| FITCH | FROM | TO |
| DOWNGRADES | ||
| Hasbro, Inc. debs., sr. notes | BB+ | BB |
| Xerox Corp. sr. unsec. debt | BBB- | BB |
| Xerox Credit Corp. sr. unsec. debt | BBB- | BB |
| Xerox Capital (Europe) sr. unsec. debt | BBB- | BB |
| MOODY'S | ||
| UPGRADES | ||
| Arkansas Electric Cooperative sr. unsec. | A3 | A2 |
| Atlantic City Electric Company sr. sec., sr. sec. MTN | A3 | A2 |
| Atlantic City Electric Company sr. unsec.MTN | Baa1 | A3 |
| Atlantic City Electric Company jr. sub. | Baa2 | Baa1 |
| Bank United sub. | Ba2 | A3 |
| Bank United Corp. sub. | Ba3 | Baa1 |
| Cross Timbers Oil sr.sub. | B2 | B1 |
| DDI Capital sr. unsec. | Caa1 | B3 |
| Dynamic Details sr.sub. | B3 | B2 |
| TPSA Eurofinance backed sr. unsec., backed sr. unsec. MTN | Baa3 | Baa2 |
| TPSA Finance backed sr. unsec. | Baa3 | Baa2 |
| Union Carbide Chemicals & Plastics backed sr. unsec. | Baa2 | A2 |
| Union Carbide Corporation sr. unsec., sr. unsec. MTN | Baa2 | A2 |
| DOWNGRADES | ||
| Arrow Electronics sr. unsec. | A3 | Baa1 |
| Call-Net Enterprises sr. unsec. | B2 | Ca |
| Campbell Soup sr. unsec., sr. unsec. MTN | Aa3 | A2 |
| France Telecom sr. unsec., sr. unsec. MTN | A1 | A3 |
| Koninklijke KPN sr. unsec., sr. unsec. MTN | A3 | Baa2 |
| Koninklijke KPN sub., sub. MTN | Baa1 | Baa3 |
| Lucent Technologies sr. unsec., sr. unsec. MTN | Baa1 | Baa3 |
| Metsa Group Financial Services backed sr. unsec. MTN | Baa2 | Baa3 |
| Metsa-Serla Oyj sr. unsec., sr. unsec. MTN | Baa2 | Baa3 |
| National Data sub. | Ba3 | B1 |
| Orange Plc sr. unsec. | A1 | A3 |
| PPG Ind. Emp. Svg. Plan & Emp. Svg. Plan II backed sr. unsec. | A1 | A2 |
| PPG Industries sr. unsec. | A1 | A2 |
| SWT Finance backed sr. sub. | B3 | Caa1 |
| Tate & Lyle International Finance backed sr. unsec., backed sr. unsec. MTN | Baa1 | Baa2 |
| Tate & Lyle sr. unsec. MTN | Baa1 | Baa2 |
| STANDARD & POOR'S | ||
| UPGRADES | ||
| AFC Enterprises Inc. sr. sub. notes | B | B+ |
| Aetna Services Inc. debs., notes, sr. notes, PURS | A+ | AA- |
| Alfa-Russia Finance B.V. sr. unsec. MTNs | CCC- | CCC+ |
| American Radio Systems Corp. exchangeable sub. debs. | BBB | BBB+ |
| Bank United sub. notes, sub. MTNs | BBB- | BBB+ |
| Bank United Corp. sub. notes | BB+ | BBB |
| CBS Corp. debs., notes, sr. notes | BBB+ | A- |
| CBS Inc. notes, sr. notes | BBB+ | A- |
| Details Capital Corp. sr. disc. notes | B- | B |
| Outdoor Systems Inc. sr. sub. notes | BBB | BBB+ |
| Paramount Communications Inc. debs., sr. debs., notes | BBB+ | A- |
| USA Networks Inc. notes, sr. notes | BBB- | BBB |
| United Stationers Supply Inc. sr. sub. notes | B | B+ |
| Viacom International Inc. sr. sub. notes | BBB | BBB+ |
| Westinghouse Credit Corp. notes | BBB+ | A- |
| DOWNGRADES | ||
| AtTrack Communications Inc. | CCC+ | D |
| Campbell Soup Co. debs., notes, MTNs, sr. unsec. debt | A+ | A |
| Frank's Nursery & Crafts, Inc. sr. sub. notes | CCC+ | CCC- |
| GS Technologies Operating Co., Inc. sr. notes | CCC | D |
| Lucent Technologies Inc. debs., sr. debs., notes, sr. notes. sr. unsec. notes, | ||
| sr. unsec. debt secs. | BBB+ | BBB- |
| McWatters Mining Inc. notes | B | CCC |
| Metricom sr. unsec. notes | B- | CCC |
| Ntex Inc. sr. notes | B | C |
| Orbital Imaging Corp. sr. notes | CCC | D |
| PacifiCorp qtrly. income debt secs. | A- | BBB+ |
| SOLA International Inc. sr. unsec. notes | BB+ | BB |
Rating Game (February 9 -- February 15)