| Moodys | ||
| Upgrade | From | To |
| Caremark Rx Sr. Unsecd. | B2 | Ba3 |
| Downgrade | ||
| Leiner Health Products Group Sr. Sub. BACKED | Caa1 | C |
| Cable Satisfaction Intl. Sr. Unsecd. | Caa1 | Caa2 |
| Aladdin Gaming | B2 | B3 |
| Cybernet Sr. Unsecd. | Caa3 | Ca |
| Impress Metal Packg Holding Sr. Sub | B2 | B3 |
| Comdiscco MTNs,unsec'd. | Baa2 | Ba2 |
| Mastellone Hermanos Sr. Unsecd. | B1 | B2 |
| Raytheon | Baa2 | Baa3 |
| Rhythms NetConnections Senior Unsecd. | Caa1 | Ca |
| Silverleaf Resorts Sr. Sub. | Ca | C |
| Mississippi Chemical Corporation Sr. Unsecd. | Ba2 | B3 |
| Pentair Sr. Unsecd. | Baa2 | Baa3 |
| Warnaco Group Convert. Sub. Debs. Due 2016 | Caa1 | C |
| Avado Brands Sr. Unsecd. | Caa1 | Caa2 |
| Avado Brands Sr. Sub. | Caa3 | Ca |
| Eye Care Centers of America Sr. Sub. | B3 | Caa1 |
| Foster Wheeler Corp. Sr. Unsecd. | Baa3 | Ba3 |
| Foster Wheeler Corp. Jr. Sub. | Ba2 | B2 |
| CTI Holdings Sr. Unsecd. | B1 | B2 |
| CableVision Sr. Unsecd. | B1 | B2 |
| CableVision Sr. Unsecd. MTN | B1 | B2 |
| Compania de Radiocomunicaciones Moviles Sr. Unsecd. | B1 | B2 |
| Ca. de Radiocomunicaciones Moviles Sr. Unsecd. MTN | B1 | B2 |
| IMASAC BACKED Sr. Unsecd. | B1 | B2 |
| Multicanal Sr. Unsecd. | B1 | B2 |
| Multicanal Sr. Unsecd. MTN | B1 | B2 |
| Telecom Argentina STET-France Telecom Sr. Unsecd | B1 | B2 |
| Telec. Argtna. STET-France Telecom Sr. Unsecd. MTN | B1 | B2 |
| Telefonica de Argentina Sr. Unsecd. | B1 | B2 |
| Telefonica de Argentina Sr. Unsecd. MTN | B1 | B2 |
| Advanced Radio Telecom Sr. Unsecd. | Caa2 | Ca |
| WinStar Communications Sr. Unsecd. | B3 | Ca |
| WinStar Equipment BACKED Sr. Secd. | B3 | Ca |
| Pope & Talbot Sr. Unsecd. | Ba2 | Ba3 |
| U.S . Industries BACKED Sr. Unsecd. | Baa3 | Ba2 |
| USI American Holdings BACKED Senior Unsecd. | Baa3 | Ba2 |
| Adaptec Sub. | B1 | B3 |
| Cellco Finance BACKED Sr. Unsecd. | B1 | B2 |
| Cellco Finance BACKED Sr. Sub. | B1 | B3 |
| Hollywood Entertainment Sr. Sub. | Caa2 | Caa3 |
| Fitch | ||
| Upgrade | ||
| Govt. of Canada LT For. Curr. | AA | AA+ |
| Old Kent Financial Sr. LT | A | AA- |
| Downgrade | ||
| Arvin Meritor Sr. Unsec'd | BBB | BBB- |
| Preem Petroleum Sr. Unsec'd. | BBB- | BB+ |
| Inongy Sr. Unsec'd | A- | BBB+ |
| WR Grace Sr. Unsec'd | CCC | DD |
| Marks & Spenser PLC Sr. Unsec'd. | A+ | A |
Rating Game (MARCH 29 — APRIL 4)