| MOODY'S | TO | FROM |
| Downgrades | ||
| ATA Holdings Corporation bkd. sr. unsecd. | Ca | Caa3 |
| Avebury Properites Limited struct. sr. secd. | A3 | A2 |
| struct. sr. sub. | Ba1 | Baa3 |
| Emilius Company Limited struct. sr. sub. | Baa1 | A1 |
| Evans & Sutherland Computer Corporation sub. | Caa2 | B3 |
| International Wire Group, Inc. sr. sub. | Ca | Caa1 |
| bkd. sr. sub. | Ca | Caa1 |
| Land Securities Plc sr. unsecd. | A3 | A2 |
| Misti Company Ltd struct. sr. secd. | Baa3 | A3 |
| Saad Investment Finance Company Limited struct. sr. secd. | Aa3 | Aa1 |
| Upgrades | ||
| Century Broadway Funding S.P.C. struct. sr. sub. | Aa3 | A2 |
| Clare Series II Special Purpose Company struct. sr. secd. | Aaa | Aa1 |
| DLJ Mortgage Acceptance Corp. struct. sub. | Aaa | Aa2 |
| struct. jr. sub. | Aa2 | A2 |
| struct. jr. sub. | A1 | Baa1 |
| struct. jr. sub. | Ba1 | Ba2 |
| GMAC Commercial Mortgage Securities, Inc. struct. sr. sub. | Aaa | Aa2 |
| struct. sub. | A1 | A2 |
| Occidental Petroleum Corporation sr. unsecd. | Baa1 | Baa2 |
| sr. unsecd. MTNs | Baa1 | Baa2 |
| sub. | Baa2 | Baa3 |
| sub. MTNs | Baa2 | Baa3 |
| OM Group, Inc. sr. sub. | Caa1 | Caa2 |
| Oxy USA, Inc. sr. unsecd. | Baa1 | Baa2 |
| Fitch | ||
| Downgrades | To | From |
| PMI Group Inc. sr. notes | A+ | AA- |
| MGIC Investment Corporation sr. notes | A+ | AA- |
Rating Game (August 28 -- September 3)