B3 | B2 |
| Legrand sr. unsec. | A3 | A2 |
| DOWNGRADES | ||
| Air Canada sr. unsec. | Ba3 | B1 |
| Air Canada sub. | B2 | B3 |
| Bayan Telecommunications sr. unsec. | Caa2 | Ca |
| Burlington Industries sr. unsec. | B1 | Caa2 |
| Edison International sr. unsec. | Baa3 | Caa3 |
| Edison International sub. | Ba1 | Ca |
| SCE Capital backed sr. unsec. | Baa3 | Caa3 |
| Southern California Edison Company sr. unsec. | Baa3 | Caa2 |
| Southern California Edison Company jr. sub. | Ba1 | Caa3 |
| Telenor Communication sr. unsec., sr. unsec. MTN | Aa2 | A2 |
| Telenor Communication sub. | Aa2 | A3 |
| STANDARD & POOR'S | FROM | TO |
| UPGRADES | ||
| America Online Inc. conv. sub. notes, zero-cpn. conv. sub notes | BB- | BBB |
| Battle Mountain Gold Co. notes | BB- | BBB |
| 6% notes | B | BBB- |
| conv. pfd. stock | B- | BB+ |
| Cypress Semiconductor Corp. conv. sub. notes | B | B+ |
| Gregg Cnty. Hsg. Fin. Corp. multi-fam. hsg. rev. rfdg. bonds | AA- | AA |
| Premier Parks Operations Inc. sr. notes | B | B+ |
| Six Flags Entertainment Corp. sr. notes | B- | B |
| Six Flags Inc. sr. notes, sr. disc. notes | B- | B |
| PIES | CCC+ | B- |
| Southwest Airlines Co. debs., notes, pass-thru certs., equip. tr. certs. | A- | A |
| Time Warner Capital I pfd. trust secs. | BB+ | BBB- |
| Time Warner Cos. Inc. debs., sr. debs., disc. dfrd. debs., notes, sr. notes, | ||
| pass-thru asset trust secs. | BBB | BBB+ |
| Time Warner Entertainment Co. L.P. sr. debs., sr. notes | BBB | BBB+ |
| Time Warner Inc. debs. | BBB | BBB+ |
| Turner Broadcasting System Inc. sr. debs., sr. notes | BBB | BBB+ |
| DOWNGRADES | ||
| Ainsworth Lumber Co. Ltd. notes | B | D |
| Arte Grafico Editorial Argentino S.A. sr. unsec. MTNs | BBB- | BB+ |
| BTI Telecom Corp. sr. notes | B | CCC- |
| Bayan Telecommunications Inc. notes | CCC | D |
| CableVision S.A. notes, MTNs, sr. unsec. MTNs | BB | BB- |
| Chiquita Brands International Inc. sr. notes | CCC+ | D |
| sr. notes | CCC+ | C |
| conv. sub. debs. | CCC | C |
| Classic Cable Inc. sr. sub. notes | CCC+ | CCC- |
| Compania de Radiocomunicaciones Moviles S.A. MTNs, sr. unsec. MTNs | BBB- | BB+ |
| Compania de Transporte de Energia Electrica en Alta Tension | ||
| TRANSENER S.A. MTNs | BBB- | BB+ |
| Davis Industries var. rate taxable dem. notes | A+ | A |
| EIX Trusts I & II QUIPS | BB | C |
| Edison Funding Co. sr. unsec. MTNs | BBB- | CC |
| Edison International notes, fltg. rate notes | BB+ | C |
| Edison Mission Capital MIPS | BBB | BB |
| Edison Mission Energy notes, sr. notes | A- | BBB- |
| Globalstar Telecommunications Ltd. conv. pfd. stock | CC | D |
| Globalstar, L.P. sr. notes | CCC | D |
| Holt Group, Inc. (The) notes | CC | D |
| Koninklijke KPN N.V. notes, fltg. rate notes, sr. unsec. MTNs | A- | BBB+ |
| sub. MTNs | BBB+ | BBB |
| Leslie's Poolmart Inc. sr. notes | B+ | B- |
| Lukens Inc. notes, sr. unsec. MTNs | BB- | B+ |
| Metrogas S.A. notes, sr. unsec. notes | BBB- | BB+ |
| Midwest Funding LLC sr. sec. notes | BBB | BBB- |
| Midwest Generation LLC pass-thru certs. | A- | BBB- |
| Multicanal S.A. notes, MTNs, sr. unsec. MTNs | BB | BB- |
| Nordstrom Credit Inc. sf. debs. | A | A- |
| Nordstrom Inc. sr. debs., notes, sr. unsec. notes | A | A- |
| NorthPoint Communications Group Inc. sr. notes | CCC- | D |
| Pacific Aerospace & Electronics Inc. sr. sub. notes | CC | C |
| Pacific Gas & Electric Co. 1st mtg. bonds, 1st & rfdg. mtg bonds | BBB | CCC |
| notes | BBB- | CC |
| Pecom Energia S.A. notes, MTNs, sr. unsec. MTNs | BBB- | BB+ |
| RSL Communications Ltd. conv. pfd. stock | CC | C |
| Sideco Americana S.A. notes | B+ | B |
| Southern California Edison Co. 1st. mtg. bonds, var. rate notes | BBB- | CC |
| notes, 1st. & rfdg. mtg. bonds | CC | D |
| Telenor AS bonds, notes, sr. unsec. MTNs | AA | A |
Rating Game (JAN. 12 -- JAN. 18)