| RATING GAME (Nov 1-7) | ||
| Moody's Investors Service | ||
| Downgrades | From | To |
| Gener S.A. Sr. Unscd. | Baa2 | Ba2 |
| Carpenter Technology Corp. Sr. Unscd. | Baa1 | Baa3 |
| CenterPoint Energy Houston Electric LLC Backed Sub. | Baa3 | Ba2 |
| CenterPoint Energy Resources Corp. Sr. Unscd. | Baa2 | Ba1 |
| CenterPoint Energy Resources Corp. Sr. Unscd. MTN | Baa2 | Ba1 |
| CenterPoint Energy Resources Corp. Sub. | Baa3 | Ba2 |
| PDV America Backed Sr. Unscd. | Baa3 | Ba1 |
| Reliant Energy FinanceCo II LP Backed Sr. Unscd. | Baa2 | Ba1 |
| Allegheny Energy Supply Co. Sr. Unscd. | Ba2 | B1 |
| Allegheny Energy Inc. Sr. Unscd. | Ba1 | B1 |
| Allegheny Generating Co. Sr. Unscd. | Ba2 | B1 |
| Allegheny Generating Co. Sr. Unscd. MTN | Ba2 | B1 |
| James cable Partners LP Backed Sr. Unscd. | Caa2 | Ca |
| Monongahela Power Co. Sr. Scd. MTN | A3 | Baa3 |
| Monongahela Power Co. Sr. Unscd. | Baa1 | Ba1 |
| Monongahela Power Co. Sr. Unscd. MTN | Baa1 | Ba1 |
| Monongahela Power Co. Sub. | Baa2 | Ba2 |
| Potomac Edison Co. Sr. Scd. MTN | A3 | Baa3 |
| Potomac Edison Co. Sr. Unscd. | Baa1 | Ba1 |
| Potomac Edison Co. Sr. Unscd. MTN | Baa1 | Ba1 |
| Potomac Edison Co. Sr. Jr. Sub. | Baa2 | Ba2 |
| West Penn Power Co. Sr. Unscd. | A1 | Baa1 |
| West Penn Power Co. Sr. Unscd. MTN | A1 | Baa1 |
| West Penn Power Co. Sub. | A2 | Baa2 |
| AMP (UK) Finance Services plc Backed Sr. Unscd. | A1 | A3 |
| AMP (UK) Finance Services plc Backed Sr. Unscd. MTN | A1 | A3 |
| AMP Grp Finance Services Ltd. Backed Sr. Unscd. | A1 | A3 |
| AMP Grp Finance Services Ltd. Backed Sr. Unscd. MTN | A1 | A3 |
| AMP Grp Finance Services Ltd. Backed Sub. | A2 | Baa1 |
| AMP Grp Holding Ltd. Sr. Unscd. MTN | A1 | A3 |
| NPI Finance plc Backed Sub. | A3 | Baa2 |
| Cerro Negro Finance Ltd. Backed Sr. Scd. | Baa3 | Ba1 |
| Cypress Semiconductor Corp. Sub. | Ba3 | B3 |
| OM Group Inc. Sr. Sub. | B3 | Caa2 |
| Petrozuata Finance Inc. Backed Sr. Scd. | Baa3 | Ba1 |
| Transportation Technologies Industries Inc. Sr. Sub. | B3 | Caa1 |
| AES Sul Distribuidora Gaucha de Energia S.A. Sr. Scd. | B3 | Caa1 |
| Lucent Technologies Inc. Sr. Unscd. | B2 | Caa1 |
| Lucent Technologies Inc. Sr. Unscd. MTN | B2 | Caa1 |
| Nortel Networks Capital Corp. Backed Sr. Unscd. | Ba3 | B3 |
| Nortel Networks Corp. Backed Sr. Unscd. | Ba3 | B3 |
| Nortel Networks Ltd. Sr. Unscd. | Ba3 | B3 |
| Satelites Mexicanos S.A. de C.V. Sr. Scd. | B1 | B3 |
| Satelites Mexicanos S.A. de C.V. Sr. Unscd. | B3 | Ca |
| Upgrades | ||
| Home Interiors & Gifts Inc. Sr. Sub. | Caa2 | Caa1 |
| Bankinter Cayman Issuances Backed Sub. MTN | A2 | A1 |
| Bankinter Intl Cayman Backed Sr. Unscd. | A1 | Aa3 |
| Bankinter Intl Cayman Backed Sr. Unscd. MTN | A1 | Aa3 |
| Bankinter S.A. Sr. Unscd. | A1 | Aa3 |
| Bankinter S.A. Sub. | A2 | A1 |
| Umbria Region of Sr. Unscd. | Aa3 | Aa2 |
| Hellenic Republic Sr. Unscd. | A2 | A1 |
| Hellenic Republic Sr. Unscd. MTN | A2 | A1 |
| UniCredito Italiano Bank (Ireland) plc Backed Sr. Unscd. MTN | Aa3 | Aa2 |
| UniCredito Italiano spA Sr. Unscd. | Aa3 | Aa2 |
| UniCredito Italiano spA Sr. Unscd. MTN | Aa3 | Aa2 |
| UniCredito Italiano spA Sub. | A1 | Aa3 |
| UniCredito Italiano spA Sub. MTN | A1 | Aa3 |
| UniCredito Italiano spA Jr. Sub. MTN | A1 | Aa3 |
| UniCredito Italiano spA Backed Sub. | A1 | Aa3 |
| FITCH | ||
| Downgrades | ||
| Union Acceptance Corp. Sr. Unscd. | B | D |
| The Goodyear Tire & Rubber Co. Sr. Unscd. | BB+ | BB |
| Upgrades | ||
| Pure Resources Sr. Unscd. | BBB- | BBB |
Rating Game (NOVEMBER 1 -- NOVEMBER 7)