| Moody's | ||
| Upgrades | To | From |
| AmeriCredit Automobile Receivables Tr. 2001-1 STRUCT. Senior Subordinate | Aaa | Aa2 |
| STRUCT. Subordinate | Aa1 | A3 |
| STRUCT. Junior Subordinate | Baa2 | Baa3 |
| AmeriCredit Automobile Receivables Tr. 2002-1 STRUCT. Senior Subordinate | Aa2 | Aa3 |
| Avon Energy Partners Holdings Senior Unsecured | A3 | B3 |
| Bear Stearns Commercial Mortgage Securities I STRUCT. Senior Subordinate | Aaa | Aa1 |
| STRUCT. Senior Subordinate | Aa2 | A2 |
| STRUCT. Senior Subordinate | A1 | A3 |
| STRUCT. Senior Subordinate | Baa1 | Baa2 |
| STRUCT. Senior Subordinate | Baa2 | Baa3 |
| BMW Vehicle Owner Trust 2002-A STRUCT. Subordinate | Aa3 | A3 |
| BMW Vehicle Owner Trust 2003-A STRUCT. Subordinate | A1 | A3 |
| Capital Auto Receivables Asset Trust 2002-4 STRUCT. Subordinate | Aa3 | A1 |
| Capital One Prime Auto Rcvbs. Trust 2003-1 STRUCT. Subordinate | A2 | A3 |
| Capital One Prime Auto Rcvbs Tr 03-2 STRUCT. Subordinate | A2 | A3 |
| Central Networks plc BACKED Senior Unsecured | A3 | Baa3 |
| Chase Manhattan Auto Owner Trust 2001-B STRUCT. Subordinate | Aa3 | A1 |
| Chase Manhattan Auto Owner Trust 2003-A STRUCT. Subordinate | Aa3 | A2 |
| Chase Manhattan Auto Owner Trust 2003-B STRUCT. Subordinate | Aa3 | A2 |
| CMS Energy Corporation Senior Unsecured | B1 | B3 |
| Senior Unsecured MTN | B1 | B3 |
| Subordinate | B3 | Caa2 |
| CMS Energy X-TRAS Pass-Through Trust I Senior Unsecured | B1 | B3 |
| COMM 2002-FL6 STRUCT. Subordinate | Aaa | Aa3 |
| FCAR Conduit 01-B STRUCT. Senior Subordinate | Aaa | Aa2 |
| STRUCT. Subordinate | Aa2 | A2 |
| Ford Credit Auto Owner Trust 2000-F STRUCT. Senior Subordinate | Aaa | Aa2 |
| STRUCT. Subordinate | Aa2 | A2 |
| Ford Credit Auto Owner Trust 2002-1 STRUCT. Senior Subordinate | Aaa | Aa2 |
| STRUCT. Subordinate | Aa2 | A2 |
| Ford Credit Auto Owner Trust 2002-2 STRUCT. Senior Subordinate | Aa1 | Aa2 |
| STRUCT. Subordinate | Aa3 | A3 |
| Ford Credit Auto Owner Trust 2002-3 STRUCT. Senior Subordinate | Aa1 | Aa2 |
| STRUCT. Subordinate | A2 | A3 |
| Ford Credit Auto Owner Trust 2002-A STRUCT. Senior Subordinate | Aaa | Aa1 |
| STRUCT. Subordinate | A1 | Baa1 |
| Ford Credit Auto Owner Trust 2002-B STRUCT. Senior Subordinate | Aa1 | Aa2 |
| STRUCT. Subordinate | A2 | Baa2 |
| Ford Credit Auto Owner Trust 2002-C STRUCT. Senior Subordinate | Aaa | Aa2 |
| STRUCT. Subordinate | Aa2 | A2 |
| Ford Credit Auto Owner Trust 2002-D STRUCT. Senior Subordinate | Aa1 | Aa2 |
| STRUCT. Subordinate | Aa3 | A2 |
| Ford Credit Auto Owner Trust 2003-1 STRUCT. Subordinate | Aa1 | Aa2 |
| Ford Credit Auto Owner Trust 2003-A STRUCT. Subordinate | Aa2 | A1 |
| Ford Credit Auto Owner Trust 2003-B STRUCT. Senior Subordinate | Aa2 | A1 |
| STRUCT. Subordinate | A3 | Baa2 |
| Harley-Davidson Motorcycle Trust 2001-1 STRUCT. Subordinate | A1 | A2 |
| Harley-Davidson Motorcycle Trust 2001-2 STRUCT. Subordinate | A1 | A2 |
| Health Care Service Corporation Senior Unsecured | A2 | Baa1 |
| Hyundai Auto Receivables Trust 2002-A STRUCT. Subordinate | Aa1 | Aa2 |
| Jones Media Networks, Ltd. Senior Secured | B3 | Caa2 |
| M&I Auto Loan Trust 2002-1 STRUCT. Subordinate | Aa2 | A1 |
| Mallinckrodt Inc.Senior Unsecured | Baa3 | Ba3 |
| MCAF Inc. BACKED Senior Unsecured MTN | Baa1 | Baa3 |
| Merrill Lynch Financial Assets Inc. STRUCT. Senior Subordinate | Aa2 | A2 |
| Mitsui Chemicals, Inc. Senior Unsecured | A3 | Baa2 |
| Mitsubishi Chemical (U.K.) PLC BACKED Senior Unsecured | Baa1 | Baa3 |
| BACKED Senior Unsecured MTN | Baa1 | Baa3 |
| Mitsubishi Chemical Corporation Senior Unsecured | Baa1 | Baa3 |
| Senior Unsecured MTN | Baa1 | Baa3 |
| Raychem Corporation Senior Unsecured | Baa3 | Ba3 |
| Reckson Operating Partnership, L.P. Senior Unsecured | Baa3 | Ba1 |
| BACKED Senior Unsecured | Baa3 | Ba1 |
| RMF 21-2 Corporation STRUCT. Senior Subordinate | A3 | Baa1 |
| Regions Auto Receivables Trust 2002-1 STRUCT. Senior Subordinate | Aa3 | A1 |
| Siam City Bank Public Co. Ltd. (Cayman Is.) Senior Unsecured MTN | Baa3 | Ba2 |
| Subordinate | Ba1 | Ba3 |
| Subordinate MTN | Ba1 | Ba3 |
| Showa Denko K.K. Senior Unsecured | Ba2 | B1 |
| SSB Auto Loan Trust 2002-1 STRUCT. Senior Subordinate | Aa3 | Aa3 |
| Sumitomo Chemical (U.K.) plc BACKED Senior Unsecured | A3 | Baa1 |
| BACKED Senior Unsecured MTN | A3 | Baa1 |
| Sumitomo Chemical Company, Limited Senior Unsecured | A3 | Baa1 |
| Sumitomo Osaka Cement Co., Ltd. Senior Unsecured | Baa3 | Ba2 |
| Taiheiyo Cement Corporation Senior Unsecured | Ba2 | B1 |
| ThyssenKrupp AG Senior Unsecured | Baa2 | Baa3 |
| Senior Unsecured MTN | Baa2 | Baa3 |
| ThyssenKrupp Finance Nederland B.V. BACKED Senior Unsecured | Baa2 | Baa3 |
| BACKED Senior Unsecured MTN | Baa2 | Baa3 |
| Universal Compression, Inc. Senior Secured | Ba2 | Ba3 |
| Senior Unsecured | Ba3 | B1 |
| USAA Auto Owner Trust 2002-1 STRUCT. Subordinate | Aa2 | Aa3 |
| USAA Auto Owner Trust 2003-1 STRUCT. Subordinate | Aa3 | A1 |
| Van Kampen CLO I, Limited STRUCT. Senior Secured | Aaa | Aa2 |
| WESCO Distribution, Inc. BACKED Senior Subordinate | B2 | B3 |
| WFS Financial 2003-2 Owner Trust STRUCT. Subordinate | Baa1 | Baa2 |
| Whole Auto Loan Trust 2002-1 STRUCT. Subordinate | Baa2 | Baa3 |
| World Omni Auto Receivables Trust 2001-B STRUCT. Subordinate | Aa2 | A1 |
| World Omni Auto Receivables Trust 2002-A STRUCT. Subordinate | A1 | A2 |
| Downgrades | To | From |
| aaiPharma Inc. Senior Subordinate | C | Ca |
| Apogent Technologies, Inc. Senior Unsecured | Ba2 | Ba1 |
| Chiron Corporation Senior Unsecured | Baa2 | Baa1 |
| CIT RV Trust 1997-A STRUCT. Subordinate | B1 | Ba1 |
| CIT RV Trust 1998-A STRUCT. Senior Subordinate | Baa3 | A3 |
| STRUCT. Subordinate | B2 | Ba2 |
| CIT RV Trust 1999-A STRUCT. Senior Subordinate | Ba2 | Baa2 |
| STRUCT. Subordinate | Caa1 | Ba3 |
| COMM 2002-FL6 STRUCT. Subordinate | A3 | A2 |
| STRUCT. Subordinate | Baa2 | Baa1 |
| STRUCT. Subordinate | Ba1 | Baa3 |
| Compass Group Plc Senior Unsecured | Baa2 | Baa1 |
| Senior Unsecured MTN | Baa2 | Baa1 |
| Diversified Asset Securitization Holdings II, L.P. STRUCT. Senior Subordinate | A1 | Aa3 |
| STRUCT. Subordinate | Caa3 | Ba3 |
| Falcon Products, Inc. Senior Subordinate | C | Ca |
| Gables Realty Limited Partnership Senior Unsecured | Baa3 | Baa2 |
| BACKED Senior Unsecured | Baa3 | Baa2 |
| Home Interiors & Gifts, Inc. Senior Subordinate | Caa2 | Caa1 |
| International Power (Cayman) Limited BACKED Senior Unsecured | B2 | B1 |
| Long Beach Mortgage Loan Trust 2000-1 STRUCT. Senior Subordinate | Baa3 | A2 |
| STRUCT. Senior Subordinate | B2 | Baa1 |
| Long Beach Mortgage Loan Trust 2001-1 STRUCT. Subordinate | Baa2 | A2 |
| STRUCT. Subordinate | B1 | Baa1 |
| Long Beach Mortgage Loan Trust 2001-2 STRUCT. Senior Subordinate | Baa2 | A2 |
| STRUCT. Senior Subordinate | B2 | Baa2 |
| Long Beach Mortgage Loan Trust 2001-3 STRUCT. Senior Subordinate | Baa2 | A2 |
| STRUCT. Senior Subordinate | B1 | Baa2 |
| Long Beach Mortgage Loan Trust 2001-4 STRUCT. Senior Subordinate | Baa1 | A2 |
| STRUCT. Senior Subordinate | Ba3 | Baa2 |
| Mendoza, Province of Senior Unsecured | Ca | Caa1 |
| MKP CBO II, Ltd. STRUCT. Subordinate | Caa2 | B1 |
| OMI Trust 2000-C STRUCT. Senior Secured | B2 | Ba2 |
| STRUCT. Senior Subordinate | C | Ca |
| OMI Trust 2000-D STRUCT. Senior Secured | Caa1 | B3 |
| STRUCT. Senior Secured | Caa3 | B3 |
| OMI Trust 2001-B STRUCT. Senior Secured | Ba3 | Baa2 |
| STRUCT. Senior Subordinate | C | Ca |
| OMI Trust 2001-C STRUCT. Senior Secured | Ca | Caa1 |
| OMI Trust 2001-D STRUCT. Senior Secured | B1 | Ba2 |
| STRUCT. Senior Subordinate | C | Ca |
| OMI Trust 2001-E STRUCT. Senior Secured | B2 | Ba3 |
| STRUCT. Senior Subordinate | C | Ca |
| OMI Trust 2002-A STRUCT. Senior Secured | B1 | Ba3 |
| OMI Trust 2002-B STRUCT. Senior Secured | Ba2 | Ba1 |
| Oakwood Mortgage Investors, Inc. Series 1998-C STRUCT. Senior Secured | Baa3 | Baa1 |
| STRUCT. Senior Subordinate | Ca | Caa3 |
| Oakwood Mortgage Investors, Inc. Series 1998-D STRUCT. Senior Secured | Ba1 | Baa3 |
| Oakwood Mortgage Investors, Inc. Series 1999-A STRUCT. Senior Secured | Ba1 | Baa2 |
| Oakwood Mortgage Investors, Inc. Series 1999-A STRUCT. Senior Subordinate | C | Ca |
| Peachtree Franchise Loan LLC 1999-A STRUCT. Senior Secured | A3 | Aa3 |
| STRUCT. Senior Secured | Baa2 | A3 |
| STRUCT. Senior Subordinate | B1 | Baa3 |
| STRUCT. Subordinate | Caa3 | Caa1 |
| TLR Master Trust 2001 STRUCT. Senior Secured | Ba1 | Baa3 |
| Western Power Distribution Holdings Limited Senior Unsecured |
Baa3 | Ba2 |
Rating Game (DECEMBER 16 -- DECEMBER 23)