| DOWNGRADES | ||
| MOODY'S | TO | FROM |
| Computer Sciences Corporation sr. unsec. | A3 | A2 |
| Hercules Inc. sub. | B1 | Ba3 |
| jr. sub. | B1 | Ba3 |
| Interactive Health LLC bkd. sr. unsec. | B3 | B2 |
| J. Ray McDermott, S.A. sr. sec. | Caa1 | B3 |
| Jones/Tintoretto Entertainment Company LLC struct. sr. sec. | Baa3 | A3 |
| Land of Nordrhein-Westfalen sr. unsec. | Aa2 | Aa1 |
| sr. unsec. MTNs | Aa2 | Aa1 |
| Landesbank NRW sr. unsec. | Aa2 | Aa1 |
| Northern Electric Finance Plc bkd. sr. unsec. | Baa1 | A3 |
| Roller Bearing Company of America, Inc. bkd. sr. sub. | Caa1 | B3 |
| Provide GEMS 2002-1 PLC struct. sr. sub. | A3 | A1 |
| struct. sr. sub. | B3 | Ba2 |
| struct. sr. sub. | Baa2 | Ba3 |
| Toys ‘R' US, Inc. sr. unsec. | Ba2 | Baa3 |
| Trevi Finance N.2 S.p.A. struct. sr. sub. | Baa2 | A2 |
| Triton Aviation Finance struct. sr. sub. | Caa1 | B1 |
| struct. sub. | Ca | Caa1 |
| TSASC, Inc. struct. sr. sec. | Baa2 | A2 |
| Unifi, Inc. sr. unsec. | B3 | B1 |
| United Rentals (North America), Inc. bkd. sr. unsec. | B2 | B1 |
| WestLB AG sr. unsec. | Aa2 | Aa1 |
| sr. unsec. MTNs | Aa2 | Aa1 |
| sub. | Aa2 | Aa1 |
| sub. MTNs | Aa2 | Aa1 |
| WestLB AG, New York Branch sr. unsec. MTNs | Aa2 | Aa1 |
| sub. | Aa2 | Aa1 |
| WestLB Finance Curacao N.V. bkd. sr. unsec. | Aa2 | Aa1 |
| bkd. sr. unsec. MTNs | Aa2 | Aa1 |
| bkd. sub. | Aa2 | Aa1 |
| bkd. sub. MTNs | Aa2 | Aa1 |
| WestLB Finance Netherlands B.V. bkd. sr. unsec. | Aa2 | Aa1 |
| bkd. sr. unsec. MTNs | Aa2 | Aa1 |
| bkd. sub. | Aa2 | Aa1 |
| bkd. sub. MTNs | Aa2 | Aa1 |
| Westdeutsche Landesbank (Europa) AG sr. unsec. | Aa3 | Aa2 |
| Yorkshire Power Finance Ltd. bkd. sr. unsec. | Baa3 | Baa2 |
| Yorkshire Power Pass-Through Asst Trst 2000-1 sr. unsec. | Baa3 | Baa2 |
| Ainsworth Lumber Co. Ltd. sr. sec. | B1 | B3 |
| Ajinomoto Capital (Europe) B.V. bkd. sr. unsec. MTNs | A1 | A2 |
| Ajinomoto Co., Inc. sr. unsec. | A1 | A2 |
| sr. unsec. MTNs | A1 | A2 |
| UPGRADES | ||
| Arizona Educational Loan Marketing Corp. struct. sr. sec. | Aaa | Aa2 |
| COMM 2001-FL5 struct. sr. sub. | Aaa | Aa2 |
| struct. sub. | Aaa | Aa3 |
| struct. sub. | Baa3 | Baa2 |
| CuBic One Limited struct. sr. sub. | Aaa | Aa2 |
| struct. sr. sub. | A1 | A2 |
| Dade Behring, Inc. sr. sub. | B2 | B3 |
| Kazkommerts International B.V. bkd. sr. unsec. | Baa2 | Baa3 |
| Mediocredito Trentino-Alto Adige S.p.A sr. unsec. | Aa3 | A1 |
| Mission Resources Corporation bkd. sr. sub. | Caa3 | Ca |
| Omega Healthcase Investors, Inc. sr. unsec. | B1 | B2 |
| Parker & Parsley Petroleum Company bkd. sr. unsec. | Baa3 | Ba1 |
| Pioneer Natural Resource Company sr. unsec. | Baa3 | Ba1 |
| XTO Energy, Inc. sr. unsec. | Baa3 | Ba1 |