| Moody's Investors Service | ||
| Downgrades | From | To |
| ACINDAR Industria Argentina de Aceros S.A. Sr. Unscd. | Caa1 | Caa3 |
| British Airways plc Sr. Unscd. | A3 | Baa3 |
| CableVision S.A. Sr. Unscd. | Caa1 | Caa3 |
| CableVision S.A. Sr. Unscd. MTN | Caa1 | Caa3 |
| Compania de Alimentos Fargo S.A. Sr. Unscd. | Caa2 | Caa3 |
| Coto Centro Integral de Commercialization S.A. Sr. Unscd. | Caa1 | Caa3 |
| Disco S.A. Sr. Unscd. | Caa1 | Caa3 |
| IMASAC S.A. Backed Sr. Unscd. | Caa1 | Caa3 |
| IMPSAT Fiber Networks Inc. Backed Sr. Unscd. | Caa2 | Caa3 |
| Industrias Metalurgicas Pescarmona SAIC y F Sr. Unscd. | Caa1 | Caa3 |
| Industrias Metalurgicas Pescarmona SAIC y F Sr. Unscd. MTN | Caa1 | Caa3 |
| Mastellone Hermanos S.A. Sr. Unscd. | Caa1 | Caa3 |
| Multicanal S.A. Sr. Unscd. | Caa1 | Caa3 |
| Multicanal S.A. Sr. Unscd. MTN | Caa1 | Caa3 |
| Sleepmaster L.L.C. Backed Sr. Sub. | B3 | Caa3 |
| Supermercados Sr. Unscd. | Caa1 | Caa3 |
| Consolidated Natural Gas Co. Sr. Unscd. | A2 | A3 |
| Republic of Argentina Sr. Unscd. | Caa1 | Caa3 |
| Republic of Argentina Sr. Unscd. MTN | Caa1 | Caa3 |
| Banco Bansud S.A. Sr. Unscd. | Caa1 | Caa3 |
| Banco Bansud S.A. Sr. Unscd. MTN | Caa1 | Caa3 |
| Banco Rio de la Plata S.A. Sr. Unscd. | Caa1 | Caa3 |
| Banco Rio de la Plata S.A. Sr. Unscd. MTN | Caa1 | Caa3 |
| Banco Rio de la Plata, Grand Cayman Sr. Unscd. MTN | Caa1 | Caa3 |
| Banco Rio de la Plata, New York Branch Sr. Unscd. MTN | Caa1 | Caa3 |
| Banco de Galicia Y Buenos Aires SA (New York) Sr. Unscd. | Caa1 | Caa3 |
| Banco de Galicia Y Buenos Aires SA (New York) Sr. Unscd. MTN | Caa1 | Caa3 |
| Banco de Galicia y Buenos Aires S.A. Sr. Unscd. | Caa1 | Caa3 |
| Banco de Galicia y Buenos Aires S.A. Sr. Unscd. MTN | Caa1 | Caa3 |
| Banco de Galicia y Buenos Aires S.A. Sub. | Caa1 | Caa3 |
| Banco de la Ciudad de Buenos Aires Sr. Unscd. MTN | Caa1 | Caa3 |
| Camuzzi Gas Pampeana S.A. Backed Sr. Unscd. MTN | Caa1 | Caa3 |
| Camuzzi Gas del Sur S.A. Backed Sr. Unscd. | Caa1 | Caa3 |
| Camuzzi Gas del Sur S.A. Backed Sr. Unscd. MTN | Caa1 | Caa3 |
| Citibank N.A. (Argentina Branch) Sr. Unscd. MTN | Caa1 | Caa3 |
| Metrogas S.A. Sr. Unscd. | Caa1 | Caa3 |
| Metrogas S.A. Sr. Unscd. MTN | Caa1 | Caa3 |
| Pan American Energy LLC Backed Sr. Unscd. | Caa1 | Caa3 |
| Pan American Energy LLC Backed Sr. Unscd. MTN | Caa1 | Caa3 |
| Pasa S.A. Sr. Unscd. | Caa1 | Caa3 |
| Pecom Energia S.A. Sr. Scd. MTN | Caa1 | Caa3 |
| Pecom Energia S.A. Sr. Unscd. | Caa1 | Caa3 |
| Pecom Energia S.A. Sr. Unscd. MTN | Caa1 | Caa3 |
| Rhodia S.A. Sr. Unscd. | Baa2 | Baa3 |
| Rhodia S.A. Sr. Unscd. MTN | Baa2 | Baa3 |
| Scotiabank Quilmes S.A. Sr. Unscd. MTN | Caa1 | Caa3 |
| Song Networks Sr. Unscd. | B3 | Caa1 |
| Transportadora de Gas del Sur S.A. Sr. Unscd. | Caa1 | Caa3 |
| City of Buenos Aires Sr. Unscd. | Caa1 | Caa3 |
| City of Buenos Aires Sr. Unscd. MTN | Caa1 | Caa3 |
| Province of Buenos Aires Sr. Scd. | Caa1 | Caa3 |
| Province of Buenos Aires Sr. Unscd. | Caa1 | Caa3 |
| Province of Buenos Aires Sr. Unscd. MTN | Caa1 | Caa3 |
| Marconi Copr. plc Backed Sr. Unscd. | Ba1 | Ba3 |
| Province of Mendoza Sr. Unscd. | Caa1 | Caa3 |
| Province of Tucuman Sr. Scd. | Caa1 | Caa3 |
| CTI Holdings S.A. Sr. Unscd. | Caa1 | Caa3 |
| Compania de Radiocomunicaciones Moviles S.A. Sr. Unscd. | Caa1 | Caa3 |
| Compania de Radiocomunicaciones Moviles S.A. Sr. Unscd. MTN | Caa1 | Caa3 |
| Hexcel Corp. Sr. Sub. | B2 | Caa1 |
| Hexcel Corp. Sub. | B3 | Caa2 |
| Provident Bank Sub. | Baa2 | Baa3 |
| Telecom Argentina STET-France Telecom SA Sr. Unscd. | Caa1 | Caa3 |
| Telecom Argentina STET-France Telecom SA Sr. Unscd. MTN | Caa1 | Caa3 |
| Bethlehem Steel Corp. Sr. Unscd. | Caa3 | Ca |
| Lukens Inc. (Old) Backed Sr. Unscd. | Caa3 | Ca |
| Personnel Group of America, Inc. Sub. | B2 | Caa3 |
| Air Canada Sr. Unscd. | B1 | B3 |
| Air Canada Sub. | B3 | Caa2 |
| Global Crossing Holdings Ltd. Sr. Unscd. | Ba2 | B2 |
| Global Crossing Holdings Ltd. Backed Sr. Unscd. | Ba2 | B2 |
| Upgrades | ||
| AIC Corp. Backed Sr. Unscd. | Aa3 | Aa1 |
| AIC Corp. Backed Sr. Unscd. MTN | Aa3 | Aa1 |
| AIC Corp. Backed Sub. MTN | A1 | Aa2 |
| Associates Capital Corp. of Canada Backed Sr. Unscd. | Aa3 | Aa1 |
| Associates Capital Corp. plc Backed Sr. Unscd. | Aa3 | Aa1 |
| Associates Capital Corp. plc Backed Sr. Unscd. MTN | Aa3 | Aa1 |
| Associates Capital Corp. plc Backed Sub. MTN | A1 | Aa2 |
| Associates Corp. of North America Sr. Unscd. | Aa3 | Aa1 |
| Associates Corp. of North America Sr. Unscd. MTN | Aa3 | Aa1 |
| Associates Corp. of North America Sr. Unscd. | Aa3 | Aa1 |
| Associates Corp. of North America Sr. Unscd. MTN | Aa3 | Aa1 |
| Associates Corp. of North America Sub. | A1 | Aa2 |
| Associates Corp. of North America Sub. MTN | A1 | Aa2 |
| Associates First Capital B.V. Backed Sr. Unscd. | Aa3 | Aa1 |
| Associates First Capital B.V. Backed Sr. Unscd. MTN | Aa3 | Aa1 |
| Associates First Capital B.V. Backed Sub. MTN | A1 | Aa2 |
| Associates First Capital Corp. Sr. Unscd. | Aa3 | Aa1 |
| Associates First Capital Corp. Sr. Unscd. MTN | Aa3 | Aa1 |
| Associates First Capital Corp. Sub. MTN | A1 | Aa2 |
| Avco Financial Services Canada Ltd. Backed Sr. Unscd. | Aa3 | Aa1 |
| Avco Financial Services Inc. Sr. Unscd. | Aa3 | Aa1 |
| Avco Financial Services Inc. Sr. Unscd. MTN | Aa3 | Aa1 |
| Avco Financial Services Inc. Sub. MTN | A1 | Aa2 |
| CitiFinancial Credit Co. Sr. Unscd. | Aa3 | Aa1 |
| CitiFinancial Credit Co. Sr. Unscd. MTN | Aa3 | Aa1 |
| Citibank Ltd. Sr. Unscd. | Aa2 | Aa1 |
| Citibank N.A. Sr. Unscd. | Aa2 | Aa1 |
| Citibank N.A. Sr. Unscd. MTN | Aa2 | Aa1 |
| Citicorp Sr. Unscd. | Aa3 | Aa1 |
| Citicorp Sr. Unscd. MTN | Aa3 | Aa1 |
| Citicorp Sub. | A1 | Aa2 |
| Citicorp Sub. MTN | A1 | Aa2 |
| Citicorp Jr. Sub. | A1 | Aa2 |
| Citigroup Inc. Sr. Unscd. | Aa2 | Aa1 |
| Citigroup Inc. Sr. Unscd. MTN | Aa2 | Aa1 |
| Citigroup Inc. Sub. | Aa3 | Aa2 |
| Citigroup Inc. Sub. MTN | Aa3 | Aa2 |
| Citigroup Inc. Jr. Sub. | Aa3 | Aa2 |
| European-American bank Sr. Unscd. | Aa2 | Aa1 |
| Russian Federation Sr. Unscd. | B2 | B1 |
| Salomon Smith Barney Holdings Inc. Sr. Unscd. | Aa3 | Aa1 |
| Salomon Smith Barney Holdings Inc. Sr. Unscd. MTN | Aa3 | Aa1 |
| Salomon Smith Barney Holdings Inc. Sub. MTN | A1 | Aa2 |
| Smith Barney Holdings Inc. Backed Sr. Unscd. | Aa3 | Aa1 |
| Smith Barney Holdings Inc. Backed Sr. Unscd. MTN | Aa3 | Aa1 |
| Source One Mortgage Services Corp. Sr. Unscd. | Aa3 | Aa1 |
| Source One Mortgage Services Corp. Backed Sr. Unscd. | Aa3 | Aa1 |
| Source One Mortgage Services Corp. Backed Sr. Unscd. MTN | Aa3 | Aa1 |
| Travelers Ins. Co. Institutional Funding Ltd. Backed Sr. Scd. | Aa3 | Aa1 |
| Travelers Ins. Co. Institutional Funding Ltd. Backed Sr. Scd. MTN | Aa3 | Aa1 |
| XTRA Inc. Backed Sr. Unscd. | Baa2 | A1 |
| XTRA Inc. Backed Sr. Unscd. MTN | Baa2 | A1 |
| American Medical Intl. N.V. Backed Sr. Unscd. | Ba1 | Baa3 |
| American Medical Intl. Inc. Sr. Unscd. | Ba1 | Baa3 |
| Tenet Healthcare Copr. Sr. Unscd. | Ba1 | Baa3 |
| Tenet Healthcare Copr. Sr. Sub. | Ba2 | Ba1 |
| Tenet Healthcare Copr. Sub. | Ba2 | Ba1 |
| Capcom Co. Ltd. Sr. Unscd. | Ba3 | Ba2 |
| Tosco Corp. Sr. Unscd. | Baa2 | A3 |
| FITCH | ||
| Downgrades | ||
| Saks Inc. Sr. Notes | BB+ | BB |
| Carolina Telephone & Telegraph Sr. Debentures | AA+ | A- |
| Carlton Communications plc Sr. Unscd. | A | A- |
| Upgrades | ||
| Sappi Ltd. Sr. Unscd. | A | A+ |
| Delphi Financial Group Inc. Sr. Debt | BBB | BBB+ |
| NNK Kazakhoil Sr. Unscd. | BB- | BB |
Rating Game (OCTOBER 12 -- OCTOBER 18)