| MOODY'S | FROM | TO |
| UPGRADES | ||
| CapRock Communications Corp. sr. unsec. | B3 | B1 |
| Printpack, Inc. sr. unsec. | B3 | B2 |
| sr. sub. | Caa1 | B3 |
| Read-Rite Corp. sub. | C | Caa3 |
| DOWNGRADES | ||
| Cray Research, Inc. backed sub. | B2 | Caa2 |
| LTV Corp. (The) backed sr. unsec. | B2 | Ca |
| National Steel Corp. first mtg. bonds | B2 | Caa1 |
| PG&E Gas Transmission, Northwest Corp. sr. unsec., sr. unsec. MTNs | A3 | Baa1 |
| Pennzoil-Quaker State Co. sr. unsec. | Baa2 | Baa3 |
| Quality Stores, Inc. sr. unsec. | B2 | B3 |
| SGI sr. unsec. | B1 | B3 |
| STANDARD & POOR'S | ||
| UPGRADES | ||
| Anheuser-Busch Cos. Inc. Euro. notes | A | A+ |
| Aracruz Celulose S.A. notes | B+ | BB- |
| Banco Citibank S.A. sr. unsec. Brazil-related MTNs | B+ | BB- |
| Banco Nacional de Desenvolvimento Economico e Social notes, | ||
| var. rate notes | B+ | BB- |
| Banco do Nordeste do Brasil S.A. (BNB) notes | B+ | BB- |
| Brazil (Federative Republic of) local currency | BB | BB+ |
| foreign currency, bonds, brady bonds, global bonds, notes | B+ | BB- |
| ClimaChem, Inc. sr. notes | D | C |
| Eletrobras - Centrais Eletricas Brasileiras S.A. bonds | B+ | BB- |
| Espirito Santo Centrais Eletricas S.A. notes | B+ | BB- |
| HSBC Bank Brasil S.A. Euro MTNs, sr. Euro MTNs, sub. Euro MTNs | B+ | BB- |
| LIR Energy Ltd. global gtd. notes | B+ | BB- |
| Penhall International Inc. sr. notes | B- | B |
| Unibanco-Uniao de Bancos Brasileiros, S.A. MTNs, sr. unsec. MTNs | B+ | BB- |
| DOWNGRADES | ||
| EES Coke Battery Co. Inc. sr. sec. notes | B | B- |
| EV International, Inc. sr. sub. notes | CCC+ | CCC- |
| Telex Communications, Inc. sr. sub. notes | CCC+ | CCC- |
| WHX Corp. conv. pfd. stock | C | D |
| Vlasic Foods International Inc. sub. notes | C | D |
Rating Game (DEC. 29 — JAN. 4)