| RATING GAME ( March 21-27) | ||
| Moody's Investors Service | ||
| Downgrades | From | To |
| Eagle Family Food Sr. Sub. | B3 | Caa2 |
| Mirant Americas Generation Sr. Unscd. | Ba3 | B3 |
| Mirant Corp. Sr. Unscd. | B1 | Caa2 |
| Mirant Mid-Atlantic Sr. Scd. | Ba3 | B2 |
| Mission Resources Corp. Backed Sr. Sub. | Caa1 | Caa3 |
| AmeriGas Partners Backed Sr. Unscd. | Ba3 | B2 |
| Ebara Corp. Sr. Unscd. | Baa1 | Baa3 |
| Hannover Finance Backed Sub. | Baa1 | Ba1 |
| Ameritech Capital Fundg Corp. Backed Sr. Unscd. | Aa3 | A1 |
| Ameritech Capital Fundg Corp. Backed Sr. Unscd. MTN | Aa3 | A1 |
| Illinois Bell Telephone Co. Sr. Unscd. | Aa2 | Aa3 |
| Indiana Bell Telephone Co. Sr. Unscd. | Aa2 | Aa3 |
| Michigan Bell Telephone Co. Sr. Unscd. | Aa2 | Aa3 |
| Ohio Bell Tel Co. Sr. Unscd. | Aa2 | Aa3 |
| Pacific Bell Sr. Unscd. | Aa3 | A1 |
| ROC Communities Backed Sr. Unscd. | Baa3 | Ba1 |
| SBC Communications Capital Corp. Sr. Unscd. | Aa3 | A1 |
| SBC Communications Capital Corp. Sr. Unscd. MTN | Aa3 | A1 |
| SBC Communications Capital Corp. Backed Sr. Unscd. MTN | Aa3 | A1 |
| SBC Communications Sr. Unscd. | Aa3 | A1 |
| Southern New England Telecom Corp. Sr. Unscd. | Aa3 | A1 |
| Southern New England Telephone Co. | Aa2 | Aa3 |
| Southwestern Bell Telephone Co. Sr. Unscd. | Aa2 | Aa3 |
| Southwestern Bell Telephone Co. Sr. Unscd. MTN | Aa2 | Aa3 |
| Wisconsin Bell Inc. Sr. Unscd. | Aa2 | Aa3 |
| Bombardier Capital Sr. Unscd. | Baa2 | Baa3 |
| Bombardier Capital Sr. Unscd. MTN | Baa2 | Baa3 |
| Bombardier Inc. Sr. Unscd. | Baa2 | Baa3 |
| Cleco Corp. Sr. Unscd. | Baa1 | Baa3 |
| Cleco Power Sr. Unscd. | A3 | Baa1 |
| Cleco Power Sr. Unscd. MTN | A3 | Baa1 |
| Elwood Energy Sr. Scd. | Ba3 | Ba2 |
| Antenna TV S.A. Sr. Unscd. | Ba3 | B1 |
| Upgrades | ||
| Fubon Financial Holdg Co. Sr. Unscd. | Baa3 | Baa2 |
| Denbury Mgmt Backed Sr. Sub. | B3 | B2 |
| Denbury Resources Sr. Sub. | B3 | B2 |
| United Biscuits Finance Backed Sr. Sub. | B2 | B1 |
| Key Energy Services Sr. Unscd. | Ba3 | Ba2 |
| Key Energy Services Sr. Sub. | B2 | Ba3 |
| Key Energy Services Sub. | B2 | Ba3 |
| Weight Watchers Intl. Sr. Sub. | Ba3 | Ba2 |
| Fitch Ratings | ||
| Downgrades | ||
| Omnicom Group Inc. Sr. Unscd. | A | A- |
| Fleming Companies Sr. Unscd. | B+ | CCC |
| Toys "R' Us Sr. Notes | BBB- | BB+ |
Rating Game (MARCH 21 -- MARCH 27)