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Moody's Investors Service came out with a proposal last week for ratings transitions for investment-grade issuers that, after a "transforming event," could be downgraded to speculative grade.

The following directory includes year-to-date search and hire activity for high-yield, distressed debt and CDO managers. The accuracy of the information, which is derived from many sources, is deemed reliable but cannot be guaranteed. All amounts are in US$ millions unless otherwise stated. To report manager hires and new searches, please call Kristen Haunss at (212) 224-3990, or fax (212) 224-3602.

Churchill Financial has hired Randy Schwimmer as a senior managing director and head of its capital markets, responsible for structuring and syndicating loans.

Dahlman Rose, a boutique investment bank, has hired another managing director as it builds up its leveraged finance group.

Standard and Poor’s assigned a BB- rating to $150 million of subordinated 10-year Eurobonds issued by Kazkommertsbank, Kazakhstan’s largest private bank. The bonds were placed by the bank’s fully owned subsidiary Kazkommertsbank Finance 2 B.V. The coupon rate was set at 8.625% per year. The bonds have a five-year call option.

Asia needs capital. The Gulf States are flush with money but also have massive infrastructure needs that Asian companies can help meet, write the Mckinsey Quarterly's Dominic Barton, Kito de Boer, and Gregory P. Wilson

In an interview with Emerging Markets, Russia’s finance minister attempts to calm fears about the growing influence of the state

Argentina’s economy grew 8% in May, down from 11.5% in May 2005, but up from 6.3% in April. The month-on-month rise in GDP in May 2006 is valued at 1.1% in seasonally-adjusted terms. In 2005 Argentina’s GDP grew 9.2% year-on-year, registering a third consecutive year of recovery after the recession, when the country’s GDP contracted by 10.9% in 2002.

Ramez Attieh, a v.p. covering Middle Eastern fixed income derivatives marketing at Merrill Lynch in London, has quit the firm. Alex Walker, spokeswoman at Merrill, confirmed his departure, but was unable to comment on whom he reported to. Attieh could not be reached for comment.

Lebanese commercial banks have resorted to restricting withdrawal of US dollar currency notes to $2000 per person. Heavy demand for US currency by Arabs and foreign nationals fleeing the country has resulted in a shortage of physical currency notes. A spokesman for Fransabank, said that customers are being offered euro, sterling or Lebanese banknotes instead of US dollars. Overall deposits have not drastically change as a result of the Israeli invasion. BLC Bank’s chairman Shadi Karam said confidence has not been shaken as badly as after the assassination former PM Rafiq Hariri in February 2005.

Deutsche Bank has added a former senior Merrill staffer as head of structured credit trading and distribution in London.

Lehman Brothers has signed up a derivatives veteran for a new slot in its expanding Tokyo office.