| MOODY’S | TO | FROM |
| DOWNGRADES | ||
| Allegiance Corp. sr. sec | Baa2 | A3 |
| Bally Total Fitness Holding Corp. sr. sub. | Caa1 | B3 |
| Belize, Govt of sr. unsec. | B1 | Ba2 |
| Collins & Aikman Floorcoverings, Inc. sr. sub. | Caa1 | B2 |
| Deer Park Refining Ltd Partnership sr. unsec. | A2 | A1 |
| F.U.N.B.-BofA. Comm Mtg Tr 2001-C1 struc. sub. | B2 | B1 |
| struc. sub. | Caa1 | B2 |
| struc. sub. | Caa2 | B3 |
| Great lakes Dredge & Dock Corp. sr. unsec. | Caa2 | B3 |
| MEPC Ltd sr. unsec. | B1 | Ba3 |
| Motiva Enterprises LLC sr. unsec. | A2 | A1 |
| Sappi Papier Holding Gmbh sr. unsec. | Baa3 | Baa2 |
| Shaw Group Inc. sr. unsec. | Ba3 | Ba2 |
| Steiner Properties, L.L.C struc. sr. sec. | Ba1 | Baa2 |
| Securities AB sr. unsec. | Baa2 | Baa1 |
| UPGRADES | ||
| AMC Entertainment, Inc sr. sub. | B3 | Caa1 |
| Eurostar I CDO struc. sr. sec. | Aaa | Aa3 |
| N-45 First CMBS Issuer Corp. struc. sub. | Aa1 | Aa2 |
| Pharma Finance S.r. 1. struc. sr. sec. | Aa3 | A2 |
Rating Game (July 30 — August 5)