| Moody's | ||
| Upgrades | To | From |
| MTI Capital (Cayman) Limited BACKED Subordinate | Baa2 | Ba1 |
| MTI Finance (Cayman) Ltd. | Baa2 | Ba1 |
| South Australian Government Financing Auth. BACKED Senior Unsecured | Aaa | Aa1 |
| BACKED Senior Unsecured MTN | Aaa | Aa1 |
| Denso Corporation' Senior Unsecured Rating | Aa1 | Aa3 |
| Caixa Catalunya Covered Bonds | Aa2 | Aa3 |
| Senior Unsecured | A1 | A2 |
| Senior Unsecured MTN | A1 | A2 |
| Subordinate | A2 | A3 |
| Caixa Catalunya International Finance B.V. BACKED Senior Unsecured | A1 | A2 |
| BACKED Senior Unsecured MTN | A1 | A2 |
| Caixa Catalunya International Finance Limited BACKED Senior Unsecured | A1 | A2 |
| BACKED Senior Unsecured MTN | A1 | A2 |
| Euromol B.V. BACKED Senior Unsecured MTN | Baa2 | Ba1 |
| Hornbeck Offshore Services, Inc. Senior Unsecured | Ba3 | B1 |
| Mitsui O.S.K. Finance PLC BACKED Senior Unsecured | Baa2 | Ba1 |
| BACKED Senior Unsecured MTN | Baa2 | Ba1 |
| Mitsui O.S.K. Lines, Ltd. Senior Unsecured | Baa2 | Ba1 |
| Senior Unsecured MTN | Baa2 | Ba1 |
| BACKED Senior Unsecured | Baa2 | Ba1 |
| NYK Finance (Cayman) Ltd. BACKED Senior Unsecured MTN | Baa1 | Baa3 |
| NYK International (Netherlands) BV BACKED Senior Unsecured MTN | A3 | Baa2 |
| NYK International Plc BACKED Senior Unsecured MTN | A3 | Baa2 |
| Nippon Yusen Kabushiki Kaisha Senior Unsecured | A3 | Baa2 |
| Senior Unsecured MTN | A3 | Baa2 |
| A Japanese Finance Company STRUCT. Senior Secured | Aaa | Aa2 |
| Helix Capital (Netherlands) B.V. STRUCT. Senior Subordinated | Ba1 | Ba2 |
| Hylsa, S.A. de C.V. Senior Unsecured | B1 | B3 |
| Level 3 Financing, Inc. BACKED Senior Unsecured | Caa1 | Caa2 |
| Nextel Partners, Inc. Senior Unsecured | B3 | Caa1 |
| Sovereign Investment Securities Two Limited STRUCT. Senior Secured | A1 | A2 |
| Sumitomo Trust And Banking Co. Ltd. Subordinate | A3 | Baa2 |
| Subordinate MTN | A3 | Baa2 |
| Junior Subordinate MTN | A3 | Baa2 |
| JLOC FIVE TMK STRUCT. Senior Secured | A1 | A2 |
| STRUCT. Senior Secured | Aa2 | Aaa |
| Abode Co., Ltd. STRUCT. Senior Secured | A3 | Baa3 |
| All Japan Mortgage Trust 2000-1 STRUCT. Senior Subordinate | Aa1 | A1 |
| STRUCT. Senior Subordinate | A1 | A3 |
| Asahi Beer International Finance B.V. BACKED Senior Unsecured MTN | Baa1 | Baa3 |
| Asahi Breweries, Ltd. Senior Unsecured | Baa1 | Baa3 |
| Bridgestone Corporation Senior Unsecured | A3 | Baa2 |
| Bridgestone Finance Europe B.V. BACKED Senior Unsecured MTN | A3 | Baa2 |
| Bulgaria, Government of - Senior Unsecured | Ba1 | Ba2 |
| RMF 21 Corporation STRUCT. Senior Subordinate | A1 | A3 |
| Sotheby's Holdings, Inc. Senior Unsecured | B2 | B3 |
| Suntory Limited Senior Unsecured | Baa1 | Baa2 |
| Cleco Evangeline LLC Senior Secured | B1 | B3 |
| DLJ Commercial Mortgage Corp. STRUCT. Senior Subordinate | Aa2 | A2 |
| STRUCT. Senior Subordinate | Aa3 | A3 |
| STRUCT. Senior Subordinate | A3 | Baa2 |
| STRUCT. Senior Subordinate | Aaa | Aa2 |
| STRUCT. Senior Subordinate | Baa2 | Baa3 |
| Northrop Grumman Corporation Senior Unsecured | Baa2 | Baa3 |
| One New York Plaza Trust STRUCT. Senior Subordinate | Aa1 | Aa2 |
| STRUCT. Senior Subordinate | A1 | A2 |
| STRUCT. Senior Subordinate | A1 | A2 |
| STRUCT. Senior Subordinate | Baa1 | Baa2 |
| STRUCT. Senior Subordinate | Baa2 | Baa3 |
| Downgrades | To | From |
| Archer-Daniels-Midland Company Senior Unsecured | A2 | A1 |
| Danka Business Systems PLC Senior Unsecured | B3 | B2 |
| Mid Ocean CBO 2001-1 Ltd. STRUCT. Senior Secured | Aa3 | Aaa |
| STRUCT. Senior Subordinate | Baa1 | Aa2 |
| STRUCT. Subordinate | B2 | Baa3 |
| Bombardier Capital Funding Ltd Partnership BACKED Senior Unsecured | Ba2 | Baa3 |
| Bombardier Capital Inc. Senior Unsecured | Ba2 | Baa3 |
| Senior Unsecured MTN | Ba2 | Baa3 |
| Bombardier Inc. Senior Unsecured | Ba2 | Baa3 |
| Cascades Inc. Senior Unsecured | Ba3 | Ba1 |
| Receivables Structured Trust 2001-Calpoint STRUCT. Senior Secured | Caa2 | Caa1 |
| Six Flags Inc. Senior Unsecured | Caa1 | B3 |
| Solstice ABS CBO, Ltd. STRUCT. Senior Subordinate | A3 | Aa2 |
| STRUCT. Subordinate | B2 | Baa2 |
| STRUCT. Senior Subordinated | C | Ba3 |
| Banco Santos S.A. Senior Unsecured | Caa1 | B2 |
| Senior Unsecured MTN | Caa3 | B1 |
| Beacon Hill CBO II Ltd. STRUCT. Senior Secured | A1 | Aaa |
| STRUCT. Senior Secured | B1 | Ba1 |
| Falcon Auto Dealership LLC STRUCT. Senior Subordinate | A1 | Aa2 |
| STRUCT. Subordinate | Baa1 | A2 |
| STRUCT. Junior Subordinate | Ba2 | Baa2 |
| STRUCT. Junior Subordinate | Ba2 | Baa2 |
| STRUCT. Junior Subordinate | Caa1 | B2 |
| STRUCT. Senior Secured | Aa1 | Aaa |
| Rogers Cable Inc. Senior Secured | Ba3 | Ba2 |
| BACKED Senior Secured | Ba3 | Ba2 |
| BACKED Senior Subordinate | B2 | Ba3 |
| Rogers Communications Inc. Senior Unsecured | B3 | B2 |
| Sears DC Corp. Senior Unsecured MTN | Baa2 | Baa1 |
| Sears Roebuck Acceptance Corp. Senior Unsecured | Baa1 | Baa1 |
| Senior Unsecured MTN | Baa2 | Baa1 |
| Subordinate MTN | Baa3 | Baa2 |
| Sears, Roebuck and Co. Senior Unsecured | Baa2 | Baa1 |
| Senior Unsecured MTN | Baa2 | Baa1 |
| Coinmach Corporation (The) Senior Unsecured | B3 | B2 |
Rating Game (November 12 - November 18)