| MOODY’S | TO | FROM |
| UPGRADES | ||
| Fashion Valley Mall Mortgage Trust struct. sr. sub. | Aa1 | Aa3 |
| struct. sub. | Aa2 | A1 |
| struct. sub. | Aa3 | A2 |
| struct. sub. | A2 | Baa1 |
| struct. sub. | A1 | A3 |
| HIPOCAT struct. sr. sub. | A1 | A2 |
| Juniper Generation, L.L.C. sr. sec. | Ba3 | B1 |
| ProSiebenSat.1 Media AG sr. unsec. | Ba2 | Ba3 |
| DOWNGRADES | ||
| Arizona Public Service Company sr. sec. | Baa1 | A3 |
| Armkel LLC bkd. sr. sub. | B1 | B2 |
| Baxter International Inc. sr. unsec. | Baa1 | A3 |
| sr. unsec. MTNs | Baa1 | A3 |
| Boyds Collection, Ltd. sr. sub. | B3 | B2 |
| Church & Dwight Company, Inc. sr. unsec. | Ba3 | B1 |
| CSFB Commericial Mortgage Trust 2002-FL2 struct. sr. sec. | Aa1 | Aaa |
| struct. sr. sub. | A1 | Aa2 |
| struct. sub. | Baa2 | A2 |
| struct. sub. | Ba2 | Baa2 |
| struct. sub. | Ba3 | Baa3 |
| struct. sub. | Ba3 | Ba1 |
| struct. sub. | B3 | Ba3 |
| struct. sub. | B1 | Ba2 |
| struct. sub. | Caa1 | B1 |
| MOODY’S | TO | FROM |
| struct. sub. | Caa2 | B2 |
| struct. sub. | Caa3 | B3 |
| Dragon Finance B.V. struct. sr. sec. | Baa1 | A3 |
| EuropeLoan Finance struct. sub. | B2 | Baa2 |
| EuropeLoan Finance N.V. struct. sub. | B2 | Baa2 |
| Highbury Finance B.V.struct. sr. sec. | Baa1 | A3 |
| J Sainsbury plc sr. unsec. | Baa1 | A3 |
| sr. unsec. MTNs | Baa1 | A3 |
| Le-Nature’s, Inc. sr. sub. | Caa1 | B3 |
| MERIT Securities Corporation struct. sr. sub. | Ca | Aa2 |
| struct. sub. | C | Baa2 |
| Provident Companies, Inc. bkd. sr. unsec. | Ba1 | Baa3 |
| R.A.B. Enterprises, Inc. sr. unsec. | Ca | Caa3 |
| R.J. Tower Corp. bkd. sr. unsec. | B2 | B1 |
| Six Flags Inc. sr. unsec. | B3 | B2 |
| Spices Finance Limited struct. sr. sub. | Caa2 | Caa1 |
| Sun Communities Operating Ltd. Partnership sr. unsec. | Ba1 | Baa3 |
| sr. unsec. MTNs | Ba1 | Baa3 |
| Sun Communities, Inc. sr. unsec. | Ba1 | Baa3 |
| Tower Automotive, Inc. sub. | Caa3 | B3 |
| Trico Marine Services, Inc. sr. unsec. | Ca | Caa3 |
| Unum Corporation bkd. sr. unsec. | Ba1 | Baa3 |
| bkd. sr. unsec. MTNs. | Ba1 | Baa3 |
| bkd. jr. sub. | Ba2 | Ba1 |
| UnumProvident Corp. sr. unsec. | Ba1 | Baa3 |
Rating Game (MAY 7 -- MAY 13)