| RATING GAME (August 9-15) | ||
| Moody's Investors Service | ||
| Downgrades | From | To |
| Acterna Corp. backed Sr. Sub. | Caa3 | Ca |
| Arris Intl Sub. | B2 | B3 |
| Levi Strauss & Co. Sr. Unscd. | B2 | Caa1 |
| Houghton Mifflin Co. Backed Sr. Unscd. | Ba1 | Ba2 |
| Nippon Meat Packers Sr. Unscd. | A3 | Baa2 |
| Pierre Foods Backed Sr. Unscd. | B3 | Caa3 |
| Vivendi Universal Sr. Unscd. | Ba1 | B1 |
| Vivendi Universal Sr. Unscd. MTN | Ba1 | B1 |
| Banco Barclays Sr. Unscd. | Ba2 | Ba3 |
| Banco Barclays Sr. Unscd. MTN | Ba2 | Ba3 |
| Banco Bilbao Vizcaya Brazil Sr. Unscd. | Ba2 | Ba3 |
| Banco Bilbao Vizcaya Brazil Sr. Unscd. MTN | Ba2 | Ba3 |
| Banco Bozano Simonsen S.A. Sr. Unscd. | Ba2 | Ba3 |
| Banco Bozano Simonsen S.A. Sr. Unscd. MTN | Ba2 | Ba3 |
| Banco Bradesco Sr. Unscd. | Ba2 | Ba3 |
| Banco Citibank S.A. Backed Sr. Unscd. MTN | Ba2 | Ba3 |
| Banco Itau S.A. (Cayman Islands) Sr. Unscd. | Ba2 | Ba3 |
| Banco Safra (Cayman Islands) Ltd. Sr. Unscd. | Ba2 | Ba3 |
| Banco Safra (Cayman Islands) Ltd. Sr. Unscd. MTN | Ba2 | Ba3 |
| Banco Safra S.A. Sr. Unscd. | Ba2 | Ba3 |
| Banco Safra S.A. Sr. Unscd. MTN | Ba2 | Ba3 |
| Banco Sudameris Brasil Sr. Unscd. MTN | Ba2 | Ba3 |
| Banco Votorantim S.A. Sr. Unscd. MTN | Ba3 | B1 |
| Banco de Investimentos CSFB S.A. Sr. Unscd. | Ba2 | Ba3 |
| Banco de Investimentos CSFB S.A. Sr. Unscd. MTN | Ba2 | Ba3 |
| Banco de Brasil S.A. Sr. Unscd. | Ba2 | Ba3 |
| Banco de Brasil S.A. Sr. Unscd. MTN | Ba2 | Ba3 |
| Banco do Nordeste do Brasil S.A. Sr. Unscd. | Ba2 | Ba3 |
| Banco do Nordeste do Brasil S.A. Sr. Unscd. MTN | Ba2 | Ba3 |
| BankBoston Banco Multiplo S.A. Backed Sr. Unscd. | Ba2 | Ba3 |
| BankBoston Banco Multiplo S.A. Backed Sr. Unscd. MTN | Ba2 | Ba3 |
| BankBoston Banco Multiplo S.A. Backed Sub. MTN | Ba2 | Ba3 |
| Companhia Petrolifera Marlim Sr. Scd. | B1 | B2 |
| Companhia Petrolifera Marlim Sr. Scd. MTN | B1 | B2 |
| Petroleo Brasileiro S.A. Petrobras Sr. Unscd. | Ba1 | Ba2 |
| Safra leasing SA Arrendamento Mercantil Sr. Unscd. | Ba2 | Ba3 |
| Safra leasing SA Arrendamento Mercantil Sr. Unscd. MTN | Ba2 | Ba3 |
| Unibanco Leasing S.A.-Arrendamento Mercantil Sr. Unscd. MTN | Ba2 | Ba3 |
| Unibanco-Uniao de Bancos Brasileiros Sr. Unscd. | B2 | B3 |
| Unibanco-Uniao de Bancos Brasileiros Sr. Unscd. MTN | Ba2 | Ba3 |
| Allegience Telecom Sr. Unscd. | Caa2 | Ca |
| Sotheby's Holdings Sr. Unscd. | B2 | B3 |
| Banca Popolare di Milano S.C. ar. L. Sr. Unscd. | A2 | A3 |
| Banca Popolare di Milano S.C. ar. L. Sr. Unscd. MTN | A2 | A3 |
| Banca Popolare di Milano S.C. ar. L. Sub. | A3 | Baa1 |
| Banca Popolare di Milano S.C. ar. L. Sub. MTN | A3 | Baa1 |
| Alestra S. de R.L. de C.V. Sr. Unscd. | Caa1 | Ca |
| CSC Holdings Sr. Unscd. | Ba2 | B1 |
| CSC Holdings Sr. Sub. | Ba3 | B2 |
| NOVA Chemicals Corp. Sr. Unscd. | Baa3 | Ba2 |
| NOVA Chemicals Corp. Sr. Unscd. MTN | Baa3 | Ba2 |
| Upgrades | ||
| University of British Columbia Sr. Unscd. | Aa3 | Aa2 |
| University of Toronto Sr. Unscd. | Aa2 | Aa1 |
| Goldman Sachs Group Sr. Unscd. | A1 | Aa3 |
| Goldman Sachs Group Sr. Unscd. MTN | A1 | Aa3 |
| Goldman Sachs Overseas Finance L.P. Backed Sr. Unscd. | A1 | Aa3 |
| FITCH | ||
| Downgrades | ||
| Telefonica Sr. Unscd. | B | CC |
| Aon Corp. Sr. Debt | A | A- |
| Conseco Inc. Sr. Debt | CCC | C |
| Conseco Finance Corp. Sr. Debt | CCC | CC |
| PerkinElmer Inc. Sr. Unscd. | BBB+ | BB+ |
| Qwest Communications Intl. Sr. Unscd. | B | CCC+ |
| Qwest Capital Funding Sr. Unscd. | B | CCC+ |
| LCI Intl. Sr. Unscd. | B | CCC+ |
| British Energy Sr. Unscd. | BBB+ | BBB |
| AmerenUE Sr. Unscd. | AA- | A+ |
| Upgrades | ||
| Egyptian Cement Co. Sr. Unscd. | BBB | A- |
| Anthem Inc. Sr. Debt | BBB+ | A- |
Rating Game (AUGUST 9--AUGUST 15)