| Moody's Investors Service | ||
| Downgrades | From | To |
| ASARCO Inc. Sr. Unscd. | B3 | Ca |
| Clubhaus PLC Sr. Unscd. | Caa1 | Caa2 |
| Enron Corp. Sr. Unscd. | Baa2 | Baa3 |
| Enron Corp. Sr. Unscd. MTN | Baa2 | Baa3 |
| Enron Corp. Sr. Sub. | Baa3 | Ba1 |
| European Power Ltd. Co. Sr. Scd. | Ba3 | B1 |
| Internorth, Inc. Sr. Unscd. | Baa2 | Baa3 |
| Interpublic Group of Companies, Inc. (The) Sr. Unscd. | A3 | Baa1 |
| Interpublic Group of Companies, Inc. (The) Sub. | Baa1 | Baa2 |
| Marlin Water Capital Corp. Backed Sr. Scd. | Baa2 | Ba1 |
| Marlin Water Trust Sr. Unscd. | Baa3 | Ba2 |
| Marlin Water Trust II Backed Sr. Scd. | Baa2 | Ba1 |
| Northern Natural Gas Company Sr. Unscd. | Baa1 | Baa3 |
| Northern Natural Gas Company Backed Sr. Unscd. | Baa1 | Baa3 |
| Osprey Trust Backed Sr. Scd. | Baa3 | Ba1 |
| SES Global S.A. Sr. Unscd. | Baa1 | Baa2 |
| BankBoston Corp Sr. Unscd. MTN | A1 | A2 |
| BankBoston Corp Sub.MTN | A2 | A3 |
| BankBoston Corp Backed Sr. Unscd. | A1 | A2 |
| BankBoston Corp Backed Sub. | A2 | A3 |
| BankBoston Corp Jr. Sub. | A2 | A3 |
| Coca-Cola FEMSA, S.A. de C.V. Sr. Unscd. | Baa2 | Baa3 |
| Fleet Business Credit, LLC Sr. Unscd. MTN | Aa3 | A1 |
| Fleet Business Credit, LLC Backed Sr. Unscd. | Aa3 | A1 |
| Fleet Business Credit, LLC Backed Sr. Unscd. MTN | Aa3 | A1 |
| Fleet Credit Card LLC Backed Sub. | Aa3 | A1 |
| Fleet Mortgage Group, Inc. Sr. Unscd. MTN | A1 | A2 |
| Fleet National Bank Sr. Unscd. | Aa3 | A1 |
| Fleet National Bank Sub. | A1 | A2 |
| Fleet National Bank Backed Sr. Unscd. | Aa3 | A1 |
| Fleet National Bank (Old) Sr. Unscd. MTN | Aa3 | A1 |
| Fleet National Bank (Old) Backed Sr. Unscd. | Aa3 | A1 |
| Fleet National Bank (Old) Backed Sub. | A1 | A2 |
| FleetBoston Financial Corp. Sr. Unscd. | A1 | A2 |
| FleetBoston Financial Corp. Sr. Unscd. MTN | A1 | A2 |
| FleetBoston Financial Corp. Sub. | A2 | A3 |
| FleetBoston Financial Corp. Sub. MTN | A2 | A3 |
| FleetBoston Financial Corp. Jr. Sub. | A2 | A3 |
| Shawmut National Corp. Sub. | A2 | A3 |
| Summit Bancorp Sub. | A2 | A3 |
| Summit Bancorp Jr. Sub. | A2 | A3 |
| Northeast Utilities Sr. Unscd. | Baa1 | Baa3 |
| Pemex Master Trust Backed Sr. Unscd. | Baa2 | Baa3 |
| Pemex Master Trust Backed Sr. Unscd. | Baa2 | Baa3 |
| Pemex Master Trust Backed Sr. Unscd. MTN | Baa2 | Baa3 |
| Adelphia Business Solutions Sr. Scd. | Caa2 | Ca |
| Adelphia Business Solutions Sr. Unscd. | Caa2 | Ca |
| Adelphia Business Solutions Sr. Sub. | Caa3 | C |
| Fairchild Corporation (The) Sr. Sub. | B3 | Caa1 |
| Intl. Multifoods Corp. Sr. Unscd. | Baa3 | B1 |
| Intl. Multifoods Corp. Sr. Unscd. MTN | Baa3 | B1 |
| Revlon Consumer Products Corp. Sr. Unscd. | Caa1 | Caa2 |
| Revlon Consumer Products Corp. Sr. Sub. | Caa3 | Ca |
| Tranz Rail Finance Limited Backed Sr. Unscd. | Baa2 | Baa3 |
| Zurich Reinsurance Centre Holdings, Inc. Backed Sr. Unscd. | A2 | Baa1 |
| PacifiCorp Sr. Scd. | A2 | A3 |
| PacifiCorp Sr. Scd. MTN | A2 | A3 |
| PacifiCorp Sr. Unscd. MTN | A3 | Baa1 |
| CompleTel Europe N.V. Sr. Unscd. | Caa1 | Caa3 |
| Marubeni Corp. Sr. Unscd. | Ba2 | Ba3 |
| Marubeni Corp. Sr. Unscd. MTN | Ba2 | Ba3 |
| Upgrades | ||
| Marubeni Europe Plc Backed Unscd. MTN | B1 | Ba3 |
| Marubeni Finance Holland B.V. Backed Sr. Unscd. MTN | B1 | Ba3 |
| Marubeni Intl.Finance Plc Sr. Unscd. | B1 | Ba3 |
| Marubeni Intl.Finance Plc Backed Sr. Unscd. | B1 | Ba3 |
| Marubeni Intl.Finance Plc Backed Sr. Unscd. MTN | B1 | Ba2 |
| EBS Building Society Sub. | Baa2 | Baa1 |
| EBS Building Society Sub. MTN | Baa2 | Baa1 |
| COMSAT Corp. Sr. Unscd. | Baa3 | Baa2 |
| COMSAT Corp. Sr. Unscd. MTN | Baa3 | Baa2 |
| Lockheed Corp. Backed Sr. Unscd. | Baa3 | Baa2 |
| Lockheed Corp. Backed Sr. Unscd. MTN | Baa3 | Baa2 |
| Lockheed Martin Corp. Sr. Unscd. | Baa3 | Baa2 |
| Lockheed Martin Corp. backed Sr. Unscd. | Baa3 | Baa2 |
| Martin Marietta Technologies, Inc. Backed Sr. Unscd. | Baa3 | Baa2 |
| Daedong Bank, Ltd. Backed Sub. | Ba1 | Baa3 |
| Dongnam Bank Backed Sub. | Ba1 | Baa3 |
| H&CB Sr.Unscd. MTN | Baa3 | Baa2 |
| H&CB Sub. MTN | Ba1 | Baa3 |
| Kookmin Bank Sr. Unscd. | Baa3 | Baa2 |
| Kookmin Bank Sr. Unscd. MTN | Baa3 | Baa2 |
| Kookmin Bank Sub. | Ba1 | Baa3 |
| Kookmin Bank Sub. MTN | Ba1 | Baa3 |
| FITCH | ||
| Downgrades | ||
| XO Communications Sr. Scd. | B | CCC- |
| Renault Sr. Unscd. | BBB+ | BBB |
| Renault Credit Intl. Sr. Unscd. | A- | BBB+ |
| FirstEnergy Corp Sr. Unscd. | A- | BBB+ |
| Portland General Electric Sr. Unscd. | A- | BBB+ |
| Providian Financial Corp. Sr. Debt | BB+ | BB- |
| Providian Nat Bank Sr. Debt | BB+ | BB- |
Rating Game (November 8 -- November 15)