| MOODY’S | TO | FROM |
| DOWNGRADES | ||
| Delta Airlines, Inc. Equipment Trust | Caa2 | B3 |
| sr. unsec | Caa3 | Caa2 |
| sr unsec. MTNs | Caa3 | Caa2 |
| Iroquois Gas Transmission Sys sr. unsec. | Baa1 | A3 |
| ML CBO VIII struc. sr. sec. | B3 | Ba3 |
| struc. sr. sub. | C | Ca |
| Pacific Coast CDO struc. sr. sec. | B1 | A3 |
| struc. sr. sub. | Ba3 | Baa2 |
| struc. sub. | C | Baa2 |
| Paramount Resources sr. unsec. | B3 | B2 |
| Revlon Consumer Products Corp sr. unsec. | Caa2 | Caa1 |
| sr. sub. | Caa3 | Ca2 |
| UPGRADES | ||
| Continental Airlines, Inc. Equipment Trust | Ba2 | Ba3 |
Rating Game (JUNE 18 - JUNE 24)