| Moody's Investors Service | ||
| Downgrades | From | To |
| TE Products Pipeline Co. LP Sr. Unscd. | Baa2 | Baa3 |
| TEPPCO Partners LP Sr. Unscd. | Baa2 | Baa3 |
| AT&T Corp. Sr. Unscd. | A3 | Baa2 |
| AT&T Corp. Sr. Unscd. MTN | A3 | Baa2 |
| Falconbridge Ltd. Sr. Unscd. | Baa2 | Baa3 |
| Sekisui Chemical Co. Ltd. Sr. Unscd. | Baa2 | Baa3 |
| American Life Holding Co. Sr. Sub. | Caa1 | Caa2 |
| CCP Insurance Inc. Backed Sr. Unscd. | B2 | Caa1 |
| Conseco Finance Corp. Sr. Unscd. | B2 | Caa1 |
| Conseco Finance Corp. Sr. Unscd. MTN | B2 | Caa1 |
| Conseco Finance Corp. Sr. Sub. | Caa1 | Caa2 |
| Conseco Inc. Sr. Unscd. | B2 | Caa1 |
| Conseco Inc. Sr. Unscd. MTN | B2 | Caa1 |
| Conseco Inc. Sub. MTN | Caa1 | Caa2 |
| Metlife Inc. Sr. Unscd. | A1 | A2 |
| Avecia Group plc. Sr. Unscd. | B2 | B3 |
| Associated Dry Goods Corp. Backed Sr. Unscd. | A1 | A2 |
| Casio Computer Cio. Ltd. Sr. Unscd. | Baa2 | Baa3 |
| Heidelberger Zement Aktiengesellschaft Sr. Unscd. MTN | Baa1 | Baa2 |
| Heidelberger Zement Finance B.V. Backed Sr. Unscd. | Baa1 | Baa2 |
| Heidelberger Zement Finance B.V. Backed Sr. Unscd. MTN | Baa1 | Baa2 |
| Heidelberger Zement Financial Services AB Backed Sr. Unscd. MTN | Baa1 | Baa2 |
| Minolta Co. Ltd. Sr. Unscd. | B1 | B2 |
| Scotiabank Sud Americano Sr. Unscd. | A1 | A2 |
| Scotiabank Sud Americano Sub. | A2 | A3 |
| Strawbridge & Clothier Backed Sr. Unscd. | A1 | A2 |
| The May Department Stores Co. Sr. Unscd. | A1 | A2 |
| The May Department Stores Co. Sr. Unscd. MTN | A1 | A2 |
| The May Department Stores Co. Backed Sr. Unscd. | A1 | A2 |
| NTT Finance Japan Co. Ltd. Backed Sr. Unscd. MTN | Aa2 | Aa1 |
| Nippon Telegraph and Telephone Corp. Sr. Scd. | Aa1 | Aa2 |
| Nippon Telegraph and Telephone Corp. Sr. Unscd. MTN | Aa1 | Aa2 |
| Upgrades | ||
| Quest Diagnostics Inc. Sr. Unscd. | Ba1 | Baa3 |
| Foot Locker Inc. Sr. Unscd. | B1 | Ba3 |
| Foot Locker Inc. Sr. Unscd. MTN | B1 | Ba3 |
| Foot Locker Sub. | B2 | B1 |
| TeleCorp Wireless Inc. Sr. Sub. | Baa3 | Baa2 |
| Tritel PCS Inc. Sr. Sub. | Baa3 | Baa2 |
| FITCH | ||
| Downgrades | ||
| Providian Financial Corp. Sr. Debt | B+ | B |
| Providian National Bank Sr. Debt | BB- | B+ |
| Deutsche Bank Sr. Unscd. | BBB+ | A- |
| Upgrades | ||
| PacifiCare Sr. Unscd. | B+ | BB- |
Rating Game (MAY 24--MAY 30)