| MOODY’S | TO | FROM |
| DOWNGRADES | ||
| Bank Fuer Arbeit und Wirtschaft AG sr. sec. | Aa2 | Aa1 |
| sr. unsec. | A2 | A1 |
| sr. sub | A3 | A2 |
| Citizens Communications Company sr. unsec. | Ba3 | Baa3 |
| DVI Receivables xiv,L.L.C. struc. sr. sec. | Ca | Baa3 |
| DVI Receivables XVI, L.L.C. sturc. sr. sec. | Ca | B3 |
| Eaton Vance CDO II, Ltd. struc. sr. sec. | B1 | Ba1 |
| Electronic Data Systems Corp. sr. unsec. | Ba1 | Baa3 |
| Encana Corp. sr. unsec. | Baa2 | Baa1 |
| Evergreen International Aviation, Inc sr. sec. | Ca | Caa2 |
| GulfMark Offshore, Inc sr. unsec. | B2 | B1 |
| MOODY’S (cont’d) | TO | FROM |
| DOWNGRADES | ||
| Knight Funding ltd. struc. sr. sec. | Ba3 | Baa3 |
| Saturns 2001-2 struc. sr. sec. | Ba3 | Baa3 |
| USEC Inc sr. unsec. | Ba3 | Ba2 |
| UPGRADES | ||
| Abode Beta Co. struc. sr. sub. | Aa3 | A2 |
| Abode2 struc. sr. sub. | Aa3 | A2 |
| Denny’s Corp. sr. unsec. | Caa3 | Ca |
| Denny’s corp. sr. unsec. | Caa3 | Ca |
| Domino’s, Inc sr. sub. | B2 | B3 |
| sr. sec. | Aaa | Aa1 |
Rating Game (JULY 9 — JULY 15)