| RATING GAME ( Jan 10-16) | ||
| Moody's Investors Service | ||
| Downgrades | From | To |
| BRE Intl. Finance B.V. Backed Sr. Unscd. | A3 | Baa1 |
| BRE Intl. Finance B.V. Backed Sr. Unscd. MTN | A3 | Baa1 |
| BRE Intl. Finance B.V. Backed Sub. MTN | Baa1 | Baa2 |
| CE Electric UK Funding Co. Sr. Unscd. | Baa1 | Baa3 |
| CITGO Petroleum Corp. Sr. Unscd. | Baa2 | Ba2 |
| Travellers Property Casualty Corp. Jr. Sub. | A2 | A3 |
| Yorkshire Electricity Distribution Backed Sr. Unscd. | A3 | Baa1 |
| Yorkshire Power Finance Ltd. Backed Sr. Unscd. | Baa1 | Baa2 |
| Avalon Cable LLC Backed Sr. Unscd. | B2 | Caa1 |
| Charter Communications Holdings Sr. Unscd. | B3 | Ca |
| Charter Communications Holdings Backed Sr. Unscd. | B3 | Ca |
| Charter Comunications Inc. Sr. Unscd. | Caa2 | Ca |
| Fijitsu Finance (UK) Sr. Unscd. | A3 | Baa2 |
| Fijitsu Finance (UK) Backed Sr. Unscd. MTN | A3 | Baa2 |
| Fujitsu Intl Finance (Netherlands) BV Backed Sr. Unscd. | A3 | Baa2 |
| Fijitsu Ltd. Sr. Unscd. | A3 | Baa2 |
| Nippon Meat Packers Sr. Unscd. | Baa2 | Baa3 |
| Renaissance Media (Louisiana) Backed Sr. Unscd. | B2 | Caa1 |
| Israel Electric Corp. Ltd. (The) Sr. Scd. | A3 | Baa2 |
| Israel Electric Corp. Ltd. (The) Sr. Scd. MTN | A3 | Baa2 |
| Big Food Group Backed Sr. Unscd. | Ba3 | B1 |
| Deutsche Telekom AG Sr. Unscd. | Baa1 | Baa3 |
| Deutsche Telekom AG Sr. Unscd. MTN | Baa1 | Baa3 |
| Deutsche Telekom AG Sub. MTN | Baa1 | Baa3 |
| Deutsche Telekom Intl. Finance BV Backed Sr. Unscd. | Baa1 | Baa3 |
| Deutsche Telekom Intl. Finance BV Backed Sr. Unscd. MTN | Baa1 | Baa3 |
| Deutsche Telekom Intl. Finance BV Backed Sub. MTN | Baa1 | Baa3 |
| E. ON AG Sr. Unscd. MTN | Aa2 | A1 |
| E. ON Intl. Finance B.V. Backed Sr. Unscd. | Aa2 | A1 |
| E. ON Intl. Finance B.V. Backed Sr. Unscd. MTN | Aa2 | A1 |
| Egg Banking Sr. Unscd. | A1 | A2 |
| Egg Banking Sr. Unscd. MTN | A1 | A2 |
| Egg Banking Sub. | A2 | A3 |
| Egg Banking Sub. MTN | A2 | A3 |
| Omnipoint Corp. Sr. Unscd. | Baa2 | Ba3 |
| Penhall Acquisition Corp. Sr. Unscd. | B3 | Caa3 |
| VoiceStream Wireless Corp. Backed Sr. Unscd. | Baa2 | Ba3 |
| Alliant Energy Resources Backed Sr. Unscd. | Baa1 | Baa3 |
| Interstate Power & Light Co. Sr. Scd. | A1 | A3 |
| Interstate Power & Light Co. Sr. Unscd. | A2 | Baa1 |
| Interstate Power & Light Co. Jr. Sub. | A3 | Baa2 |
| Iowa Electric Light And Power Co. Backed Sr. Scd. | A1 | A3 |
| Wisconsin Power And Light Co.Sr. Unscd. | Aa3 | A2 |
| Cerro Negro Finance Backed Sr. Scd. | Ba2 | B1 |
| Companhia de Saneamento do Parana (Sanepar) Sr. Unscd. | Ba2 | Ba3 |
| Petrozuata Finance Backed Sr. Scd. | Baa2 | B1 |
| Read-Rite Corp. Sub. | Caa3 | C |
| Transportation Maritima Mexicana S.A. de C.V. Sr. Unscd. | B2 | Caa1 |
| Bariven S.A. Backed Sr. Unscd. MTN | Ba3 | B3 |
| Loews Corp. Sr. Unscd. | A2 | A3 |
| Loews Corp. Sub. | A3 | Baa1 |
| PDV America Backed Sr. Unscd. | Ba3 | B3 |
| Upgrades | ||
| Bank Gospodarki Zywnosciowej S.A. Backed Sr. Unscd. | Baa3 | Baa1 |
| Lennar Corp. Sr. Unscd. | Ba1 | Baa3 |
| Lennar Corp. Sr. Sub. | Ba3 | Ba2 |
| Fisher Scientific Intl. Sr. Sub. | B3 | B2 |
| SEB AB Sr. Unscd. | A2 | A1 |
| SEB AB Sr. Unscd. MTN | A2 | A1 |
| SEB AB Sub. | A2 | A3 |
| SEB AB Sub. MTN | A2 | A3 |
| SEB AB Jr. Sub. | A2 | A3 |
| SEB AB Jr. Sub. MTN | A2 | A3 |
| CFR Marfa S.A. Sr. Unscd. | B3 | B2 |
| Fitch Ratings | ||
| Downgrades | ||
| Allegheny Energy Sr. Unscd. | BB | B+ |
| West Penn Power Co. MTN | BBB- | BB |
| Potomac Edison Co. Sr. Unscd. | BBB- | BB |
| Monongahela Power Co. MTN | BBB- | BB |
| Allegheny Energy Supply Co. Sr. Unscd. | BB- | B |
| Sears, Roebuck & Co. Sr. Unscd. | A- | BBB+ |
| Sears Roebuck Acceptance Corp. | A- | BBB+ |
| Sears DC Corp. | A- | BBB+ |
| Duke Energy Corp. Sr. Unscd. | A | A- |
| Duke Capital Sr. Unscd. | A- | BBB |
| PanEnergy Sr. Unscd. | A- | BBB |
| Texas Eastern Transmission Sr. Unscd. | A- | BBB+ |
Rating Game (JANUARY 10 -- JANUARY 16)