| Moody's Investors Service | ||
| Downgrades | From | To |
| Bear Island Paper Co. Backed Sr. Scd. | B3 | Caa2 |
| Rochester Gas & Electric Corp. Sr. Scd. | A3 | Baa1 |
| Rochester Gas & Electric Corp. Sr. Scd. MTN | A3 | Baa1 |
| Corn Products Intl. Inc. Sr. Unscd. | Baa3 | Ba1 |
| EOTT Energy Partners L.P. Backed Sr. Unscd. | B1 | B3 |
| Energy East Corp. Sr. Unscd. | Baa1 | Baa2 |
| Hydro One Inc. Sr. Unscd. | A1 | A2 |
| Jazztel p.l.c. Sr. Unscd. | Caa3 | Caa2 |
| Rochester Gas & Electric Corp. Sr. Scd. | A3 | Baa1 |
| Rochester Gas & Electric Corp. Sr. Scd. MTN | A3 | Baa1 |
| Southern Connecticut Gas Co. Sr. Scd. | A2 | A3 |
| Southern Connecticut Gas Co. Sr. Scd. MTN | A2 | A3 |
| Transportacion Maritima Mexicana S.A. de C.V. Sr. Unscd. | Ba3 | B2 |
| Bariven S.A. Backed Sr. Unscd. MTN | Baa3 | Ba1 |
| FLAG Ltd. Sr. Unscd. | Caa3 | Caa2 |
| The Geon Co. Backed Sr. Unscd. | Baa2 | Baa3 |
| Hanna (M A) Co. Backed Sr. Unscd. | Baa2 | Baa3 |
| Hanna (M A) Co. Backed Sr. Unscd. MTN | Baa2 | Baa3 |
| MOA Hospitality Inc. Sr. Sub. | Ca | C |
| Teleglobe Inc. Sr. Unscd. | Ba3 | B3 |
| Maxtor Corp. Sub. | B3 | Caa1 |
| Colt Telecom Group Sr. Unscd. | B1 | B3 |
| CP Kelco Aps Sr. Sub. | B3 | Ca |
| John Hancock Canadian Corp. Backed Sr. Unscd. | A1 | A2 |
| John Hancock Financial Services Sr. Unscd. | A1 | A2 |
| ShoLodge Inc. Sr. Sub. | Caa2 | Caa3 |
| ShoLodge Inc. Sub. | Caa3 | Ca |
| PANACO Inc. Sr. Unscd. | B3 | Ca |
| Upgrades | ||
| CMB Finance B.V. Backed Sr. Unscd. MTN | Aa3 | Aa2 |
| RCI Banque Sr. Unscd. | Baa2 | Baa1 |
| RCI Banque Sr. Unscd. MTN | Baa2 | Baa1 |
| St. Paul Bancorp. Inc. Backed Sr. Unscd. | Baa1 | A3 |
| Kommuninvest I Sverige Aktiebolag Sr. Unscd. | Aa1 | Aaa |
| FITCH | ||
| Downgrades | ||
| The Tribune Co. Sr. Unscd. | A | A- |
| Hubbell Inc. Sr. Unscd. | A+ | A |
| Cellco Finance N.V. Sr. Unscd. | B | B- |
| Carlton Communications Sr. Unscd. | BBB+ | BBB |
| West Penn Power Co. Sr. Unscd. | A+ | A |
| Allegheny Energy Sr. Unscd. | A- | BBB+ |
| Metris Co. Sr. Debt | BB | B+ |
| Levi Strauss & Co. Sr. Unscd. | BB- | B+ |
Rating Game (April 12 -- April 18)