| FITCH | FROM | TO |
| DOWNGRADES | ||
| Edison Funding Co. sr. debt | A- | CCC |
| Edison International sr. unsec. debt | A- | CCC |
| Owens-Illinois sr. unsec. notes | BBB- | BB |
| conv. pfd. stock | BB | B+ |
| Pacific Gas and Electric Co. 1st mtg. bonds | A | B- |
| sr. unsec. debt | A- | CCC |
| Southern California Edison 1st mtg. bonds | A | B- |
| sr. unsec. debt | A- | CCC |
| MOODY'S | ||
| UPGRADES | ||
| BG Bank sr. unsec., MTN | A2 | Aa3 |
| BG Bank sub., sub. MTN | A3 | A1 |
| Christiania Bank og Kreditkasse sr. unsec., sr. unsec. MTN | A2 | A1 |
| Christiania Bank og Kreditkasse sub., sub. MTN | A3 | A2 |
| Leonia Corporate Bank sr. unsec., sr. unsec. MTN | A3 | A2 |
| Leonia Corporate Bank sub. | Baa1 | A3 |
| NAC Re Corporation sr. unsec. | A3 | A2 |
| Realkredit Danmark sr. sec. | Aa3 | Aa2 |
| TriNet Corporate Realty Trust sr. unsec. | Ba2 | Ba1 |
| DOWNGRADES | ||
| Albertson's sr. unsec., sr. unsec. MTN | A2 | Baa1 |
| American Greetings Corp. sr. unsec. | A2 | Baa1 |
| American Stores sr. unsec., sr. unsec. MTN | A3 | Baa2 |
| Caraustar Industries sr. unsec. | Baa1 | Baa2 |
| DTE Burns Harbor sr. sec. | Baa3 | Ba1 |
| Edison Funding sr. unsec., sr. unsec. MTN | A3 | Baa3 |
| Edison International sr. unsec. | A3 | Baa3 |
| IBP Finance Company of Canada backed sr. unsec. | A3 | Baa2 |
| IMC Global sr. unsec. | Baa3 | Baa2 |
| Pacific Gas & Electric sr. unsec., sr. unsec. MTN | A2 | Baa3 |
| Pep Boys -- Manny, Moe & Jack (The) sr. unsec. | Ba3 | B2 |
| sub. | B1 | B3 |
| Phosphate Resource Partners sr. unsec. | Ba1 | Baa3 |
| Phosphate Resource Partners sr. sub. | Ba3 | Ba2 |
| Royal & Sun Alliance Insurance Group Plc backed sub. | A1 | A2 |
| Royal Insurance Holdings plc sub. | A2 | A3 |
| STANDARD & POOR'S | ||
| UPGRADES | ||
| Aventis S.A. notes, fltg. rate notes | A- | A |
| Flextronics International Ltd. sr. sub. notes | B+ | BB- |
| Globo Cabo S.A. notes | B+ | BB- |
| Globopar S.A. notes, gtd. notes | B+ | BB- |
| McLeodUSA Inc. sr. notes | B- | B+ |
| RBS Participacoes S.A. gtd. notes | B+ | BB- |
| Standard Commercial Corp. conv. sf. sub. debs | B | B+ |
| Standard Commercial Tobacco Co., Inc. sr. notes | BB- | BB |
| West Fraser Mills Ltd. notes | BBB- | BBB |
| DOWNGRADES | ||
| American Tower Corp. conv. notes, (face value) conv. notes | B+ | B |
| Burke Industries, Inc. sr. notes, fltg. rate sr. notes | B- | CCC+ |
| EIX Trusts I & II QUIPS | BBB+ | BB |
| Edison Funding Co. sr. unsec. MTNs | A- | BBB- |
| Edison International notes, fltg. rate notes | A- | BB+ |
| Edison Mission Energy Funding Corp. bonds, notes | BBB | BBB- |
| Health Insurance Plan of Greater New York bonds | AAA | B |
| Pacific Gas & Electric Co. 1st mtg. bonds | AAA | BBB |
| 1st mtg. bonds, rfndg. mtg. bonds, 1st & rfndg. mtg. bonds | AA- | BBB |
| sr. unsec. MTNs | A | BBB- |
| Quality Stores Inc. sr. notes | B- | CCC |
| REV Holdings, Inc. sr. sec. disc. notes | CCC- | CC |
| RailWorks Corp. sr. sub. notes | B | CCC+ |
| Renco Metals, Inc. sr. notes | CCC+ | D |
| Salton Sea Funding Corp. sr. sec. bonds | BBB | BBB- |
| Southern California Edison Co. 1st mtg. bonds, 1st & rfndg. mtg. bonds | A+ | BBB- |
| notes, fltg. rate notes, var. rate notes | A | BBB- |
| quids jr. sub. dfrble. int. debs. | A- | BB+ |
| Trans World Airlines Inc. sr. sec. notes | CCC | D |
| sr. notes | CC | D |
| USGen New England, Inc. pass-thru certs. | BBB+ | BBB- |
| Waste Systems International Inc. sr. sub. notes | B | CC |
| sub. notes | CCC+ | D |
Rating Game (JANUARY 5 — JANUARY 11)