| FITCH | FROM | TO |
| DOWNGRADES | ||
| Asia Pulp & Paper sr. unsec. debt | B- | CC |
| CE Generation LLC sec. bonds | BBB | BB |
| Federal Mogel Corp. sr. unsec. debt | BB- | B- |
| Finova Capital Corp. sr. debt | CCC | CC |
| W. R. Grace & Co. sr. unsec. debt | BBB- | CCC |
| MOODY'S | ||
| UPGRADES | ||
| Alberta Government Telephon Commission backed sr. unsec. | Aa1 | Aaa |
| Alberta sr. unsec. | Aa1 | Aaa |
| BG Bank sr. unsec. MTN | Aa3 | Aa2 |
| BG Banksub., sub. MTN | A1 | Aa3 |
| Cliffs Drilling backed sr. unsec. | Ba3 | Baa3 |
| Danske Bank sr. unsec., sr. unsec. MTN | Aa3 | Aa2 |
| Danske Bank sub., sub. MTN, jr. sub. MTN | A1 | Aa3 |
| Lukens backed sr. unsec. | B2 | Caa1 |
| R&B Falcon sr. unsec. | Ba3 | Baa3 |
| RBF Finance backed sr. sec. | Ba3 | Baa3 |
| Universal Compression sr. unsec. | B2 | B1 |
| DOWNGRADES | ||
| AmSouth Bank sub. | A1 | A2 |
| Benedek Communications sr. sub. | B3 | Caa1 |
| Bethlehem Steel sr. unsec. | B2 | Caa1 |
| Corus Group backed sr. unsec. | Baa1 | Baa2 |
| Enitel ASA sr. unsec. | B3 | Caa1 |
| Fujian International Trust & Investment sr. unsec. | B2 | Caa3 |
| Generac Portable Products backed sr. sub. | B3 | Caa2 |
| Hannover Finance backed sub. | Aa3 | A1 |
| Pliant Corporation sr. sub. | B3 | Caa1 |
| Railworks sr. sub. | B3 | Caa3 |
| Ryerson Tull sr. unsec. | Baa3 | Ba1 |
| SEGA sr. unsec. | B2 | B3 |
| Transocean Offshore backed sr. unsec. | A3 | Baa2 |
| UNOVA sr. unsec. | B2 | Caa1 |
| Viatel sr. unsec. | B3 | Caa2 |
| Weirton Steel sr. unsec. | B2 | Caa1 |
| STANDARD & POOR'S | ||
| UPGRADES | ||
| Housing New Zealand Ltd. sr. unsec. MTNs | A+ | AA- |
| Connecticut Light & Co. 1st & rfdg. mtg. bonds | BBB- | BBB+ |
| DARTS | BB | BBB- |
| North Atlantic Energy Corp. 1st mtg. bonds | BB+ | BBB |
| Northeast Utilities amort. notes | BB+ | BBB |
| R&B Falcon Corp. sr. notes, sr. unsec. notes | B+ | A- |
| RBF Finance Corp. sr. sec. notes | BB- | A- |
| Western Massachusetts Electric Co. 1st mtg. bonds | BBB- | BBB+ |
| DOWNGRADES | ||
| Ameritrade Holding Corp. conv. sub. notes | CCC+ | CCC |
| Doe Run Resources Corp. notes | B | B- |
| fltg. rate notes | B- | CCC+ |
| Kevco Inc. sr. sub. notes | CCC | C |
| Neenah Foundry Co. sr. sub. notes | B- | CCC+ |
| Transocean Sedco Forex Inc. debs. zero-cpn. conv. debs., notes | A | A- |
| Weirton Steel Corp. sr. notes | B | B- |
Rating Game (January 26 -- February 1)