| MOODY’S | TO | FROM |
| UPGRADES | ||
| Alliance & Leicester Group Treasury plc backed sr. unsec. | Aa3 | A1 |
| backed sr. unsec. MTNs | Aa3 | A1 |
| Alliance & Leicester plc sr. unsec. | Aa3 | A1 |
| sr. unsec. MTNs | Aa3 | A1 |
| sub. | A1 | A2 |
| sub. MTNs | A1 | A2 |
| jr. sub. MTNs | A1 | A2 |
| CanWest Media, Inc. sr. unsec. | Baa3 | B1 |
| Norse CBO, Ltd. struct. sr. sub. | Aa3 | A3 |
| DOWNGRADES | ||
| BARAK I.T.C. sr. sub. | Caa2 | B3 |
| Merck & Co., Inc. sr. unsec. | Aa2 | Aaa |
| sr. unsec. MTNs | Aa2 | Aaa |
| M-real sr. unsec. | Ba2 | Ba1 |
| sr. unsec. MTNs | Ba2 | Ba1 |
| Magnus Funding Ltd/ Magnus Funding Corp. struct. sr. sec. | C | Caa1 |
| Metsa Group Financial Services Oy backed sr. unsec. MTNs | Ba2 | Ba1 |
| Michigan Consolidated Gas Company first mortgage bonds | A3 | A2 |
| sr. sec. | A3 | A2 |
| sr. sec. MTNs | A3 | A2 |
| underlying first mortgage bonds | A3 | A2 |
| Systems 2001 Asset Trust Pass Through Trust struct. sub. | Baa2 | Baa1 |
Rating Game (November 8 — November 11)