| Moody's Investors Service | ||
| Downgrades | From | To |
| Banco Latinoamericano de Exportaciones Sr. Unscd. | Baa1 | Baa3 |
| Banco Latinoamericano de Exportaciones Sr. Unscd. MTN | Baa1 | Baa3 |
| CSC Holdings Sr. Unscd. | Ba1 | Ba2 |
| CSC Holdings Sr. Sub. | Ba2 | Ba3 |
| DQE Capital Corp. Backed Sr. Unscd. | Baa2 | Baa3 |
| DQE Capital Corp. Backed Sr. Unscd. MTN | Baa2 | Baa3 |
| Duquesne Light Co. Sr. Scd. | A3 | Baa1 |
| Duquesne Light Co. Sr. Scd. MTN | A3 | Baa1 |
| Duquesne Light Co. Sr. Unscd. | Baa1 | Baa2 |
| SWT Finance B.V. Backed Sr. Sub. | Caa2 | Caa3 |
| CB Bus AB Sr. Sub. | B2 | B3 |
| Jazztel p.l.c. Sr. Unscd. | Caa1 | Caa3 |
| IFCO Systems N.V. Sr. Sub. | Caa1 | Caa3 |
| ProSiebenSat.1 Media AG Sr. Unscd. | Ba1 | Ba3 |
| Wolverine Tube Inc. Sr. Unscd. | Ba2 | B1 |
| KPNQwest B.V. Sr. Unscd. | Ba1 | B3 |
| Maxus Energy Corp. Sr. Unscd. MTN | Ba3 | B1 |
| Maxus Energy Corp. Backed Sr. Unscd. | Ba3 | B1 |
| Nishi-Nippon Bk Ltd. Sr. Unscd. | Baa3 | Ba2 |
| Nishi-Nippon Bk Ltd. Sub. | Ba1 | B1 |
| Repsol Intl. Finance B.V. Backed Sr. Unscd. | Baa1 | Baa2 |
| Repsol Intl. Finance B.V. Backed Sr. Unscd. MTN | Baa1 | Baa2 |
| YPF Sociedad Anonima Sr. Unscd. | Ba3 | B1 |
| YPF Sociedad Anonima Sr. Unscd. MTN | Ba3 | B1 |
| YPF Sociedad Anonima Backed Sr. Unscd. | Baa1 | Baa2 |
| Aetna Inc. Sr. Unscd. | Baa2 | Baa3 |
| Athena Neurosciences Finance LLC Backed Sr. Unscd. | Baa2 | Baa3 |
| Dura Pharmaceuticals Inc. Sub. | Ba1 | Ba2 |
| Elan Finance Corp. Ltd. Backed Sub. | Baa3 | Ba1 |
| Elan Pharmaceuticals Investments II Ltd. Backed Sr. Unscd. | Baa3 | Ba1 |
| Elan Pharmaceuticals Investments III Ltd. Backed Sr. Unscd. | Baa3 | Ba1 |
| MacMillan Bloedel (Delaware) Inc. Backed Sr. Unscd. | A3 | Baa2 |
| MacMillan Bloedel Ltd.Backed Sr. Unscd. | A3 | Baa2 |
| Neenah Corp. Backed Sr. Sub. | B3 | Caa3 |
| Neenah Foundry Co. Sr. Sub. | B3 | Caa3 |
| Neenah Foundry Co. Backed Sr. Sub. | B3 | Caa3 |
| Weyerhaeuser Co. Sr. Unscd. | A3 | Baa2 |
| Weyerhaeuser Co. Sr. Unscd. MTN | A3 | Baa2 |
| Willamette Industries Sr. Unscd. | A3 | Baa2 |
| Willamette Industries Sr. Unscd. MTN | A3 | Baa2 |
| Dean Holding Co. Backed Sr. Unscd. | Baa2 | B1 |
| American Tower Corp. Sr. Unscd. | B3 | Caa1 |
| American Tower Corp. Sub. | B3 | Caa1 |
| Song Networks Sr. Unscd. | Caa1 | Caa3 |
| Upgrades | ||
| Sovereign Bancorp Sr. Unscd. | Ba3 | Ba2 |
| Telefonos de Mexico S.A. de C.V. Sr. Unscd. | Baa1 | A3 |
| Thames Water Finance B.V. Backed Sr. Unscd. | A2 | A1 |
| Thames Water plc Sr. Unscd. | A2 | A1 |
| Thames Water plc Sr. Unscd. MTN | A2 | A1 |
| Thames Water Utilities Finance plc Backed Sr. Unscd. | A1 | Aa3 |
| Thames Water Utilities Finance plc Backed Sr. Unscd. MTN | A1 | Aa3 |
| Thomson S.A. Sr. Unscd. MTN | Baa1 | A3 |
| Thomson-Brandt International B.V. Backed Sr. Unscd. | Baa1 | A3 |
| Commemorative Brands Sr. Sub. | Caa2 | Caa1 |
| FITCH | ||
| Downgrades | ||
| ElectroAndina S.A. Sr. Unscd. | BBB | BBB- |
| Carolina Telephone & Telegraph Co. Sr. Debentures | A- | BBB+ |
| PHH Corp. Sr. Debt | A- | BBB+ |
| Weyerhaeuser Sr. Unscd. | A- | BBB- |
Rating Game (February 8 -- February 14)