| Moody's Investors Service | ||
| Downgrades | From | To |
| Alcatel Sr. Unscd. | Baa1 | Baa2 |
| Alcatel Sr. Unscd. MTN | Baa1 | Baa2 |
| Alcatel N.V. Sr. Unscd. MTN | Baa1 | Baa2 |
| Telefonaktiebolaget LM Ericson Sr Uncd. | Baa1 | Baa2 |
| Telefonaktiebolaget LM Ericson Sr Uncd. MTN | Baa1 | Baa2 |
| Pueblo Xtra Intl Inc. Sr. Unscd. | Caa1 | Caa3 |
| WMC Finance (USA) Backed Sr. Unscd. | A2 | A3 |
| Agokor d.d. Backed Sr. Unscd. | Ba3 | B1 |
| Coca-Cola Erfrischungsgetranke AG Sr. Unscd. | A2 | A3 |
| Daiwa America Corp. Backed Sr. Unscd. MTN | Baa2 | Baa3 |
| Daiwa Europe Finance B.V. Backed Sr. Unscd. MTN | Baa2 | Baa3 |
| Daiwa Securities Group Sr. Unscd. | Baa2 | Baa3 |
| Daiwa Securities Trust & Banking (Europe) PLC Backed Sr. Unscd. | Baa2 | Baa3 |
| Daiwa Securities Trust & Banking (Europe) PLC Backed Sub. | Baa3 | Ba1 |
| Horace Mann Educators Corp. Sr. Unscd. | Baa1 | Baa2 |
| Nikko Cordial Corp. Sr. Unscd. | Baa2 | Baa3 |
| Nikko Cordial Securities Sr. Unscd. | Baa1 | Baa2 |
| Nikko Europe PLC Backed Sr. Unscd. MTN | Baa1 | Baa2 |
| Gap (Japan) K.K. Backed Sr. Unscd. | Baa3 | Ba2 |
| Gap Intl B.V. Backed Sr. Unscd. | Baa3 | Ba2 |
| Gap Inc. Sr. Unscd. | Baa3 | Ba2 |
| LCI Intl Sr. Unscd. | Baa1 | Baa2 |
| Mountain States Telephone & Telegraph Co. Sr. Unscd. | A2 | A3 |
| Norhtwestern Bell Telephone Co. Sr. Unscd. | A2 | A3 |
| Pacific Northwest Bell Telephone Co. Sr. Unscd. | A2 | A3 |
| Qwest Capital Funding Backed Sr. Unscd. | Baa1 | Baa2 |
| Qwest Communications Intl Sr. Unscd. | Baa1 | Baa2 |
| Qwest Corp Sr. Unscd. | A2 | A3 |
| Qwest Corp Sr. Unscd. MTN | A2 | A3 |
| Qwest Corp Backed Sr. Unscd. | Aaa | Aa1 |
| BE Aerospace Sr. Sub. | B2 | B3 |
| Constellation Energy Group Sr. Unscd. | A3 | Baa1 |
| Constellation Energy Group Sr. Unscd. MTN | A3 | Baa1 |
| Deere & Co Sr. Unscd. | A2 | A3 |
| Deere & Co Sr. Unscd. MTN | A2 | A3 |
| Deere & Co. Sub. MTN | A3 | Baa1 |
| Emerson Electric Co. Sr. Unscd. | Aa3 | A2 |
| Emerson Electric Co. Sr. Unscd. MTN | Aa3 | A2 |
| John Deere B.V. Backed Sr. Unscd. | A2 | A3 |
| John Deere B.V. Backed Sr. Unscd. MTN | A2 | A3 |
| John Deere Bank S.A. Backed Sr. Unscd. | A2 | A3 |
| John Deere Bank S.A. Backed Sr. Unscd. MTN | A2 | A3 |
| John Deere Bank S.A. Backed Sub. MTN | A3 | Baa1 |
| John Deere Capital Corp. Sr. Unscd. | A2 | A3 |
| John Deere Capital Corp. Sr. Unscd. MTN | A2 | A3 |
| John Deere Capital Corp. Sub. | A3 | Baa1 |
| John Deere Capital Corp. Sub. MTN | A3 | Baa1 |
| John Deere Credit Backed Sr. Unscd. | A2 | A3 |
| John Deere Credit Backed Sr. Unscd. MTN | A2 | A3 |
| John Deere Credit Ltd. Backed Sr. Unscd. MTN | A2 | A3 |
| John Deere Ltd. Backed Sr. Unscd. MTN | A2 | A3 |
| Jordan Telecommunications Products Sr. Unscd. | A1 | A3 |
| Liebert Corp. Backed Sub. | A1 | A3 |
| Oglebay Norton Co. Sr. Sub. | B3 | Caa1 |
| RCN Corp. Sr. Unscd. | Caa2 | Ca |
| Upgrades | ||
| Railtrack PLC Sr. Unscd. | Ba1 | Baa1 |
| Seiyo Food Systems Sr. Unscd. | B2 | Ba3 |
| Repap New Brunswick Sr. Scd. | Ba1 | Baa1 |
| Conoco Canada Resources Ltd. Backed Sr. Unscd. | Baa2 | Baa1 |
| Kredyt Intl Finance B.V. Backed Sr. Unscd. | Baa1 | A2 |
| BNP Paribas Sr. Unscd. | Aa3 | Aa2 |
| BNP Paribas Sr. Unscd. MTN | Aa3 | Aa2 |
| BNP Paribas Sub. | A1 | Aa3 |
| BNP Paribas Sub. MTN | A1 | Aa3 |
| BNP Paribas Jr. Sub. | A1 | Aa3 |
| BNP Paribas Jr. Sub. MTN | A1 | Aa3 |
| BNP Paribas NY Branch Sub. | A1 | Aa3 |
| Paribas Backed Sr. Unscd. | Aa3 | Aa2 |
| Paribas Backed Sr. Unscd. MTN | Aa3 | Aa2 |
| Paribas Backed Sub. | A1 | Aa3 |
| Paribas Backed Sub. MTN | A1 | Aa3 |
| FITCH | ||
| Downgrades | ||
| Scottish & Newcastle plc Sr. Unscd. | A | A- |
| Reliant Resources Sr. Unscd. | BBB+ | BBB |
| Qwest Communications Intl. Sr. Unscd. | BBB+ | BBB |
| Qwest Capital Funding Sr. Unscd. | BBB+ | BBB |
| LCI Intl. Sr. Unscd. | BBB+ | BBB |
| AES Copr Sr. Unscd. | BB+ | BBB |
| The Chubb Corp. Sr. Debt | AA | AA- |
| Gap Inc. Sr. Unscd. | BBB- | BB |
| ProSiebenSat.1 Media AG Sr. Unscd. | BBB+ | BBB- |
| British Energy Sr. Unscd. | A- | BBB+ |
Rating Game (February 15 -- February 21)