| MOODY'S | FROM | TO |
| UPGRADES | ||
| European-American Bank Sr. Unscd | Aa3 | Aa2 |
| Del Webb Corp. Sr. Sub. | B2 | Ba1 |
| Chevy Chase Bank F.S. B. Sub. | B1 | Ba3 |
| Interpool, Inc. Sr. Unscd. | B1 | Ba3 |
| Dresdner Bank AG Sr. Unscd. | Aa3 | Aa2 |
| Dresdner Bank AG Sr. Unscd. MTN | Aa3 | Aa2 |
| Dresdner Bank AG Sub. | A1 | Aa3 |
| Dresdner Bank AG Sub. MTN | A1 | Aa3 |
| Dresdner Bank Luxembourg S.A. Sr. Unscd. | A1 | Aa3 |
| Dresdner Bank Luxembourg S.A. Sub. | A2 | A1 |
| Dresdner Finance B.V. Backed Sr. Unscd. | Aa3 | Aa2 |
| Dresdner Finance B.V. Backed Sr. Unscd. MTN | Aa3 | Aa2 |
| DOWNGRADES | ||
| Cray Research, Inc. backed sub. | B2 | Caa2 |
| ACINDAR Industria Argentina de Aceros S.A. Sr. Unscd. | B3 | Caa1 |
| CableVision S.A. Sr. Unscd. | B3 | Caa1 |
| CableVision S.A. Sr. Unscd. MTN | B3 | Caa1 |
| Coto Centro Integral de Commercialization S.A. Sr.Unscd. | B2 | Caa1 |
| Disco S.A. Sr. Unscd. | B2 | Caa1 |
| Federal-Mogul Corp. Sr. Unscd. Sr. Unscd. | Caa2 | Caa3 |
| Federal-Mogul Corp. Sr. Unscd. Sr. Unscd. MTN | Caa2 | Caa3 |
| Federal-Mogul Corp. Jr. Sub. | Caa3 | Ca |
| Federal-Mogul Corp. Backed Sr. Unscd. | a2 | Caa3 |
| Focal Communications Corp. Sr. Unscd. | B3 | Caa2 |
| IMASAC S.A. Backed Sr. Unscd. | B3 | Caa1 |
| Industrias Metalurgicas Pescarmona SAIC y F Sr. Unscd | B2 | Caa1 |
| Industrias Metalurgicas Pescarmona SAIC y F Sr. Unscd. MTN | 2 | Caa1 |
| Level 3 Communications Inc. Sr. Unscd. | B3 | Caa1 |
| DOWNGRADES | ||
| Level 3 Communications Inc. Sub. | Caa1 | Caa2 |
| Mastellone Hermanos S.A. Sr. Unscd | B3 | Caa1 |
| Multicanal S.A. Sr. Unscd. | B3 | Caa1 |
| Multicanal S.A. Sr. Unscd. MTN | B3 | Caa1 |
| Supermercados Norte S.A. Backed Sr. Unscd | B2 | Caa1 |
| The Timken Co. Sr. Unscd. | A3 | Baa1 |
| The Timken Co. Sr. Unscd. MTN | A3 | Baa1 |
| CTI Holdings S.A. Sr. Unscd. | B3 | Caa1 |
| Compania de Radiocommunicaciones Moviles S.A. Sr. Unscd. | B3 | Caa1 |
| Compania de Radiocommunicaciones Moviles S.A. Sr. Unscd. MTN | B3 | Caa1 |
| Dairy Mart Convenience Stores Inc. Sr. Sub. | B3 | Caa2 |
| Dairy Mart Convenience Stores Inc. Backed Sr. Sub. | B3 | Caa2 |
| Telecom Argentina STET-France Telecom SA Sr. Unscd. | 3 | Caa1 |
| Telecom Argentina STET-France Telecom SA Sr. Unscd. MTN | B3 | Caa1 |
| Cellco Finance N.V. Backed Sr. Unscd | B3 | Caa1 |
| Cellco Finance N.V. Backed Sr. Sub. | Caa1 | Caa2 |
| Equitable Life Finance plc backed Jr. Sub. | Caa1 | Caa3 |
| Louisiana-Pacific Corp. Sr. Unscd. | Baa3 | Ba1 |
| Polestar Corp. plc Sr. Unscd. | B3 | Caa1 |
| FITCH | ||
| DOWNGRADES | ||
| Capital Shopping Centres plc Sr. Unscd. | BBB+ | BBB |
| Acea spa Sr. Unscd. | AA- | A+ |
| PPL Electric Utilities Debt | A | A- |
| Brokat AG Sr. Unscd. | CCC | CC |
| Commercial Metals Sr. Unscd. Debt | BBB+ | BBB |
| XO Communications Sr. Scd. | B+ | B |
| XO Communications Sr. Unscd. | B | CCC+ |
| Lucent Technologies Inc. Sr. Unscd. | BB | BB- |
| Please see www.bondweek.com for complete list. |
Rating Game (JULY 27 -- AUGUST 2)