| RATING GAME (Dec 13-19) | ||
| Moody's Investors Service | ||
| Downgrades | From | To |
| Delhaize America Sr. Unscd. | Baa3 | Ba1 |
| Delhaize America Sr. Unscd. MTN | Baa3 | Ba1 |
| Jasmine Submarine Telecommunications Co. Backed Sr. Scd. | Ba3 | B2 |
| Legrand Sr. Unscd. | Baa1 | Ba2 |
| Pinnacle One Partners Sr. Scd. | Ba1 | Ba2 |
| Komercni Finance B.V. Backed Sub. | Baa2 | A2 |
| Aegon Funding Corp. Sr. Unscd. | Aa3 | A2 |
| Aegon Funding Corp. Backed Sr. Unscd. | Aa3 | A2 |
| Aegon Funding Corp. II Backed Sr. Unscd. | Aa3 | A2 |
| Aegon N.V. Sr. Unscd. | Aa3 | A2 |
| Aegon N.V. Sr. Unscd. MTN | Aa3 | A2 |
| Aegon N.V. Sub. | A1 | A3 |
| Aegon N.V. Sub. MTN | A1 | A3 |
| Aegon N.V. Jr. Sub. | A1 | A3 |
| Commonwealth General Corp. Sr. Unscd. | A1 | A3 |
| Commonwealth General Corp. Sr. Unscd. MTN | A1 | A3 |
| Transamerica Corp. Sr. Unscd. | A1 | A3 |
| Oncor Electric Delivery Co. Sr. Scd. | A3 | Baa1 |
| Oncor Electric Delivery Co. Sr. Scd. MTN | A3 | Baa1 |
| Oncor Electric Delivery Co. Sr. Unscd. | Baa1 | Baa2 |
| Oncor Electric Delivery Co. Backed Sr. Unscd. | Baa2 | Baa3 |
| TXU Corp. Sr. Unscd. | Baa3 | Ba1 |
| TXU Gas Co. Sr. Unscd. | Baa2 | Baa3 |
| TXU Gas Co. Jr. Sub. | Baa3 | Ba1 |
| Avecia Grp. Sr. Unscd. | B3 | Caa1 |
| Cadburry Schweppes Finance plc Backed Sr. Unscd. | A2 | Baa2 |
| Cadburry Schweppes Finance plc Backed Sr. Unscd. MTN | A2 | Baa2 |
| Cadburry Schweppes plc Sr. Unscd. MTN | A2 | Baa2 |
| Bariven S.A. Backed Sr. Unscd. MTN | Ba1 | Ba3 |
| Carro Negro Finance Ltd. Backed Sr. Scd. | Ba1 | Ba2 |
| Iberdrola Intl. B.V. Backed Sr. Unscd. | A1 | A2 |
| Iberdrola Intl. B.V. Backed Sr. Unscd. MTN | A1 | A2 |
| Iberdrola S.A. Sr. Unscd. | A1 | A2 |
| Iberdrola S.A. Sr. Unscd. MTN | A1 | A2 |
| Petrozuata Finance Backed Sr. Scd. | Ba1 | Ba2 |
| Reuters Group plc. Sr. Unscd. | Aa3 | A2 |
| Reuters Group plc. Sr. Unscd. MTN | Aa3 | A2 |
| Shaw Communications Sr. Unscd. | Baa3 | Ba2 |
| CB Finance Co. Backed Sr. Unscd. MTN | A1 | A2 |
| CB Finance Co. Backed Sub. MTN | A2 | A3 |
| Commerzbank AG Sr. Unscd. | A1 | A2 |
| Commerzbank AG Sr. Unscd. MTN | A2 | A3 |
| Commerzbank AG Sub. | A2 | A3 |
| Commerzbank AG Sub. MTN | A2 | A3 |
| Commerzbank Intl. S.A. Sr. Unscd. | A2 | A3 |
| Commerzbank Intl. S.A. Sr. Unscd. MTN | A2 | A3 |
| Commerzbank Intl. S.A. Sub. | A3 | Baa1 |
| Commerzbank Overseas Finance N.V. Backed Sr. Unscd. | A1 | A2 |
| Commerzbank Overseas Finance N.V. Backed Sr. Unscd. MTN | A1 | A2 |
| Commerzbank Overseas Finance N.V. Backed Sub. | A2 | A3 |
| Commerzbank Overseas Finance N.V. Backed Sub. MTN | A2 | A3 |
| Commerzbank U.S. Finance Inc. Backed Sr. Unscd. | A1 | A2 |
| Washington Gas Light Co. Sr. Unscd. | Aa3 | A2 |
| Washington Gas Light Co. Sr. Unscd. MTN | Aa3 | A2 |
| Bell Atlantic Systems Leasing Intl. Sr. Unscd. MTN | A1 | A2 |
| Bell Atlantic Tricon Leasing Backed Sr. Unscd. MTN | A1 | A2 |
| GTE Corp. Sr. Unscd. | A2 | A3 |
| GTE Corp. Sr. Unscd. MTN | A2 | A3 |
| GTE Corp. Backed Sr. Unscd. | Aaa | Aa1 |
| GTE Finance Corp. Backed Sr. Unscd. MTN | A2 | A3 |
| GTE Finance Corp. Backed Sr. Unscd. MTN | A2 | A3 |
| GTE Southwest Sr. Unscd. | Aa3 | A1 |
| NYNEX Capital Funding Co. Backed Sr. Unscd. | A2 | A3 |
| NYNEX Capital Funding Co. Backed Sr. Unscd. MTN | A2 | A3 |
| Verizon California Sr. Unscd. | Aa3 | A1 |
| Verizon California Backed Sr. Unscd. | Aaa | Aa1 |
| Verizon Capital Corp. Backed Sr. Unscd. MTN | A2 | A3 |
| Verizon Delaware Sr. Unscd. | Aa2 | Aa3 |
| Verizon Florida Sr. Unscd. | Aa3 | A1 |
| Verizon Florida Backed Sr. Unscd. | Aaa | Aa1 |
| Verizon Global Funding Corp. Backed Sr. Unscd. | A1 | A2 |
| Verizon Global Funding Corp. Backed Sr. Unscd. MTN | A1 | A2 |
| TRW Inc. Sr. Unscd. | Baa2 | Baa3 |
| Upgrades | ||
| AS Hansapank Sr. Unscd. | A2 | A1 |
| AS Hansapank Sr. Unscd. MTN | A2 | A1 |
| AS Hansapank Sub. | A3 | A2 |
| Cofinoga S.A. Sr. Unscd. | A3 | A2 |
| Cofinoga S.A. Sub. | Baa1 | A3 |
| Bell Canada Intl. Sr. Unsc | Ca | B3 |
| NBNZ Intl Ltd. Backed Sr. Unscd. | Aa2 | Aa1 |
| NBNZ Intl Ltd. Backed Sr. Unscd. MTN | Aa2 | Aa1 |
| NBNZ Intl Ltd. Backed Sub. MTN | Aa2 | Aa1 |
| Nat Bk of New Zealand Ltd. Sr. Unscd. MTN | Aa2 | Aa1 |
| Nizhniy Novgorod, Oblast Sr. Unscd. | Caa3 | Caa1 |
| Russian Federation Sr. Unscd. | Ba3 | Ba2 |
| Russian Federation Sr. Unscd. | B1 | Ba3 |
| Russian Federation Sr. Unscd. | B3 | B1 |
| GazInvest Finance B.V. Backed Sr. Unscd. | Ba3 | Ba2 |
| GazInvest Finance B.V. Backed Sr. Unscd. MTN | Ba3 | Ba2 |
| Tuesday Morning Corp. Sr. Sub. | B2 | Ba3 |
| Meritage Corp. Sr. Unscd. | B1 | Ba3 |
| FITCH | ||
| Downgrades | ||
| TXU Corp. Sr. Unscd. | BBB+ | BBB- |
| TXU Energy Sr. Unscd. | BBB+ | BBB |
| TXU Gas Co. Sr. Notes | BBB | BBB- |
| TXU Australia Holdings LP Sr. Unscd. | BBB | BBB- |
| TXU Electricity Ltd. Bonds | BBB | BBB- |
| Interpublic Group of Companies Sr. Unscd. | BBB | BBB- |
| Cadburry Schweppes Sr. Unscd. | A | BBB |
| Fairfax Financial Holdings Ltd. Sr. Debt | BB+ | BB |
| TIG Holdings Sr Debt | BB | B+ |
| UnumProvident Corp. Sr. Debt | A- | BBB+ |
| Upgrades | ||
| Kamps AG Sr. Unscd. | BB- | BB |
Rating Game (DECEMBER 13-DECEMBER 19)