| Moody's | ||
| Upgrades | To | From |
| Canon Inc. Senior Unsecured | Aa2 | Aa3 |
| Casio Computer Co., Ltd Senior Unsecured | Baa1 | Baa3 |
| Citizen Watch Co., Ltd. Senior Unsecured | A2 | A3 |
| Elizabeth Arden, Inc. Senior Subordinate | B2 | B3 |
| FARMS Securitisation Limited STRUCT. Senior Secured | Aa1 | Aa3 |
| STRUCT. Senior Secured | Aa3 | A2 |
| STRUCT. Senior Secured | A3 | Baa2 |
| GazInvest Finance B.V. BACKED Senior Unsecured | Baa2 | Ba2 |
| BACKED Senior Unsecured MTN | Baa2 | Ba2 |
| GazInvest Luxembourg S.A. STRUCT. Senior Secured | Baa2 | Ba2 |
| Household International, Inc. Senior Unsecured | A1 | A1 |
| Senior Unsecured MTN | A1 | A2 |
| Itoham Foods Inc. Senior Unsecured | Baa1 | Baa2 |
| JPM- JC2 Trust STRUCT. Senior Secured | Aaa | Aa1 |
| STRUCT. Senior Secured | A1 | Baa1 |
| JSC Tyumen Oil Company BACKED Senior Unsecured | Ba2 | Ba3 |
| Konica Minolta Finance U.S.A. Corporation BACKED Senior Unsecured MTN | Baa2 | Ba1 |
| Konica Minolta Holdings, Inc. Senior Unsecured | Baa2 | Ba1 |
| Senior Unsecured MTN | Baa2 | Ba1 |
| Meiji Dairies Corporation Senior Unsecured | Baa1 | Baa2 |
| Minolta Co., Ltd. BACKED Senior Unsecured | Baa2 | Ba1 |
| Morinaga Milk Industry Co., Ltd. Senior Unsecured | Baa1 | Baa2 |
| Nippon Meat Packers, Inc. Senior Unsecured | Baa2 | Baa3 |
| NRG Energy, Inc. Senior Secured | B1 | B2 |
| Pioneer Corporation Senior Unsecured | Baa1 | Baa2 |
| Ricoh Co., Ltd. Senior Unsecured | A1 | A2 |
| Ricoh Finance Nederland B.V. BACKED Senior Unsecured MTN | A1 | A2 |
| Salem Communications Holding Corporation Senior Subordinate | B2 | B3 |
| BACKED Senior Subordinate | B2 | B3 |
| Sanyo Electric Co., Ltd. Senior Unsecured | Baa1 | Baa2 |
| TVN Finance Corporation plc BACKED Senior Unsecured | B2 | B3 |
| Downgrades | To | From |
| ABS Capital Funding, Ltd. STRUCT. Senior Subordinate | Caa2 | B1 |
| Banc of America Commercial Mortgage Inc.STRUCT. Subordinate | B1 | Ba2 |
| STRUCT. Subordinate | B2 | Ba3 |
| STRUCT. Subordinate | B3 | B1 |
| STRUCT. Subordinate | Caa2 | B2 |
| STRUCT. Subordinate | Ca | B3 |
| Borger Energy Associates, L.P. backed first mortgage bonds | Ba1 | Baa3 |
| Diversified Asset Securitization Holdings III, LP STRUCT. Senior Secured | Aa2 | Aaa |
| STRUCT. Senior subordinate | Baa1 | Aa2 |
| STRUCT. Subordinate | B3 | Baa2 |
| Dragon Finance B.V. STRUCT. Senior Secured | Baa3 | Baa2 |
| General Nutrition Center, Inc. Senior Subordinate | Caa1 | B3 |
| Green Tree Financial Corporation MH Series 1993-2 STRUCT. Subordinate | Caa1 | B3 |
| Green Tree Financial Corporation MH Series 1996-3 STRUCT. Senior Subordinate | Caa1 | B3 |
| Green Tree Financial Corporation MH Series 1996-4 STRUCT. Senior Secured | B2 | B1 |
| STRUCT. Senior Subordinate | A2 | Aa3 |
| Green Tree Financial Corporation MH Series 1996-5 STRUCT. Senior Subordinate | B3 | B2 |
| Green Tree Financial Corporation MH Series 1996-6 STRUCT. Senior Subordinate | B3 | B2 |
| Green Tree Financial Corporation MH Series 1996-7 STRUCT. Senior Subordinate | B3 | Ba3 |
| STRUCT. Subordinate | B1 | Ba1 |
| Green Tree Financial Corporation MH Series 1996-8 STRUCT. Senior Subordinate | C | Ca |
| Green Tree Financial Corporation MH Series 1996-9 STRUCT. Senior Subordinate | B3 | B1 |
| STRUCT. Subordinate | B2 | B1 |
| Green Tree Financial Corporation MH Series 1997-1 STRUCT. Senior Secured | C | Ca |
| STRUCT. Senior Subordinate | A2 | A1 |
| STRUCT. Subordinate | B3 | B1 |
| Green Tree Financial Corporation MH Series 1997-2 STRUCT. Senior Secured | C | Ca |
| STRUCT. Senior Subordinate | Baa1 | A3 |
| Green Tree Financial Corporation MH Series 1997-3 STRUCT. Senior Secured | Caa1 | B2 |
| STRUCT. Senior Subordinate | Baa1 | A3 |
| Green Tree Financial Corporation MH Series 1997-4 STRUCT. Senior Secured | Caa1 | B2 |
| STRUCT. Senior Subordinate | A3 | A2 |
| Green Tree Financial Corporation MH Series 1997-5 STRUCT. Senior Secured | B3 | B1 |
| STRUCT. Senior Subordinate | A2 | Aa3 |
| STRUCT. Subordinate | B2 | Ba3 |
| Green Tree Financial Corporation MH Series 1997-7 STRUCT. Senior Subordinate | C | Ca |
| Green Tree Financial Corporation MH Series 1998-1 STRUCT. Senior Secured | B3 | B1 |
| STRUCT. Senior Subordinate | Baa2 | A3 |
| Green Tree Financial Corporation MH Series 1998-2 STRUCT. Senior Secured | B3 | B1 |
| STRUCT. Senior Subordinate | Baa3 | Baa1 |
| Green Tree Financial Corporation MH Series 1998-4 STRUCT. Senior Secured | Caa1 | B2 |
| STRUCT. Senior Subordinate | Baa3 | Baa2 |
| Green Tree Financial Corporation MH Series 1998-5 STRUCT. Senior Secured | Caa2 | Caa1 |
| STRUCT. Senior Subordinate | Baa3 | Baa1 |
| Green Tree Financial Corporation MH Series 1998-7 STRUCT. Senior Secured | Caa1 | B2 |
| STRUCT. Senior Subordinate | Baa3 | Baa1 |
| STRUCT. Senior Subordinate | B3 | Ba3 |
| Green Tree Financial Corporation MH Series 1998-8 STRUCT. Senior Secured | Caa2 | B3 |
| STRUCT. Senior Subordinate | Baa3 | Baa1 |
| STRUCT. Senior Subordinate | B3 | Ba3 |
| Highbury Finance B.V. STRUCT. Senior Secured | B3 | Aa3 |
| Lehman ABS Corporation STRUCT. Senior Secured | Ca | Caa2 |
| STRUCT. Senior Secured | Aa3 | Aaa |
| STRUCT. Senior Subordinate | A1 | Aaa |
| STRUCT. Senior Subordinate | B2 | Aa3 |
| LNR Property Corporation senior subordinate | Baa3 | Baa2 |
Rating Game (DECEMBER 10 -- DECEMBER 15)