| Moody's | ||
| Upgrades | To | From |
| American Tower Corporation Senior Unsecured | B3 | Caa1 |
| American Tower Escrow Corporation BACKED Senior Subordinate | B2 | B3 |
| American Towers, Inc. Senior Subordinate | B2 | B3 |
| Amazon.com, Inc. Subordinate | B3 | Caa1 |
| Armkel LLC BACKED Senior Subordinate | Ba3 | B1 |
| CDO Master Investment 2 SA STRUCT. Senior Subordinate | Aa1 | Aa3 |
| CDO Master Investment 2 SA STRUCT. Senior Subordinate | A3 | Baa2 |
| CDO Master Investment 2 SA STRUCT. Subordinate | Ba3 | B1 |
| Church & Dwight Company, Inc. Senior Unsecured | Ba2 | Ba3 |
| Corn Products International, Inc. Senior Unsecured | Baa3 | Ba1 |
| Dana Corporation Senior Unsecured | Ba2 | Ba3 |
| Dana Credit Corporation BACKED Senior Unsecured | Ba2 | Ba3 |
| backed senior unsecured MTN | Ba2 | Ba3 |
| DLJ Commercial Mortgage Corp Class A-1C | Aaa | Aa1 |
| Class A-2 | Aaa | Aa2 |
| Class A-3 | A1 | A2 |
| Class A-4 | A2 | A3 |
| Class A-5 | A3 | Baa1 |
| Class B-1 | Baa1 | Baa2 |
| Elva Funding Plc Series 2004-6 STRUCT. Senior Subordinate | Aa2 | Aa3 |
| HeidelbergCement AG Senior Unsecured | Ba1 | Ba3 |
| senior unsecured MTN | Ba1 | Ba3 |
| Heidelbergcement Finance B.V. BACKED Senior Unsecured | Ba1 | Ba3 |
| BACKED Senior Unsecured MTN | Ba1 | Ba3 |
| Heidelbergcement Financial Services AB BACKED Senior Unsecured MTN | Ba1 | Ba3 |
| Global Hotel One Limited STRUCT. Senior Subordinate | Aa1 | Aa2 |
| struct. senior subordinate | Baa2 | Baa3 |
| struct. senior subordinate | Ba3 | B1 |
| Moscow Municipal Bank — Bank of Moscow Senior Unsecured | Baa2 | Ba2 |
| Nichirei Corporation senior unsecured | Baa3 | Ba1 |
| OJSC Gazprom Senior Unsecured | Baa3 | (P)Ba2 |
| OJSC Oil Company Rosneft BACKED Senior Unsecured | Baa3 | B2 |
| SBA Communications Corporation Senior Unsecured | Caa1 | Caa2 |
| SBA Telecommunications, Inc. BACKED Senior Unsecured | B3 | Caa1 |
| SCOR Senior Unsecured | Baa3 | Ba2 |
| subordinate | Ba2 | Ba3 |
| Scientific Games Corporation Senior Subordinate | B1 | B2 |
| Toyo Suisan Kaisha Limited senior unsecured | A3 | Baa1 |
| TRW Automotive Inc. BACKED Senior Unsecured | Ba3 | B1 |
| backed senior subordinate | B1 | B2 |
| Downgrades | To | From |
| Bank of Valletta Senior Unsecured | Baa1 | A3 |
| Diversified Asset Securitization Holdings I, LP STRUCT. Senior Secured | A2 | Aa1 |
| Diversified Asset Securitization Holdings I, LP STRUCT. Senior Secured | C | B3 |
| DLJ Commercial Mortgage Corp US $8,993,000, Fixed Class B-7 | Caa1 | B2 |
| Class B-8 | Caa2 | B3 |
| Class C | Ca | Caa2 |
| General Telephone Company of The Midwest Backed First Mortgage Bonds | A1 | Aa3 |
| General Telephone Company of Wisconsin Backed First Mortgage Bonds | A1 | Aa3 |
| GMAC Commercial Mortgage Securities, Inc. STRUCT. Subordinate | Ca | Caa2 |
| GTE Southwest, Inc. First Mortgage Bonds | A1 | Aa3 |
| senior unsecured | A2 | A1 |
| GXS Corporation Senior Secured | B3 | B2 |
| senior subordinate | Caa1 | B3 |
| Haights Cross Communications, Inc. Senior Unsecured | Ca | Caa2 |
| IDACORP, Inc. Senior Unsecured MTN | Baa2 | Baa1 |
| Idaho Power Company First Mortgage Bonds | A3 | A2 |
| Idaho Power Company Senior Secured | A3 | A2 |
| Idaho Power Company Senior Secured MTN | A2 | A2 |
| J Sainsbury plc Senior Unsecured | Baa3 | Baa2 |
| senior unsecured MTN | Baa3 | Baa2 |
| Lehman ABS Mfd. Hsg. Contract Trust 2002-A STRUCT. Subordinate | Baa1 | A2 |
| struct. junior subordinate | Ba2 | Baa2 |
| NYLIM STRATFORD CDO 2001-1 LTD. STRUCT. Senior Subordinate | B1 | Baa3 |
| struct. subordinate | Ca | Ba3 |
| Pathmark Stores, Inc. Senior Subordinate | Caa1 | B3 |
| Verizon New England Inc. Senior Unsecured | A2 | Aa3 |
| Verizon South Inc. Senior Unsecured | A2 | A1 |
| VWR International, Inc. Senior Unsecured | B3 | (P)B2 |
| senior subordinate | Caa1 | (P)B3 |
Rating Game (DECEMBER 3 -- DECEMBER 9)