| FITCH | FROM | TO |
| DOWNGRADES | ||
| Citizens communications sr unsec | BBB | A+ |
| Electric Lightwave sr unsec | BBB | A+ |
| Shopko Stores | BB- | BBB- |
| Northeast Utilities sr unsec | BBB- | BB- |
| MOODY'S | ||
| DOWNGRADES | ||
| Allied Domecq Fincl Serv PLC sr unsec | A2 | A3 |
| Allied Domecq Fincl Serv PLC sr unsec | Baa1 | A3 |
| Allied Domecq Fincl Serv PLC bcked sub | A2 | A3 |
| Allied Domecq Fincl Serv sr unsec MTN | A2 | A3 |
| Lif B.V. Backed Sr Unsec MTN | A2 | A3 |
| Graham Packaging Holdings | Caa1 | Caa2 |
| Metricom LT backed sr unsec | B3 | Caa1 |
| Nordstrom Credit sr unsec | A2 | Baa1 |
| Nordstrom Credit sr unsec MTN | A2 | Baa1 |
| STANDARD & POOR'S | ||
| UPGRADES | ||
| Nine West Group Inc. sr notes | BBB- | BBB |
| DOWNGRADES | ||
| Cincinnati Financial Corp. debs, sr, debs. | AA- | A+ |
| French (J.L.) Automotive Castings sr. sub. notes | B- | CCC+ |
| Kevco Inc. sr. sub. notes | C | D |
| New Plan Excel Realty Trust MTNs, var. rate MTNs, sr. notes, sr. unsec. notes | BBB+ | BBB |
| Prandium Inc. sr. notes | CCC | D |
| sr. sub. notes | CCC- | D |
| Russell-Stanley Holdings, Inc. sr. sub. notes | CCC+ | CCC- |
Rating Game (FRIDAY Feb 2 -- THURSDAY Feb 8)