| Moody's Investors Service | ||
| Downgrades | From | To |
| Hayes Lemmertz Intl. Inc. Sr. Unscd. | Caa1 | Ca |
| Hayes Lemmertz Intl. Inc. Sr. Sub. | Caa2 | Ca |
| Hayes Lemmertz Intl. Inc. Backed Sr. Sub. | Caa2 | Ca |
| Telefonaktiebolaget LM Ericsson Sr. Unscd. | A3 | Baa1 |
| Telefonaktiebolaget LM Ericsson Sr. Unscd. MTN | A3 | Baa1 |
| Gap Intl. B.V. Backed Sr. Unscd. | A3 | Baa2 |
| Gap Inc. Sr. Unscd. | A3 | Baa2 |
| Intl. Wire Group Inc. Backed Sr. Sub. | B3 | Caa1 |
| PanAmSat Corp Sr. Unscd. | Baa2 | Baa3 |
| Milacron Capital Holding B.V. Backed | Ba1 | B1 |
| Milacron Inc. Sr. Unscd. | Ba1 | B1 |
| AT&T Corp. Sr. Unscd. | A2 | A3 |
| AT&T Corp. Sr. Unscd. MTN | A2 | A3 |
| MediaOne Group Inc. Sr. Unscd. | Baa1 | Baa2 |
| MediaOne of Delaware Inc. Sr. Unscd. | A3 | Baa1 |
| TCI Communications Inc. Sr. Unscd. MTN | A3 | Baa1 |
| TCI Communications Inc. Backed Sr. Unscd. | A3 | Baa1 |
| TCI Communications Inc. Backed Sub. | Baa1 | Baa2 |
| US WEST Capital Funding Inc. Backed Sr. Unscd. | Baa1 | Baa2 |
| Exide Holding Europe S.A. Sr. Unscd. | B1 | Caa2 |
| Exide Technologies Inc. Sr. Unscd. | B1 | Caa2 |
| Exide Technologies Inc. Sr. Sub. | B3 | Ca |
| McDonald's Corp. Sr. Unscd. | Aa2 | Aa3 |
| McDonald's Corp. Sr. Unscd. MTN | Aa2 | Aa3 |
| McDonald's Corp. Sub. | Aa3 | A1 |
| Eastman Kodak Co. Sr. Unscd. | A2 | A3 |
| Eastman Kodak Co. Sr. Unscd. MTN | A2 | A3 |
| Upgrades | ||
| Heller Financial Canada Ltd. Backed Sr. Unscd. | A3 | Aaa |
| Heller Financial Canada Ltd. Backed Sr. Unscd. MTN | A3 | Aaa |
| Heller Financial Inc. Sr. Unscd. | A3 | Aaa |
| Heller Financial Inc. Sr. Unscd. MTN | A3 | Aaa |
| Louis Dreyfus Natural Gas Corp. Sr. Sub. | Ba2 | Baa1 |
| Pride Intl. Inc. Sr. Unscd. | Ba3 | Ba2 |
| Pride Intl. Inc. Sub. | B2 | Ba3 |
| Bariven S.A. Backed Sr. Unscd. | B2 | Baa3 |
| Bariven S.A. Backed Sr. Unscd. MTN | B2 | Baa3 |
| Beaven Valley II Funding Corp. Backed Sr. Scd. | Ba1 | Baa3 |
| CTC Beaver Valley Funding Corp. Backed Sr. Scd. | Ba1 | Baa3 |
| CTC Mansfield Funding Corp. Backed Sr. Scd. | Ba1 | Baa3 |
| Cleveland Electric Illuminating Co. Backed Sr. Scd. | Baa3 | Baa2 |
| Petroleos de venezuela,S.A. Sr. Scd. MTN | Baa3 | Baa2 |
| Toledo Edison Co. Sr. Scd. MTN | Baa3 | Baa2 |
| Toledo Edison Co. Sr. Unscd. | Ba1 | Baa3 |
| Credit Suisse First Boston Sub. | A2 | A1 |
| Credit Suisse First Boston Jr. Sub. | A2 | A1 |
| Credit Suisse First Boston (USA) Inc. Sr. Unscd. | A1 | Aa3 |
| Credit Suisse First Boston (USA) Inc. Sr. Unscd. MTN | A1 | Aa3 |
| King Pharmaceuticals Inc. Sr. Sub. | Ba3 | Ba2 |
| Bay View Bank N.A. Sub. | B3 | B1 |
| Bay View Capital Corp. Sub. | Caa1 | B3 |
| FITCH | ||
| Downgrades | ||
| The Walt Disney Co. Sr. Unscd. | A | A- |
| Volt Information Sciences Inc. Unscd. Debt | BBB | BBB- |
| S.C. Johnson & Son Inc. Sr. Debt | A | A- |
Rating Game (October 25--November 1)