| RATING GAME (July 26- Aug 1) | ||
| Moody's Investors Service | ||
| Downgrades | From | To |
| Banco Commercial S.A. Sr. Unscd. | B1 | Caa1 |
| Banco Commercial S.A. Sub. | B2 | Caa1 |
| Banco de Montevideo S.A. Sr. Unscd. | B1 | Caa1 |
| Banco de Montevideo S.A. Sr. Unscd. MTN | B1 | Caa1 |
| Petroleum Geo-Services ASA Sr. Unscd. | Ba1 | Ba2 |
| Petroleum Geo-Services ASA Jr. Sub. | Ba2 | Ba3 |
| Orion Power Holdings Sr. Unscd. | Ba1 | Ba3 |
| Reliant Energy Inc. Sub. | Baa2 | Baa3 |
| Reliant Energy Inc. Jr. Sub. | Baa2 | Baa3 |
| Legrand Sr. Unscd. | A2 | Baa1 |
| Nichimen America Backed Sr. Unscd. MTN | B1 | B2 |
| Nichimen Corp. Sr. Unscd. | Ba3 | B1 |
| Nichimen Europe Plc Backed Sr. Unscd. | B1 | B2 |
| Nichimen Europe Plc Backed Sr. Unscd. MTN | B1 | B2 |
| Nichimen Hong Kong (Cayman) Ltd. Backed Sr. Unscd. MTN | B1 | B2 |
| Corning Inc. Sr. Unscd. | Baa3 | Ba2 |
| NRG Energy Sr. Unscd. | Baa3 | B1 |
| Xcel Energy Sr. Unscd. | A3 | Baa2 |
| Bayerische Hypo-und Vereinsbank AG Sr. Unscd. MTN | Aa3 | A1 |
| Bayerische Hypo-und Vereinsbank AG Sr. Sub. | A1 | A2 |
| Bayerische Hypo-und Vereinsbank AG Sub. | A1 | A2 |
| Bayerische Hypo-und Vereinsbank AG Sub. MTN | A1 | A2 |
| Bayerische Hypo-und Vereinsbank Singapoure Sr. Unscd. | Aa3 | A1 |
| Bayerische Hypo-und Vereinsbank Singapoure Sr. Unscd. MTN | Aa3 | A1 |
| Bayerische Hypo-und Vereinsbank Singapoure Sub. MTN | A1 | A2 |
| Bayerische Hypogheken-und Wechsel Bank A.G. Backed Sr. Unscd. | Aa3 | A1 |
| Bayerische Hypogheken-und Wechsel Bank A.G. Backed Sr. Unscd. MTN | Aa3 | A1 |
| Bayerische Hypogheken-und Wechsel Bank A.G. Backed Sub. | A1 | A2 |
| Bayerische Hypogheken-und Wechsel Bank A.G. Backed Sub. MTN | A1 | A2 |
| Bayerische Vereinsbank AG Paris Branch Sr. Unscd. MTN | Aa3 | A1 |
| HVB Real Estate Bank AG Sr. Unscd. | Aa3 | A1 |
| HVB Real Estate Bank AG Sr. Unscd. MTN | Aa3 | A1 |
| HVB Real Estate Bank AG Sub. | A1 | A2 |
| HVB Real Estate Bank AG Sub. MTN | A1 | A2 |
| HypoVereins Finance N.V. Backed Sr. Unscd. | Aa3 | A1 |
| HypoVereins Finance N.V. Backed Sr. Unscd. MTN | Aa3 | A1 |
| HypoVereins Finance N.V. Backed Sub. MTN | A1 | A2 |
| Westhyp Finance B.V. Backed Sr. Unscd. MTN | A1 | A2 |
| Westhyp Finance B.V. Backed Sub. MTN | A2 | A3 |
| Wuerttembergische Hypothekenbank AG Sr. Scd. | Aaa | Aa1 |
| Wuerttembergische Hypothekenbank AG Sr.Unscd. | A1 | A2 |
| Wuerttembergische Hypothekenbank AG Sr. Unscd. MTN | A1 | A2 |
| Wuerttembergische Hypothekenbank AG Sub. | A2 | A3 |
| Wuerttembergische Hypothekenbank AG Sub. MTN | A2 | A3 |
| RTL Group SA Sr. Unscd. | A3 | Baa1 |
| Telefonaktiebolaget LM Ericsson Sr. Unscd. | Baa3 | Ba1 |
| Telefonaktiebolaget LM Ericsson Sr. Unscd. MTN | Baa3 | Ba1 |
| Atlantic Express Transportation Corp. Sr. Scd. | B2 | Ca |
| Hanover Compressor Co. Sr. Unscd. | Ba3 | B1 |
| Cleco Evangeline LLC Sr. Scd. | Baa2 | Baa3 |
| TELUS Corp. Sr. Unscd. | Baa2 | Ba1 |
| Upgrades | ||
| Isetan Co. Ltd. Sr. Unscd. | Ba1 | Baa3 |
| Nationwide Building Society Sr. Unscd. | A1 | Aa3 |
| Nationwide Building Society Sr. Unscd. MTN | A1 | Aa3 |
| Nationwide Building Society Sub. | A2 | A1 |
| Nationwide Building Society Sub. MTN | A2 | A1 |
| Nationwide Building Society Jr. Sub. | A3 | A2 |
| Societe Nationale des Cemins de Fer Francais Sr. Unscd. | Aa1 | Aaa |
| Societe Nationale des Cemins de Fer Francais Sr. Unscd. MTN | Aa1 | Aaa |
| FITCH | ||
| Downgrades | ||
| The Williams Companies Inc. Sr. Unscd. | BB+ | BB- |
| Northwest Pipeline Corp. Sr. Unscd. | BBB- | BB |
| Texas Gas Transmission Corp. Sr. Unscd. | BBB- | BB |
| Transcontinental Gas Pipe Line Corp. Sr. Unscd. | BBB- | BB |
| Xcel Energy Sr. Unscd. | BBB+ | BB+ |
| Northern States Power MN Sr. Unscd. | BBB+ | BB+ |
| Norhtern States Power WI Sr. Unscd. | BBB+ | BB+ |
| Public Service Co. of Colorado Sr Unscd. | BBB+ | BB+ |
| Petroleum Geo-Services ASA Sr. Unscd. | BBB- | B |
| Upgrades | ||
| iStar Financial Inc. Sr. Unscd. | BB+ | BBB- |
Rating Game (JULY 26 -- AUG. 1)