| Moodys | ||
| Downgrades | To | From |
| BISTRO 2000-6, Ltd. struct. sr. sec. | A1 | Aa2 |
| struct. sr. sub. | Ba2 | Baa3 |
| struct. sr. sub. | Ca | Caa3 |
| Celestica Inc. sub. | Ba3 | Ba2 |
| CVS Corporation sr. unsec. | A3 | A2 |
| sr. unsec. MTNs | A3 | A2 |
| European Reinsurance Company of Zurich bkd. sr. unsec. MTNs | Aa2 | Aa1 |
| bkd. sub. MTNs | A1 | Aa3 |
| J.H. Whitney Market Value Fund, L.P. struct. sub. | Ca | Caa3 |
| Muzak Holdings, LLC bkd. sr. unsec. | Ca | Caa3 |
| Muzak LLC bkd. sr. unsec. | Caa1 | B3 |
| bkd. sr. sub. | Caa2 | Caa1 |
| Prime Property Funding II, Inc. sr. unsec. | A3 | A2 |
| bkd. sr. unsec. | A3 | A2 |
| Prudential Securities Secured Fin. Corp. struct. sr. sub. | Aa1 | Aa2 |
| struct. sub. | Caa1 | B2 |
| struct. sub. | Caa2 | B3 |
| SAS Denmark-Norway-Sweden bkd. sr. unsec. | B2 | B1 |
| bkd. sr. unsec. MTNs | B2 | B1 |
| bkd. sub. | B3 | B2 |
| SHYPPCO Finance Company LLC struct. sr. sec. | Ba1 | Baa1 |
| struct. sr. sub. | C | Ca |
| Stadtsparkasse Koeln sr. unsec. | A1 | Aa3 |
| sr. unsec. MTNs | A1 | Aa3 |
| sub. | A1 | Aa3 |
| sub. MTNs | A1 | Aa3 |
| Swiss RE America Holding Corporation bkd. sr. unsec. | Aa2 | Aa1 |
| bkd. sr. unsec. MTNs | Aa2 | Aa1 |
| bkd. sub. | A1 | Aa3 |
| Downgrades (cont’d) | To | From |
| bkd. sub. MTNs | A1 | Aa3 |
| Swiss RE GB PLC bkd. sr. unsec. | Aa2 | Aa1 |
| bkd. sr. unsec. MTNs | Aa2 | Aa1 |
| bkd. sub. MTNs | A1 | Aa3 |
| Swiss RE Treasury (Luxembourgh) SA bkd. sr. unsec. | Aa2 | Aa1 |
| bkd. sr. unsec. MTNs | Aa2 | Aa1 |
| bkd. sub. MTNs | A1 | Aa3 |
| Swiss Re Financial Products Corporation bkd. sr. unsec. | Aa2 | Aa1 |
| bkd. sr. unsec. MTNs | Aa2 | Aa1 |
| bkd. sub. MTNs | A1 | Aa3 |
| Swiss Re Germany Holding AG bkd. sr. unsec. MTNs | Aa2 | Aa1 |
| bkd. sub. MTNs | A1 | Aa3 |
| Swiss Reinsurance Company sr. unsec. MTNs | Aa2 | Aa1 |
| sub. MTNs | A1 | Aa3 |
| jr. sub. | A1 | Aa3 |
| SwissRe Finance (Bermuda) Ltd. bkd. sr. unsec. MTNs | Aa2 | Aa1 |
| bkd. sub. MTNs | A1 | Aa3 |
| Underwriters Re Group, Inc. sr. unsec. | A1 | Aa3 |
| United States Can Company sr. sec. | Caa1 | B3 |
| bkd. sr. sub. | Caa2 | Caa1 |
| Verizon Hawaii, Inc. bkd. sr. unsec. | Aa1 | Aaa |
| Upgrades | ||
| All Japan Mortgage Trust 2000-1 struct. sr. sub. | A1 | A3 |
| Herbst Gaming, Inc. sr. sec. | B1 | B2 |
| Latitude Synthetic I B.V. struct. sr. sub. | A1 | A2 |
| struct. sub. | A3 | Baa2 |
| Merrill Lynch International struct. sr. sub. | A3 | Baa2 |
| Tenneco Automotive Inc. sr. sub. | B3 | Caa1 |
| Vivar Operating Inc. bkd. sr. sub. | B2 | B3 |
Rating Game (MAY 21 -- MAY 27)