| Moody's Investors Service | ||
| Downgrades | From | To |
| Edelnor S.A. Sr. Unscd. | Caa1 | Ca |
| Cherokee Intl. LCC Backed Sr. Sub. | B3 | Caa1 |
| Fairfield Manufacturing Co. Inc. Sr. Sub. | B2 | Caa2 |
| Spinnaker Industries Inc. Sr. Scd. | B3 | Ca |
| Blount Inc. Backed Sr. Unscd. | B2 | Caa1 |
| Blount Inc. Backed Sr. Sub. | B3 | Caa1 |
| Champion Intl. Corp. Sr. Unscd. | Baa1 | Baa2 |
| Commerzbank AG Sr. Unscd. | Aa3 | A1 |
| Commerzbank AG Sr. Unscd. MTN | Aa3 | A1 |
| Commerzbank AG Sub. | A1 | A2 |
| Commerzbank AG Sub. MTN | A1 | A2 |
| Commerzbank AG Backed Sub. | A1 | A2 |
| Commerzbank AG London Branch Sr. Unscd. | Aa3 | A1 |
| Commerzbank Intl. S.A. Sr. Unscd. | A1 | A2 |
| Commerzbank Intl. S.A. Sr. Unscd. MTN | A1 | A2 |
| Commerzbank Intl. S.A. Sub. | A2 | A3 |
| Commerzbank Overseas Finance N.V. Backed Sr. Unscd. | Aa3 | A1 |
| Commerzbank Overseas Finance N.V. Backed Sr. Unscd. MTN | Aa3 | A1 |
| Commerzbank Overseas Finance N.V.Backed Sub. | A1 | A2 |
| Commerzbank Overseas Finance N.V.Backed Sub. MTN | A1 | A2 |
| Commerzbank U.S. Finance Inc. Backed Sr. Unscd. MTN | Aa3 | A1 |
| Condor Systems Inc. Sr. Sub. | B3 | Ca |
| Equistar Chemicals LP Backed Sr. Unscd. | Ba1 | Ba2 |
| Hypothekenbank in Essen AG Sr. Scd. MTN | Aaa | Aa1 |
| Hypothekenbank in Essen AG Sr. Unscd. | A1 | A2 |
| Hypothekenbank in Essen AG Sr. Unscd. MTN | A1 | A2 |
| Hypothekenbank in Essen AG Sub. | A2 | A3 |
| Hypothekenbank in Essen AG Sub. MTN | A2 | A3 |
| International Paper Co. Sr. Unscd. | Baa1 | Baa2 |
| International Paper Co. Sr. Unscd. MTN | Baa1 | Baa2 |
| Lyondell Chemical Co. Backed Sr. Unscd. | Ba1 | Ba2 |
| Lyondell Chemical Co. Backed Sr. Unscd. MTN | Ba1 | Ba2 |
| Rheinhyp Rheinische Hypothekenbank AG Sr. Scd. | Aaa | Aa1 |
| Rheinhyp Rheinische Hypothekenbank AG Sr. Unscd. | Aa3 | A1 |
| Rheinhyp Rheinische Hypothekenbank AG Sr. Unscd. MTN | Aa3 | A1 |
| Rheinhyp Rheinische Hypothekenbank AG Sub. | A1 | A2 |
| Rheinhyp Rheinische Hypothekenbank AG Sub. MTN | A1 | A2 |
| Rheinhyp Bank Europe plc Sr. Unscd. | A1 | A2 |
| Rheinhyp Bank Europe plc Backed Sr. Unscd. | A1 | A2 |
| Rheinhyp Bank Europe plc Backed Sr. Unscd. MTN | A1 | A2 |
| Rheinhyp Finance N.V. Backed Sr. Unscd. | Aa3 | A1 |
| Rheinhyp Finance N.V. Backed Sr. Unscd. MTN | Aa3 | A1 |
| Rheinhyp Finance N.V. Backed Sub. MTN | A1 | A2 |
| Union Camp Corp. Sr. Unscd. | Baa1 | Baa2 |
| Union Camp Corp. Sr. Unscd. MTN | Baa1 | Baa2 |
| BTI Telecom Corp. Sr. Unscd. | Caa1 | Ca |
| Gen Tek Inc. Sr. Sub. | B2 | B3 |
| Ames Dept. Stores Inc. Sr. Unscd. | Caa3 | Ca |
| Diamond Cable Communications plc Sr. Unscd. | B2 | B3 |
| Diamond Holdings plc Backed Sr. Unscd. | B2 | B3 |
| Hills Stores Co. Backed Sr. Unscd. | Caa3 | Ca |
| NTL (Triangle) LLC Sr. Unscd. | B2 | B3 |
| NTL Communications Corp. Sr. Unscd. | B2 | B3 |
| NTL Communications Corp. Sub. | B3 | Caa1 |
| NTL Inc. Sub. | Caa1 | Caa2 |
| Federal Paper Board Co. Inc. Sr. Unscd. | Baa1 | Baa2 |
| Simonds Industries Inc. Sr. Sub. | B3 | Caa2 |
| Pacific Dunlop Holdings Inc. Backed Sr. Unscd. MTN | Baa3 | Ba2 |
| Pacific Dunlop Ltd. Sr. Unscd. | Baa3 | Ba2 |
| Pacific Dunlop Ltd. Sr. Unscd. MTN | Baa3 | Ba2 |
| Pacific Dunlop Ltd. Sub. MTN | Ba1 | Ba3 |
| Pacific Dunlop USA Inc. Backed Sr. Unscd. MTN | Baa3 | Ba2 |
| Upgrades | ||
| Vectren Utility Holdings Inc. Sr. Unscd. | A3 | A2 |
| Millipore Corp. Sr. Unscd. | Ba2 | Ba1 |
| Globe Telecom Inc. Sr. Unscd. | B1 | Ba3 |
| TAC Finance Co. BV Backed Sr. Unscd. | B2 | B1 |
| Total Access Communication Public Co. Ltd. Sr. Unscd. | B2 | B1 |
| FITCH | ||
| Downgrades | ||
| Mississippi Chemical Sr. Scd. | BB- | B+ |
| Mississippi Chemical Sr. Unscd. | B+ | B- |
| Rockwell Intl. Corp. Sr. Unscd. | AA- | A |
| Federal Mogul Sr. Unscd. | B- | CCC |
Rating Game (Aug. 16 - Aug. 23)