| RATING GAME ( March 14-20) | ||
| Moody's Investors Service | ||
| Downgrades | From | To |
| Aruba Airport Authority N.V. Sr. Unscd. | Baa3 | Ba1 |
| Alaska Air Group Sub. | B3 | Caa1 |
| Autopistas Del Atlantico CESA Sr. Unscd. | Aaa | A2 |
| Autopistas Del Atlantico CESA Backed Sr. Unscd. | Aaa | A2 |
| SEMCO Energy Inc. Sr. Unscd. | Baa3 | Ba2 |
| SEMCO Energy Inc. Sr. Unscd. MTN | Baa3 | Ba2 |
| SEMCO Energy Inc. Sub. | Ba1 | Ba2 |
| Atlas Air Inc. Sr. Unscd. | Caa2 | Caa1 |
| Brown Jordan Intl. Sr. Sub. | B3 | Caa2 |
| Thomas & Betts Corp. Sr. Unscd. | Baa2 | Ba1 |
| Thomas & Betts Corp. Sr. Unscd. MTN | Baa2 | Ba1 |
| GXS Corp. Sr. Unscd. | B1 | B2 |
| AXA Sr. Unscd. | A1 | A2 |
| AXA Sr. Unscd. MTN | A1 | A2 |
| AXA Sub. | A2 | A3 |
| AXA Sub. MTN | A2 | A3 |
| AXA Jr. Sub. | A2 | A3 |
| AXA Jr. Sub. MTN | A1 | A3 |
| AXA Financial Sr. Unscd. | A2 | A3 |
| Fleming Companies Sr. Unscd. | B2 | Caa2 |
| Fleming Companies Sr. Sub. | B3 | Ca |
| Fleming Companies Backed Sr. Sub. | B3 | Ca |
| HealthSouth Corp. Sr. Unscd. | Ba3 | Caa |
| HealthSouth Corp. Sr. Sub. | B2 | Caa3 |
| HealthSouth Sub. | B2 | Caa3 |
| Akzo Nobel Inc. Backed Sr. Unscd. | A2 | A3 |
| AkzoNobel N.V. Sr. Unscd. | A2 | A3 |
| J.B. Poindexter & Co. Backed Sr. Unscd. | B3 | Caa2 |
| Amatek Industries Pty Ltd.Sr. Sub. | B3 | Caa1 |
| Momenta (Cayman) Backed Sr. Unscd. | Baa3 | Ba2 |
| SK Corp. Sr. Unscd. | Baa3 | Ba2 |
| Upgrades | ||
| GreenPoint Bank Sub. | Baa3 | Baa1 |
| Action Performance Companies Sub. | B3 | B2 |
| Fitch Ratings | ||
| Downgrades | ||
| Bombardier Inc. Sr. Unscd. | BBB+ | BBB |
| Bombardier Capital Sr. Unscd. | BBB+ | BBB |
| Upgrades | ||
| JDN Realty Corp. Sr. Unscd. | BB | BBB- |
Rating Game (MARCH 14 -- MARCH 20)