| RATING GAME (Oct 11-17) | ||
| Moody's Investors Service | ||
| Downgrades | From | To |
| AMERCO Sr. Unscd. | Ba3 | Caa2 |
| AMERCO Sr. Unscd. MTN | Ba3 | Caa2 |
| CIENA Corp. Sr. Unscd. | Ba3 | B1 |
| AMERCO Sr. Unscd. | Ba2 | Ba3 |
| AMERCO Sr. Unscd. MTN | Ba2 | Ba3 |
| Attala Generating Co. Sr. Scd. | Baa3 | Ba3 |
| MC Finance Intl B.V. Backed Sr. Unscd. MTN | A2 | A3 |
| Mitsubishi Corp. Sr. Unscd. | A2 | A3 |
| Mitsubishi Corp. Finance Sr. Unscd. | A2 | A3 |
| Mitsubishi Corp. Finance Sr. Unscd. MTN | A2 | A3 |
| Mitsubishi Corp. Finance Backed Sr. Unscd. | A2 | A3 |
| Mitsubishi Intl. Corp. Sr. Unscd. MTN | A2 | A3 |
| Outsourcing Solutions Sr. Sub. | Caa1 | Ca |
| PG&E Gas Transmission, Northwest Corp. Sr. Unscd. | Baa2 | Baa3 |
| PG&E Gas Transmission, Northwest Corp. Sr. Unscd. MTN | Baa2 | Baa3 |
| USGen New England Sr. Scd. | Baa3 | Ba3 |
| AES Corp. Sr. Unscd. | Ba3 | B3 |
| AES Corp. Sr. Sub. | B2 | Caa1 |
| AES Corp. Jr. Sub. | B2 | Caa2 |
| AES Drax Energy Ltd. Sr. Scd. | Caa2 | Ca |
| AES Drax Holdings Ltd. Sr. Scd. | Ba2 | Caa1 |
| Energy Group Overseas B.V. Backed Sr. Unscd. | Baa3 | Caa2 |
| Land O'Lakes Inc. Sr. Unscd. | Ba3 | B2 |
| TXU Eastern Funding Co. Backed Sr. Unscd. | Baa3 | Caa2 |
| TXU Eastern Funding Co. Backed Sr. Unscd. MTN | Baa3 | Caa2 |
| TXU Europe Ltd. Sub. | Ba1 | Caa3 |
| General Mills Inc. Sr. Unscd. | Baa1 | Baa2 |
| General Mills Inc. Sr. Unscd. MTN | Baa1 | Baa2 |
| Ralcorp Holdings Inc. Backed Sr. Unscd. | Baa1 | Baa2 |
| Royal & Sun Alliance Insurance Grp Backed Sub. | A3 | Baa2 |
| Upgrades | ||
| Hard Rock Hotel Sr. Sub. | Caa2 | Caa1 |
| BHP Billiton Finance (USA) Ltd. Backed Sr. Unscd. | A3 | A2 |
| BHP Billiton Finance Ltd. Backed Sr. Unscd. | A3 | A2 |
| BHP Billiton Finance Ltd. Backed Sr. Unscd. MTN | A3 | A2 |
| BHP Billiton Ltd. Sr. Unscd. MTN | A3 | A2 |
| BHP Billiton plc. Sr Unscd. MTN | A3 | A2 |
| BHP Copper Backed Sr. Sub. | A3 | A2 |
| Lombardy (Region of) Sr. Unscd. MTN | Aa2 | Aa1 |
| FITCH | ||
| Downgrades | ||
| Lucent Technologies Sr. Unscd. | B- | CCC+ |
| Dow Jones & Co. Sr. Unscd. | AA- | A+ |
| TXU Europe Ltd. Sr. Unscd. | BB | CCC+ |
| Northwestern Corp. Sr. Unscd. | BBB+ | BBB- |
| AMERCO Sr. Unscd. | BB+ | B+ |
| Mirant Corp. & Affiliates Sr. Notes | BBB- | BB |
| AMERCO Sr. Unscd. | B+ | DD |
| Goodrich Corp. Sr. Unscd. | BBB+ | BBB |
| Upgrades | ||
| Pacific Northwest Bancorp Sr. Debt | BBB- | BBB |
| Pacific Northwest Bank Sr. Debt | BBB- | BBB |
Rating Game (OCTOBER 11-17)