| MOODY'S | FROM | TO |
| DOWNGRADES | . | . |
| Maxim Crane Works Backed Sr. Unscd. | Caa1 | C |
| Village Roadshow Ltd. Sub. | Ba1 | Ba3 |
| Petroleum Geo-Services ASA Sr. Unscd. | Baa3 | Ba1 |
| Petroleum Geo-Services ASA Jr. Sub. | Ba1 | Ba2 |
| Carlton Communications plc. Sr. Unscd. | Baa2 | Baa3 |
| Carlton Communications plc. Sub. | Baa3 | Ba1 |
| Dynergy Holdings Sr. Unscd. | Baa3 | Ba1 |
| Dynergy Holdings Jr. Sub. | Ba1 | Ba2 |
| Encompass Services Corp. Sr. Sub. | B3 | Caa2 |
| Fertinitro Finance Inc. Backed Sr. Scd. | Baa3 | Ba3 |
| Illinois Power Co. Sr. Unscd. MTN | Baa3 | Ba1 |
| Illinova Corp. Sr. Unscd. | Ba1 | Ba2 |
| Illinova Corp. Sr. Unscd. MTN | Ba1 | Ba2 |
| Roseton-Danskammer | Baa3 | Ba1 |
| Viasystems Inc. Sr. Sub. | Caa3 | Ca |
| Building One Services Corp. Backed Sr. Sub. | B3 | Caa2 |
| Venture Holding Co. Sr. Unscd. | B2 | Caa1 |
| Venture Holding Co. Sr. Sub. | B3 | Caa2 |
| Venture Holding Co. Backed Sr. Unscd. | B2 | Caa1 |
| Houghton Mifflin Co. Sr. Unscd. MTN | Baa3 | Ba1 |
| Houghton Mifflin Co. Backed Sr. Unscd. | Baa3 | Ba1 |
| Seagram Co. Sr. Unscd. | Baa3 | Ba1 |
| Vivendi Universal S.A. Sr. Unscd. | aa3 | Ba1 |
| Vivendi Universal S.A. Sr. Unscd. MTN | Baa3 | Ba1 |
| Fuji Bank Ltd. Backed Jr. Sub. | Baa1 | Baa2 |
| Jason Inc. Sr. Sub. | B3 | Caa1 |
| FITCH | ||
| UPGRADES | . | . |
| CIT Group Sr. Debt | BBB | A |
| DOWNGRADES | . | . |
| Allegiance Telecom Sr. Notes | B | CCC |
| Anadarko Petroleum Corp. Sr. Unscd. | A- | BBB+ |
Rating Game (JUNE 28 -- JULY 3)