| RATING GAME ( March 28- April 3) | ||
| Moody's Investors Service | ||
| Downgrades | From | To |
| Aitrain Citylink Ltd. Sr. Scd. | B2 | Caa1 |
| ASAT Finance LLC Backed Sr. Unscd. | B3 | B1 |
| CSR Finance Ltd. Backed Sr. Unscd. | A1 | Baa2 |
| Rinker Materials Corp. Backed Sr. Unscd. | A2 | A3 |
| Altria Finance (Cayman Islands) Ltd. Sr. Unscd. | A2 | Baa1 |
| Altria Finance (Cayman Islands) Ltd. Backed Sr. Unscd. | A2 | Baa1 |
| Altria Group Sr. Unscd. | A2 | Baa1 |
| Altria Group Sr. Unscd. MTN | A2 | Baa1 |
| Empresa Electrica Guacolda S.A. Sr. Scd. | Baa3 | Ba1 |
| General Foods Corp. Sr. Unscd. | A2 | A3 |
| Kraft Foods Inc. Sr. Unscd. | A2 | A3 |
| Kraft Foods North America Sr. Unscd. | A2 | A3 |
| Nabisco Inc. Backed Sr. Unscd. | A2 | A3 |
| Philip Morris Capital Corp. Sr. Unscd. | A2 | Baa1 |
| Air Canada Sr. Unscd. | B3 | Caa1 |
| Air Canada Sub. | Caa2 | C |
| Aquila Inc. Sr. Unscd. | B1 | Caa1 |
| Aquila Inc. Sub. | B2 | Caa3 |
| Bayerische Handelsbank AG Backed Sr. Unscd. | A1 | Baa1 |
| Fleming Companies Sr. Unscd. | Caa2 | Caa3 |
| Fleming Companies Backed Sr. Sub. | Ca | C |
| HVB Real Estate Bank AG Sr. Unscd. | A1 | Baa1 |
| HVB Real Estate Bank AG Sr. Unscd. MTN | A1 | Baa1 |
| HVB Real Estate Bank AG Sub. MTN | A2 | Baa2 |
| Nuernberger Hypothekenbank AG Backed Sr. Unscd. | A1 | Baa1 |
| Sueddeutsche Bodencreditbankk AG Backed Sr. Unscd. | A1 | Baa1 |
| Utilicorp Canada Financial Corp. Backed Sr. Unscd. | B1 | Caa1 |
| Westfaelische Hypothekenbank AG Sr. Scd. MTN | Aa1 | Aa3 |
| Westfaelische Hypothekenbank AG Sr. Unscd. | A2 | Baa1 |
| Westfaelische Hypothekenbank AG Sr. Unscd. MTN | A2 | Baa1 |
| Westfaelische Hypothekenbank AG Sub. | A3 | Baa2 |
| Westfaelische Hypothekenbank AG Sub. MTN | A3 | Baa2 |
| Westhyp Finance B.V. Backed Sr. Unscd. MTN | A2 | Baa1 |
| Westhyp Finance B.V. Backed Sub. MTN | A3 | Baa2 |
| Wuerttembergische Hypothekenbank AG Sr. Unscd. | A2 | A3 |
| Wuerttembergische Hypothekenbank AG Sr. Unscd. MTN | A2 | A3 |
| Wuerttembergische Hypothekenbank AG Sub. | A3 | Baa1 |
| Wuerttembergische Hypothekenbank AG Sub. MTN | A3 | Baa1 |
| J Sainsbury plc Sr. Unscd. | A2 | A3 |
| J Sainsbury plc Sr. Unscd. MTN | A2 | A3 |
| MMI Companies Jr. Sub. | A3 | Baa1 |
| St. Paul Companies Inc. (The) Sr. Unscd. | A2 | A3 |
| St. Paul Companies Inc. (The) Sr. Unscd. MTN | A2 | A3 |
| USF&G Corp. Backed Sr. Unscd. | A2 | A3 |
| USF&G Corp. Backed Sub. | A3 | Baa1 |
| USF&G Corp. Backed Jr. Sub. | A3 | Baa1 |
| Upgrades | ||
| Leslie's Poolmart Sr. Unscd. | B3 | B2 |
| Di Giorgio Corp. Sr. Unscd. | B3 | B2 |
| Fitch Ratings | ||
| Downgrades | ||
| WPP Group Sr. Unscd. | BBB+ | BBB |
| Mirant Corp. Sr. Notes | BB | B+ |
| Textron Inc. Sr. Unscd. | A | A- |
| CSR Limited Sr. Unscd. | A | BBB+ |
| Reliant Resources Sr. Unscd. | B | CCC+ |
| Sun Communities Operating Sr. Unscd. | BBB+ | BBB- |
| Atlas Air Sr. Unscd. | CCC | D |
| Fleming Companies Sr. Unscd. | CCC | D |
| Upgrades | ||
| Lockheed Martin Sr. Unscd. | BBB | BBB+ |
| NVR Inc. Sr. Unscd. | BBB- | BBB |
Rating Game (MARCH 28 -- APRIL 3)