| RATING GAME (Oct 25-31) | ||
| Moody's Investors Service | From | To |
| Downgrades | ||
| Allegheny Ludlum Corp. Sr. Unscd. | Baa1 | Baa2 |
| Allegheny Technologies Sr. Unscd. | Baa1 | Baa2 |
| American Life Holding Co. Sr. Sub. | Ca | C |
| CCP Insurance Inc. Backed Sr. Unscd. | Caa3 | Ca |
| Conseco Inc. Sr. Unscd. | Caa3 | Ca |
| Conseco Inc. Sr. Unscd. MTN | Caa3 | Ca |
| Conseco Inc. Sub. MTN | Ca | C |
| Interpublic Group of Companies Sr. Unscd. | Baa1 | Baa3 |
| Milacron Capital Holdings B.V. Backed Sr. Unscd. | B1 | B2 |
| Milacron Inc. Sr. Unscd. | B1 | B2 |
| AirGates PCS Inc. Backed Sr. Sub. | Caa1 | Caa2 |
| Alamosa (Delaware) Inc. Sr. Unscd. | Caa1 | Caa3 |
| Charter Communications Holdings LLC Sr. Unscd. | B2 | B3 |
| Charter Communications Holdings LLC Backed Sr. Unscd. | B2 | B3 |
| Charter Communications Inc. Sr. Unscd. | B3 | Caa2 |
| Cogentrix Energy Sr. Unscd. | Baa3 | Ba1 |
| Cogentrix Energy Backed Sr. Unscd. | Baa3 | Ba1 |
| Horizon PCS Sr. Unscd. | Caa1 | C |
| IWO Holdings Sr. Unscd. | Ca1 | Ca |
| US Unwired Inc. Sr. Sub. | B3 | Caa2 |
| UbiquiTel Operating Co. Sr. Sub. | Caa1 | Ca |
| iPCS Inc. Sr. Unscd. | Caa1 | Ca |
| NDCHealth Corp. Sub. | Ba3 | B2 |
| Houghton Mifflin Co. Backed Sr. Unscd. | Ba2 | Ba3 |
| Metallurg Holdings Inc. Sr. Unscd. | Caa1 | Ca |
| Metallurg Inc. Backed Sr. Unscd. | B3 | Caa2 |
| Upgrades | ||
| City of North Bay Sr. Unscd. | Baa1 | A2 |
| Ipsat Europe Group S.A. Sr. Scd. | Caa2 | Caa1 |
| FITCH | ||
| Downgrades | ||
| Nationwide Financial Services Sr. Debt | A+ | A |
| BellSouth LT Debt | AA- | A+ |
| SBC Communications Sr. Unscd. | AA | AA- |
| The St. Paul Companies Inc. Sr. Debt | A- | BBB+ |
| CIGNA Corp. Sr. Debt | A | A- |
| The Chubb Corp. Sr. Debt | AA- | A+ |
| Continental Airlines Sr. Unscd. | B- | CCC+ |
| Upgrades | ||
| SNP Petrom S.A. Sr. Unscd. | B+ | BB- |
Rating Game (OCTOBER 23--OCTOBER 31)