| RATING GAME (Feb 21-27) | ||
| Moody's Investors Service | ||
| Downgrades | From | To |
| BAE SYSTEMS Sr. Unscd. | A2 | Baa1 |
| BAE SYSTEMS Finance Backed Sr. Unscd. | A2 | Baa1 |
| BAE SYSTEMS Finance Backed Sr. Unscd. MTN | A2 | Baa1 |
| BAE Systems Holdings Backed Sr. Unscd. | A2 | Baa1 |
| McDonald's Corp. Sr. Unscd. | Aa3 | A2 |
| McDonald's Corp. Sub. | A1 | A3 |
| Ahold Finance B.V. Backed Sr. Unscd. MTN | Baa3 | B1 |
| Ahold Finance B.V. Backed Sub. MTN | Ba1 | B2 |
| Ahold Finance Europe B.V. Backed Sr. Unscd. | Baa3 | B1 |
| Ahold Finance Europe B.V. Backed Sub. MTN | Ba1 | B2 |
| Ahold Finance U.S.A. Backed Sr. Unscd. | Baa3 | B1 |
| Ahold Finance U.S.A. Backed Sr. Unscd. MTN | Baa3 | B1 |
| Ahold Finance U.S.A. Backed Sub. MTN | Ba1 | B2 |
| Ahold USA Holdgs. Backed Sr. Unscd. | Baa3 | B1 |
| Albert Heijn Backed Sr. Unscd. | Baa3 | B1 |
| Koninklijke Ahold N.V. Sr. Unscd. | Baa3 | B1 |
| Koninklijke Ahold N.V. Sr. Unscd. MTN | Ba1 | B2 |
| Koninklijke Ahold N.V. Sub. MTN | Ba1 | B2 |
| CITIC Hong Kong Finance Ltd. Backed Sr. Unscd. | Baa3 | Ba1 |
| Aquila Sr. Unscd. | Ba2 | B1 |
| Aquila Sub. | Ba3 | B2 |
| UtiliCorp Canada Financial Corp. Backed Sr. Unscd. | Ba2 | B1 |
| CapStar Hotel Co. Backed Sr. Sub. | B3 | Caa1 |
| CapStar Hotel Co. Backed Sub. | B3 | Caa1 |
| MeriStar Hospitality Corp. Sr. Sub. | B3 | Caa1 |
| Omnicom Group Sr. Unscd. | A3 | Baa1 |
| Western Power Distribution Holdings Sr. Unscd. | Baa1 | Baa2 |
| Cheseapeake Energy Corp. Sr. Unscd. | B1 | Ba3 |
| Realty Income Corp. Sr. Unscd. | Baa3 | Baa2 |
| Upgrades | ||
| Dean Holding Co. Backed Sr. Unscd. | B1 | Ba3 |
| Fitch Ratings | ||
| Downgrades | ||
| Corporacion Durango Sr. Unscd. | C | D |
| Cingular Wireless Sr. Unscd. | A | A- |
| BAE Systems Sr. Unscd. | A- | BBB+ |
| Koninklij Ahold Sr. Unscd. | BBB+ | BBB- |
| Aquila Inc. Sr. Unscd. | BB | B+ |
| Aquila Canada Finance Sr. Unscd. | BB | B+ |
| Aquila Asia Pacific Sr. Unscd. | BB | B+ |
| Northwest Airlines Sr. Unscd. | B+ | B |
| Royal & Sun Alliance Insurance Group Jr. Sub. | BBB- | BB+ |
Rating Game (FEBRUARY 21 -- FEBRUARY 27)