| MOODY'S | - | - |
| DOWNGRADES | - | - |
| Anthea Sr1 struct. sr. sub. | Baa2 | A1 |
| struct. sub. | Ba3 | Baa2 |
| Chubb Corporation sr. unsec. | A2 | A1 |
| Chubb Executive Risk sr. unsec. | A2 | A1 |
| Computer Associates International, Inc. sr. unsec. | Ba1 | Baa3 |
| Evergreen International Aviation, Inc. sr. sec. | Caa2 | B3 |
| HOTELoC plc struct. sr. sec. | Aa3 | Aa2 |
| struct. sr. sec. | Aa3 | Aa2 |
| struct. sr. sec. | A3 | A2 |
| struct. sr. sec. | Ba2 | Baa3 |
| struct. sr. sec. | B3 | B1 |
| struct. sub. | B3 | B1 |
| J.P. Morgan Commercial Mortgage Finance Corp. struct. sub. | Ba3 | Ba2 |
| struct. sub. | B3 | B1 |
| struct. sub. | Ca | Caa1 |
| struct. sub. | C | Caa2 |
| Sudzucker International Finance B.V. sr. unsec. | A3 | A2 |
| bkd. sr. unsec. | A3 | A2 |
| Triton Aviation Finance struct. sr. sec. | Ba1 | Baa2 |
| - | ||
| UPGRADES | - | - |
| First Union-Lehman Brothers Com. Mtge. Tr. struct. sr. sub. | Aaa | Aa2 |
| struct. sub. | Aaa | A2 |
| struct. jr. sub. | A2 | Baa2 |
| Korea Exchange Bank Credit Service Co., Ltd. sub. | Baa3 | B3 |
| Nissan Capital of America, Inc. bkd. sr. unsec. MTNs | Baa1 | Baa3 |
| Nissan Intl. Finance (Netherlands) B.V. bkd. sr. unsec. MTNs | Baa1 | Baa3 |
| Nissan Motor Acceptance Corporation sr. unsec. MTNs | Baa1 | Baa3 |
| Nissan Motor Co., Ltd. sr. unsec. | Baa1 | Baa3 |
| Quest Diagnostics Incorporated sr. unsec. | Baa2 | Baa3 |
Rating Game (MARCH 5 -- MARCH 11)