| RATING GAME (July 19-25) | ||
| Moody's Investors Service | ||
| Downgrades | From | To |
| MAPCO Inc. Sr. Unscd. MTN | Baa3 | B1 |
| Northwest Pipeline Corp. Sr. Unscd. | Baa2 | Ba2 |
| Texas Gas Transmission Corp. Sr. Unscd. | Baa1 | Ba2 |
| Transco Energy Co. Sr. Unscd. | Baa3 | B1 |
| Transcontinental Gas Pipe Line Corp. Sr. Unscd. | Baa2 | Ba2 |
| The Williams Companies Sr. Unscd. | Baa3 | B1 |
| The Williams Companies Sr. Unscd. MTN | Baa3 | B1 |
| Williams Gas Pipelines Central Sr. Unscd. | Baa2 | Ba2 |
| Dynergy Holdings Inc. Sr. Unscd. | Ba1 | B1 |
| Dynergy Holdings Inc. Jr. Sub. | Ba2 | Caa1 |
| Illinois Power Co. Sr. Unscd. MTN | Ba1 | Ba3 |
| Illinova Corp. Sr. Unscd. | Ba2 | B1 |
| Illinova Corp. Sr. Unscd. MTN | Ba2 | B1 |
| Allmerica Financial Corp. Sr. Unscd. | A3 | Baa2 |
| Kinki Nippon Railway Co. Ltd. Sr. Unscd. | A3 | Baa2 |
| New World Restaurant Group Inc. Sr. Scd. | B3 | Caa2 |
| Taiheiyo Cement Corp. Sr. Unscd. | Ba2 | B1 |
| Vivendi Environement S.A. Sr. Unscd. | A3 | Baa1 |
| Vivendi Environement S.A. Sr. Unscd. MTN | A3 | Baa1 |
| Vivendi Environement S.A. Backed Sr. Unscd. | A3 | Baa1 |
| Upgrades | ||
| Omega Healthcare Investors Inc. Sr. Unscd. | Caa1 | B3 |
| HSBC Markets (Bahamas) Ltd. Backed Sr. Unscd. MTN | A3 | Aa3 |
| HSBC Markets (Bahamas) Ltd. Backed Sub. MTN | A3 | A1 |
| HSBC Markets (Netherlands) B.V. Backed Sr. Unscd. MTN | A3 | Aa3 |
| HSBC Markets (Netherlands) B.V. Backed Sub. MTN | A3 | A1 |
| Hong Kong And Shanghai Banking Corp. Ltd. Sr. Unscd. MTN | A3 | Aa3 |
| Hong Kong And Shanghai Banking Corp. Ltd. Sub. MTN | A3 | A1 |
| Hong Kong And Shanghai Banking Corp. Ltd. Jr. Sub. | A3 | A1 |
| ConMed Corp. Sr. Sub. | B3 | B2 |
| FITCH | ||
| Downgrades | ||
| Reliant Energy Inc. Unscd. | BBB+ | BBB- |
| Reliant Energy Resources Corp. Notes | BBB+ | BBB |
| Wisconsin Energy Corp. Sr. Unscd. | A+ | A |
| Wisconsin Energy Capital Corp. Sr. Unscd. | A+ | A |
| WorldCom Inc. Sr. Unscd. | C | D |
| The Williams Companies Sr. Unscd. | BBB | BB+ |
| Northwest Pipeline Corp. Sr. Unscd. | BBB+ | BBB- |
| Texas Gas Transmission Corp. Sr. Unscd. | BBB+ | BBB- |
| Transcontinental Gas Pipe Line Corp. Sr. Unscd. | BBB+ | BBB- |
| Dynergy Holdings Inc. Sr. Unscd. | BB+ | BB- |
| Illinois Power Co. Sr. Unscd. | BBB- | BB- |
| Illinova Corp. Sr. Unscd. | BB+ | BB- |
| Corning Inc. Sr. Unscd. | BBB- | BB |
| Upgrades | ||
| Korea Electric Power Corp. | BBB | BBB+ |