| Moody's Investors Service | ||
| Downgrades | From | To |
| Glencore Nickel Pty Ltd. Backed Sr. Scd. | Ba3 | B1 |
| Herman Miller Inc. Sr. Unscd. | A3 | Baa2 |
| IT Group (The) Sr. Sub. | B3 | Caa3 |
| Murrin Murrin Holding Pty Ltd. Backed Sr. Scd. | B1 | B3 |
| OHM Corp Backed Sub. | B3 | Caa3 |
| Desa Intl. Backed Sr. Sub. | Caa1 | C |
| Deutsche Bank AG, London Branch Sr. Scd. | A2 | Baa2 |
| Deutsche Bank AG, London Branch Sr. Sub. | A2 | Baa2 |
| Nissho Iwai American Corp. Backed Sr. Unscd. | B1 | B2 |
| Nissho Iwai American Corp. Backed Sr. Unscd. MTN | B1 | B2 |
| Nissho Iwai Corp. Sr. Unscd. | B1 | B2 |
| Nissho Iwai Corp. Sr. Unscd. MTN | B1 | B2 |
| Nissho Iwai Europe plc Sr. Unscd. | B1 | B2 |
| Nissho Iwai Europe plc Backed Sr. Unscd. | B1 | B2 |
| Nissho Iwai Europe plc Backed Sr. Unscd. MTN | B1 | B2 |
| Nissho Iwai HK (Cayman) Ltd. Backed Sr. Unscd. MTN | B1 | B2 |
| Nissho Iwai Intl. Finance (Cayman) Ltd.Backed Sr. Unscd. | B1 | B2 |
| Nissho Iwai Intl. Finance (Cayman) Ltd.Backed Sr. Unscd. MTN | B1 | B2 |
| Victor Co. of Japan Ltd. Sr. Unscd. | Baa1 | Baa2 |
| Calpine Canada Energy Finance II ULC Backed Sr. Unscd. | Baa3 | Ba1 |
| Calpine Canada Energy Finance ULC Backed Sr. Unscd. | Baa3 | Ba1 |
| Calpine Corp. Sr. Unscd. | Baa3 | Ba1 |
| European Reinsurance Co. of Zurich Backed Sub. MTN | Aa1 | Aa2 |
| Solectron Corp. Sr. Unscd. | Baa3 | Ba1 |
| Solectron Corp. Sub. | Ba1 | Ba2 |
| South Point Energy Center LLC Backed Sr. Scd. | Baa3 | Ba1 |
| Swiss Re Financial Products Corp. Backed Sub. MTN | Aa1 | Aa2 |
| Swiss Reinsurance Co. Sub. MTN | Aa1 | Aa2 |
| Swiss Reinsurance Co. Jr. Sub. | Aa1 | Aa2 |
| SwissRe Finance (Bermuda) Ltd. Backed Sub. MTN | Aa1 | Aa2 |
| Tiverton Power Associates Backed Sr. Scd. | Baa3 | Ba1 |
| ABB Asea Brown Boveri Ltd. Sr. Unscd. | Aa3 | A2 |
| ABB Capital (USA) LLC Backed Sr. Unscd. | Aa3 | A2 |
| ABB Capital B.V. Backed Sr. Unscd. | Aa3 | A2 |
| ABB Capital B.V. Backed Sr. Unscd. MTN | Aa3 | A2 |
| ABB Finance Inc. Backed Sr. Unscd. | Aa3 | A2 |
| ABB Finance Inc. Backed Sr. Unscd. MTN | Aa3 | A2 |
| ABB Financial Services Australia Ltd. Backed Sr. Unscd. MTN | Aa3 | A2 |
| ABB Intl Finance Ltd. Sr. Unscd. | Aa3 | A2 |
| ABB Intl Finance Ltd. Backed Sr. Unscd. | Aa3 | A2 |
| ABB Intl Finance Ltd. Backed Sr. Unscd. MTN | Aa3 | A2 |
| Providian Financial Corp. Sr. Unscd. | Ba3 | B2 |
| Providian Financial Corp. Sr. Unscd. MTN | Ba3 | B2 |
| Providian Financial Corp. Sub. MTN | B1 | B3 |
| Providian Financial Corp. Jr. Sub. | B2 | Caa1 |
| Providian National Bank Sr. Unscd. | Ba2 | Ba3 |
| Quality Distribution Inc. Sr. Sub. | Caa1 | Ca |
| Travelers Pty Casualty Corp. Sr. Unscd. | Aa3 | A1 |
| AMR Corp. Sr. Unscd. | Ba2 | B1 |
| AMR Corp. Sr. Unscd. MTN | Ba2 | B1 |
| Delta Airlines Inc. Sr. Unscd. | Ba2 | Ba3 |
| Delta Airlines Inc. Sr. Unscd. MTN | Ba2 | Ba3 |
| Fairfax Financial Holdings Ltd. Sr. Unscd. | Baa3 | Ba2 |
| TIG Holdings Inc. Sr. Unscd. | Baa3 | Ba3 |
| Baroid Corp. Backed Sr. Unscd. | A1 | A3 |
| City of Buenos Aires Sr. Unscd. | B1 | B2 |
| City of Buenos Aires Sr. Unscd. MTN | B1 | B2 |
| Dresser Industries Inc. Sr. Unscd. | A1 | A3 |
| Dynergy Holdings Inc. Sr. Unscd. | Baa2 | Baa3 |
| Dynergy Holdings Inc. Jr. Sub. | Baa3 | Ba1 |
| Haliburton Co. Sr. Unscd. | A1 | A3 |
| Haliburton Co. Sr. Unscd. MTN | A1 | A3 |
| Illinois Power Co. Sr. Unscd. MTN | Baa2 | Baa3 |
| Illinova Corp. Sr. Unscd. | Baa3 | Ba1 |
| Illinova Corp. Sr. Unscd. MTN | Baa3 | Ba1 |
| Kmart Corp. Sr. Unscd. | Baa3 | Ba2 |
| Kmart Corp. Sr. Unscd. MTN | Baa3 | Ba2 |
| Kmart Corp. Sub. | Ba1 | Ba3 |
| Roseton-Danskammer 2001 Backed Sr. Scd. | Baa2 | Baa3 |
| Textron Financial Canada Funding Corp. Backed Sr. Unscd. | A2 | A3 |
| Textron Financial Canada Ltd. Backed Sr. Unscd. | A2 | A3 |
| Textron Financial Corp. Sr. Unscd. | A2 | A3 |
| Textron Financial Corp. Sr. Unscd. MTN | A2 | A3 |
| Textron Financial Corp. Backed Sr. Unscd. | A2 | A3 |
| Textron Financial Corp. Backed Sr. Unscd. MTN | A2 | A3 |
| Textron Inc. Sr. Unscd. | A2 | A3 |
| Textron Inc. Sr. Unscd. MTN | A2 | A3 |
| Textron Inc. Sub. MTN | A3 | Baa1 |
| Wolverine Tube Inc. Sr. Unscd. | Ba1 | Ba2 |
| Valeo Sr. Unscd. | A2 | A3 |
| Ziff-Davis Media Inc. Sr. Sub. | B3 | Ca |
| Boeing Capital Corp. Sr. Unscd. | A2 | A3 |
| Boeing Capital Corp. Sr. Unscd. MTN | A2 | A3 |
| Boeing Capital Corp. Sub. MTN | A3 | Baa1 |
| Boeing Co. Sr. Unscd. | A1 | A2 |
| Boeing Co. Backed Sr. Unscd. | A1 | A2 |
| Brush Engineered Materials Sr. Unscd. MTN | Baa2 | Baa3 |
| Loral Cybestar Inc. Sr. Unscd. | Caa1 | C |
| Loral Space & Communications Ltd. Sr. Unscd. | B3 | C |
| McDonnell Douglas Corp. Sr. Unscd. | A2 | A3 |
| Rockwell Intl. Corp. (Old) Backed Sr. Unscd. | A1 | A2 |
| Consolidated Container Co. LLC Backed Sr. Sub. | B2 | Caa1 |
| Hilton Hotels Corp. Sr. Unscd. | Baa3 | Ba1 |
| Hilton Hotels Corp. Sr. Unscd. MTN | Baa3 | Ba1 |
| Hilton Hotels Corp. Sub. | Ba1 | Ba2 |
| Mirant Americas Generation Inc. Sr. Unscd. | Baa3 | Ba1 |
| Mirant Corp. Sr. Unscd. | Baa2 | Ba1 |
| Upgrades | ||
| Autopistas Concesionaria Astur-Leonesa SA Backed Sr. Unscd. | Aa2 | Aaa |
| Autopistas Del Atlantico CESA Sr. Unscd. | Aa2 | Aaa |
| Autopistas Del Atlantico CESA Backed Sr. Unscd. | Aa2 | Aaa |
| Ente Publico Radio Television Espanola Sr. Unscd. | Aa2 | Aaa |
| INI Finance B.V. Backed Sr. Unscd. MTN | Aa2 | Aaa |
| Red Nacional de los Ferrocarriles Espanoles Sr. Unscd. | Aa2 | Aaa |
| Red Nacional de los Ferrocarriles Espanoles Sr. Unscd. MTN | Aa2 | Aaa |
| Instituto de Credito Official Backed Sr. Unscd. | Aa2 | Aaa |
| Instituto de Credito Official Backed Sr. Unscd.MTN | Aa2 | Aaa |
| Kingdom of Spain Sr. Unscd. | Aa2 | Aaa |
| Kingdom of Spain Sr. Unscd.MTN | Aa2 | Aaa |
| Yorkshire Electricity Distribution Ltd. Backed Sr. Unscd. | Baa1 | A3 |
| Yorkshire Power Finance Ltd. Backed Sr. Unscd. | Baa2 | Baa1 |
| Yorkshire Power Finance Ltd. Backed Jr. Sub. | Baa3 | Baa2 |
| Corrections Corp. of America Sr. Unscd. | Caa1 | B3 |
| BBVA Bancomer S.A. Grand Cayman Branch Sub. | Baa3 | Baa1 |
| Banco Nacional de Mexico S.A. Sr. Unscd. MTN | Baa3 | A3 |
| Banco Santander Mexicano S.A. Sr. Unscd. MTN | Baa3 | A3 |
| Banco Santander Mexicano S.A. Jr. Sub. | Baa3 | Baa1 |
| Castilla y Leon, Junta de Sr. Unscd. | Aa3 | Aa2 |
| Catalunya, Generalitat de Sr. Unscd. | A1 | Aa3 |
| Madrid, Communidad Autonoma de Sr. Unscd. | A1 | Aa3 |
| Republic of Romania Sr. Unscd. | B3 | B2 |
| Banco AGF Braseg S.A. Backed Sr. Unscd. | B1 | Ba2 |
| Banco AGF Braseg S.A. Backed Sr. Unscd. MTN | B1 | Ba2 |
| Banco Barclays e Galicia S.A. Sr. Unscd. | B1 | Ba2 |
| Banco Barclays e Galicia S.A. Sr. Unscd. MTN | B1 | Ba2 |
| Banco Bilbao Vizcaya Brazil S.A. Sr. Unscd. | B1 | Ba2 |
| Banco Bilbao Vizcaya Brazil S.A. Sr. Unscd. MTN | B1 | Ba2 |
| Banco Bozano Simonsen S.A. Sr. Unscd. | B1 | Ba2 |
| Banco Bozano Simonsen S.A. Sr. Unscd. MTN | B1 | Ba2 |
| Banco Bradesco S.A. Sr. Unscd. | B1 | Ba2 |
| Banco Bradesco S.A. Sr. Unscd. MTN | B1 | Ba2 |
| Banco Bradesco S.A. Grand Cayman Branch Sr. Unscd. | B1 | Ba2 |
| Banco Bradesco S.A. Grand Cayman Branch Sr. Unscd. MTN | B1 | Ba2 |
| Banco Bradesco S.A. New York Branch Sr. Unscd. | B1 | Ba2 |
| Banco Cititbank S.A. Backed Sr. Unscd. MTN | B1 | Ba2 |
| Banco Safra (Cayman Islands ) Ltd. Sr. Unscd. | B1 | Ba2 |
| Banco Safra (Cayman Islands ) Ltd. Sr. Unscd. MTN | B1 | Ba2 |
| Banco Safra S.A. Sr. Unscd. | B1 | Ba2 |
| Banco Safra S.A. Sr. Unscd. MTN | B1 | Ba2 |
| Banco Santiago Sub. | Baa1 | A2 |
| Banco Sudameris Brasil S.A. Sr. Unscd. MTN | B1 | Ba2 |
| Banco Votorantim S.A. Sr. Unscd. MTN | B1 | Ba3 |
| Banco de Investimentos CSFB Garantia S.A. Sr. Unscd. | B1 | Ba2 |
| Banco de Investimentos CSFB Garantia S.A. Sr. Unscd.MTN | B1 | Ba2 |
| Banco do Brasil S.A. Sr. Unscd. | B1 | Ba2 |
| Banco do Brasil S.A. Sr. Unscd. MTN | B1 | Ba2 |
| Banco do Nordeste do Brasil S.A. Sr. Unscd. | B1 | Ba2 |
| Banco do Nordeste do Brasil S.A. Sr. Unscd. MTN | B1 | Ba2 |
| BankBoston Banco Multiplo S.A. Backed Sr. Unscd. | B1 | Ba2 |
| BankBoston Banco Multiplo S.A. Backed Sr. Unscd. MTN | B1 | Ba2 |
| BankBoston Banco Multiplo S.A. Backed Sub. MTN | B1 | Ba2 |
| BankBoston Latino Americano SA Backed Sr. Unscd. MTN | B1 | Ba2 |
| Lloyds Bank plc (Brazil) Sr. Unscd. MTN | B1 | Ba2 |
| Safra Leasing SA Arrendamento Mercantil Sr. Unscd. | B1 | Ba2 |
| Safra Leasing SA Arrendamento Mercantil Sr. Unscd. MTN | B1 | Ba2 |
| Scotiabank Sud Americano Sub. | A2 | A3 |
| Unibanco Leasing S.A.- Arrendamento Mercantil Sr. Unscd. MTN | B1 | Ba2 |
| Unibanco-Uniao de Bancos Brasileiros S.A. Sr. Unscd. MTN | B1 | Ba2 |
| Unibanco-Uniao de Bancos Brasileiros, GC Br. Sr. Unscd. | B1 | Ba2 |
| Unibanco-Uniao de Bancos Brasileiros, GC Br. Sr. Unscd. MTN | B1 | Ba2 |
| Aventis S.A. Sr. Unscd. | A2 | A1 |
| Aventis S.A. Sr. Unscd. MTN | A2 | A1 |
| Rhone-Poulenc Commercial Finance B.V. Backed Sr. Unscd. MTN | A2 | A1 |
| Rhone-Poulenc Rorer Inc. Sr. Scd. | A2 | A1 |
| Ainsworth Lumber Co. Ltd. Sr. Scd. | Caa1 | B3 |
| Global Marine Inc. Sr. Unscd. | Baa2 | Baa1 |
| American Geenral Finance Corp. Sr. Unscd. | A2 | A1 |
| American Geenral Finance Corp. Sr. Unscd. MTN | A2 | A1 |
| FITCH | ||
| Downgrades | ||
| Kamps AG Sr. Unscd. | BB+ | BB- |
| Deutsche Nickel Technology Group Sr. Unscd. | BB+ | BB |
| Calpine Corp. Sr. Unscd. | BBB- | BB+ |
| Markel Intl. Ltd. Sr. Debt | BBB- | BB+ |
Rating Game (December 13 -- December 20)