| RATING GAME ( Jan 17-23 ) | ||
| Moody's Investors Service | ||
| Downgrades | From | To |
| Ahold Finance B.V. Backed Sr. Unscd. MTN | Baa1 | Baa3 |
| Ahold Finance B.V. Backed Sub. MTN | Baa2 | Ba1 |
| Ahold Finance Europe B.V. Backed Sr. Unscd. MTN | Baa1 | Baa3 |
| Ahold Finance Europe B.V. Backed Sub. MTN | Baa2 | Ba1 |
| Ahold Finance U.S.A. Inc. Backed Sr. Unscd. | Baa1 | Baa3 |
| Ahold Finance U.S.A. Inc. Backed Sr. Unscd. MTN | Baa1 | Baa3 |
| Ahold Finance U.S.A. Inc. Backed Sub. MTN | Baa2 | Ba1 |
| Ahold U.S.A. Holdgs Backed Sr.Unscd. | Baa1 | Baa3 |
| Albert Heijn Backed Sr. Unscd. | Baa1 | Baa3 |
| Bombardier Capital Fundg Partnership Backed Sr. Unscd. | A3 | Baa2 |
| Bombardier Capital Inc. Sr. Unscd. | A3 | Baa2 |
| Bombardier Capital Inc. Sr. Unscd. MTN | A3 | Baa2 |
| Bombardier Inc. Sr. Unscd. | A3 | Baa2 |
| Koninklijke Ahold N.V. Sr. Unscd. | Baa1 | Baa3 |
| Koninklijke Ahold N.V. Sr. Unscd. MTN | Baa1 | Baa3 |
| Koninklijke Ahold N.V. Sub. | Baa2 | Ba1 |
| Koninklijke Ahold N.V. Sub. MTN | Baa2 | Ba1 |
| Royal Philips Electronics N.V. Sr. Unscd. | A3 | Baa1 |
| Southern Water Services Finance plc Backed Sr. Unscd. | A2 | A3 |
| Fort James Corp. Sr. Unscd. | Ba1 | Ba2 |
| Fort James Operating Co. Backed Sr. Scd. | Ba1 | Ba2 |
| G-P Canada Finance Co. Backed Sr. Unscd. | Ba1 | Ba3 |
| Georgia-Pacific Corp. Sr. Unscd. | Ba1 | Ba3 |
| Micron Technology Jr. Sub. | Ba2 | B2 |
| Corporation Durango S.A. De C.V. Backed Sr. Scd. | Caa3 | Ca |
| Corporacion Durango S.A. de C.V. Sr. Unscd. | Caa3 | Ca |
| PDV America Inc. Backed Sr. Unscd. | B3 | Caa1 |
| Broadwing Communications Sr. Sub. | B3 | Caa3 |
| Broadwing Inc. Sr. Scd. | Ba3 | B1 |
| Broadwing Inc. Sub. | B2 | B3 |
| Cincinnati Bell Telephone Co. Sr. Unscd. | Ba1 | Ba2 |
| Cincinnati Bell Telephone Co. Backed Sr. Unscd. MTN | Ba1 | Ba2 |
| Upgrades | ||
| M.D.C. Holdgs. Sr. Unscd. | Ba1 | Baa3 |
| Intl. Game Technology Sr. Unscd. | Ba1 | Baa3 |
| LIN Holdgs Corp. Sr. Unscd. | Caa1 | B3 |
| LIN Television Corp. Sr. Unscd. | B2 | B1 |
| LIN Television Corp. Sr. Sub. | B3 | B2 |
| Fitch Ratings | ||
| Downgrades | ||
| Northwestern Corp. Sr. Unscd. | BBB | BB+ |
| Electronic Data Systems Corp. Sr. Unscd. | A | A- |
Rating Game (JANUARY 15 -- JANUARY 22)