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BankBoston Corporation
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CMS Energy Trust II
CMS Energy Trust III
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Comcast Corporation Trust II
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Comcast Holdings Corporation
ComEd Financing I
ComEd Financing II
Comerica Capital Trust I
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Comerica Incorporated
Commerce Capital Trust I
Commonwealth Bank of Australia
Commonwealth Edison Company
Compass Trust I
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ConAgra Capital, L.C.
Connecticut Light and Power Company (The)
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Conseco Finance Corporation
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Conseco Financing Trust II
Conseco Financing Trust III
Conseco Financing Trust IV
Conseco Financing Trust IX
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Conseco Financing Trust X
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Consumers Power Company Financing I
Continental Airlines Finance Trust II
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CoreStates Capital II
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Corporate Backed Trust Certificates, Series 2001-2
Corporate Backed Trust Certificates, Series 2001-20 (Washington Mutual I)
Corporate Backed Trust Certificates, Series 2001-22 (Washington Mutual II)
Corporate Backed Trust Certificates, Series 2001-25
Corporate-Backed Trust Certificates
Corporate-Backed Trust Certificates, Series 2001-15 (JPM)
Corporate-Backed Trust Certificates, Series 2001-3
Corporate-Backed Trust Certificates, Series 2001-4
Corporate-Backed Trust Certificates, Series 2001-5
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Corporate-Backed Trust Securities (CorTS) Certificates
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CorTS Trust for PECO Energy Capital Trust III
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Countrywide Capital I
Countrywide Capital III
Cox Communications, Inc.
Cox Radio Trust I
Cox Radio Trust II
Cox Radio, Inc.
Cox Trust I
Cox Trust II
CP&L Energy Capital Trust I
CP&L Energy Capital Trust II
CP&L Energy Capital Trust III
CPL Capital I
Credit Lyonnais Capital S.C.A.
Credit Suisse (USA) Inc.
Credit Suisse Grp. Capital (Guernsey) II Ltd.
Credit Suisse Grp. Capital (Guernsey) III Ltd
Credit Suisse Grp. Capital (Guernsey) IV Ltd.
Credit-Enhanced CorTS Trust for Aon Capital A
Crescent Real Estate Equities Company
Crestar Capital Trust I
CRIIMI MAE Inc.
Crown American Realty Trust
Crown Castle International Corp.
CSC Capital I
CSC Capital II
CSC Capital III
CSC Holdings, LLC
CSFB Capital (Guernsey) I Limited
CSR Finance Limited
CSR Limited
CSX Capital Trust I
CSX Corporation
Cullen/Frost Capital Trust I
Cummins Capital Trust I
Cummins, Inc.
Cumulus Media Inc.
Cypress Semiconductor Corporation
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Dai-Ichi Kangyo Bank, Ltd.
Dairy Farmers of America, Inc.
Daiwa International Finance (Cayman) Ltd.
Danske Bank A/S
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Dayton Power & Light Company
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DBS Capital Funding Corporation
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Dean Foods Company
Dean Holding Company
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Delmarva Power Financing I
Delphi Financial Group, Inc.
Delphi Funding L.L.C.
Den norske Bank ASA
DEPFA Funding Trust
Designer Finance Trust
Deutsche Bank Capital Funding Trust I
Deutsche Bank Capital Funding Trust II
Deutsche Bank Capital Funding Trust III
Deutsche Bank Capital Trust III
DFA Preferred Capital Trust I
DG Funding Trust
Diamond Offshore Drilling, Inc.
Dillard's Capital Trust I
Dillard's Capital Trust II
Dillard's Capital Trust III
Dillard's Capital Trust IV
Dillard's Capital Trust V
Dillard's, Inc.
Dime Capital Trust I
DLJ Capital Trust I
DLJ Capital Trust II
DLJ Capital Trust III
DLJ Capital Trust IV
Dobson Communications Corporation
Dominion Energy South Carolina, Inc.
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Dominion Oklahoma Texas Expl. & Prod., Inc.
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Dominion Resources Capital Trust II
Dominion Resources Capital Trust III
Dominion Resources Capital Trust IV
Dominion-CNG Capital Trust I
Dow Chemical Company (The)
Downey Financial Capital Trust I
DPL Capital Trust I
Dresdner Funding Trust I
Dresdner Funding Trust II
DT Capital Trust
DTE Electric Company
Duke Capital Financing Trust I
Duke Capital Financing Trust II
Duke Capital Financing Trust III
Duke Capital Financing Trust IV
Duke Capital Financing Trust V
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Duke Energy Capital Trust I
Duke Energy Capital Trust II
Duke Energy Capital Trust III
Duke Energy Capital Trust IV
Duke Energy Capital Trust V
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Duke Energy Florida, LLC.
Duke Energy Indiana, LLC.
Duke Energy Ohio, Inc.
Duke Energy Progress, LLC
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Duquesne Capital L.P.
Duquesne Light Company
Dura Automotive Systems Capital Trust
DWS Municipal Income Trust
DWS Strategic Municipal Income Trust
Dynegy Capital Trust II
Dynegy Holdings, LLC
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Earthgrains Company (The)
Earthgrains Financing I
Eastman Chemical Company
Eaton Corporation
Eaton Vance Senior Income Trust
EDF London Capital, L.P.
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Edison Mission Energy
EIX Trust I
EIX Trust II
EIX Trust III
Eksportfinans ASA
EL Investment Company, LLC
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El Paso Capital Trust III
El Paso Energy Capital Trust I
El Paso Holdco LLC
El Paso Tennessee Pipeline Co.
Elizabethtown Water Company
Emmis Operating Company
Empire District Electric Company (The)
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Empire District Electric Trust II
Enbridge Inc.
Encompass Health Corp.
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Energy East Capital Trust I
Energy East Capital Trust II
Enron Capital LLC
Enron Capital Resources, L.P.
Enron Capital Trust I
Enron Capital Trust II
Enron Corp.
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Entercom Communications Capital Trust
Entergy Arkansas Capital I
Entergy Arkansas Capital II
Entergy Arkansas Capital III
Entergy Arkansas, LLC
Entergy Gulf States Capital I
Entergy Gulf States Louisiana, LLC
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Entergy Louisiana Capital II
Entergy Louisiana Capital III
Entergy Mississippi, LLC
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Enterprise Capital Trust II
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Enterprise Oil plc
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Equifax Inc.
Equitable of Iowa Companies Capital Trust
Equitable of Iowa Companies Capital Trust II
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Equity Commonwealth
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Equity Office Properties Trust
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Erste Finance (Jersey) (2) Limited
Erste Finance (Jersey) Limited
ESFG Overseas Limited
Ethyl Corporation
European-American Bank
Eurotunnel Finance Limited
Evergy Kansas Central, Inc.
Evergy Metro, Inc.
Evergy Missouri West, Inc.
Excel Realty Trust, Inc.
Executive Risk Capital Trust
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Fairfield Manufacturing Company, Inc.
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FBS Capital I
FCB/NC Capital Trust I
Federal Home Loan Banks
Federal Home Loan Mortgage Corp.
Federal National Mortgage Association
Federal Realty Investment Trust
Federal-Mogul Financing Trust
FelCor Lodging Limited Partnership
FelCor Lodging Trust Inc.
Ferro Corporation
Fidelity Federal Bank, FSB
Fidelity National Financial, Inc. (Old)
Fifth Third Capital Trust I
Fifth Third Capital Trust II
FINOVA Finance Trust
FINOVA Group Inc. (The)
First American Capital Trust I
First Chicago NBD Capital I
First Chicago NBD Corporation
First Chicago NBD Institutional Capital A
First Chicago NBD Institutional Capital B
First City Bancorporation of Texas
First Commerce Corp.
First Data Corporation (Old)
First Fidelity Bancorporation
First Hawaiian Capital I
First Horizon National Corporation
First Industrial Realty Trust Inc.
First Maryland Capital I
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First of America Capital Trust I
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First Security Capital II
First Security Capital III
First Security Capital IV
First Security Capital V
First Security Corporation
First Tennessee Capital I
First Tennessee Capital II
First Tennessee Capital III
First Tennessee Capital IV
First Tennessee Real Estate Securities Co Inc
First Union Capital I
First Union Capital II
First Union Capital III
First Union Institutional Capital I
First Union Institutional Capital II
First USA Capital Trust I
Firstar Capital Trust I
Firstar Realty LLC
Fleet Capital Trust I
Fleet Capital Trust II
Fleet Capital Trust III
Fleet Capital Trust IV
Fleet Capital Trust V
Fleet Capital Trust VI
Fleet Capital Trust VII
Fleet Capital Trust VIII
Fleet Funding Corporation
FleetBoston Financial Corporation
Fleetwood Capital Trust I
Flex Ltd.
Florida Power & Light Company
Ford Motor Company
Ford Motor Company Capital Trust I
Forest City Enterprises, LP
Fortis (US) RegCaPS Funding Trust I
Fortis (US) RegCaPS Funding Trust II
Fortis Capital Funding LP
Fortis Fixed Rate Annual Capital Funding Tst
Fortis Fixed Rate Qtrly Capital Funding Trust
Fortis Floating Rate Capital Funding Trust
Foster Wheeler LLC
Four Seasons Hotels Inc.
FPC Capital I
France-Manche S.A.
Freeport-McMoRan Inc.
Fremont General Financing I
Fresenius Medical Care Capital Trust
Fresenius Medical Care Capital Trust II
Fresenius Medical Care Capital Trust III
Fresenius Medical Care Capital Trust IV
Fresenius Medical Care Capital Trust V
Frontier Communications Corporation
Frontier Financing Trust
Frontier Oil Corporation
Fuji Bank, Ltd.
Fuji International Finance (Bermuda) Trust
FW Preferred Capital Trust I
FW Preferred Capital Trust II
Gabelli Equity Trust
Gabelli Equity Trust
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GE Capital Canada Funding Company
GE Capital Franchise Finance Corporation
GE Capital Preferred Asset Corporation
GenAmerica Capital I
General American Investors Company
General Electric Capital Corporation
General Motors Corporation (Old)
Georgia Power Capital L.P.
Georgia Power Capital Trust I
Georgia Power Capital Trust II
Georgia Power Capital Trust III
Georgia Power Capital Trust IV
Georgia Power Capital Trust V
Georgia Power Capital Trust VI
Georgia Power Capital Trust VII
Georgia Power Capital Trust VIII
Georgia Power Company
Georgia-Pacific LLC
Getronics N.V.
GlaxoSmithKline LLC
Glenborough Properties, L.P.
Glenborough Realty Trust Incorporated
Glimcher Realty Trust
Global Crossing Holdings Ltd.
Global Crossing Ltd.
Global Marine Inc.
Global TeleSystems Group, Inc.
Globalstar Telecommunications Ltd.
Golden West Financial Corporation
Goldman Sachs Group, Inc. (The)
Goodrich Corporation
Granite Broadcasting Corporation
Great Atlantic & Pacific Tea Co., Inc.(The)
Great Western Financial Trust I
Great Western Financial Trust II
Green Mountain Power Corporation
GreenPoint Capital Trust I
Greyhound Lines, Inc.
Grupo Iusacell Celular, S.A. de C.V.
GS Global Funding, Inc.
GT Capital Trust I
GT Capital Trust II
GT Capital Trust III
GT Capital Trust IV
Guess?, Inc.
Gulf Power Capital Trust I
Gulf Power Capital Trust II
Gulf Power Capital Trust III
Gulf Power Capital Trust IV
Gulf Power Company
GWS Valuch, Inc.
H.J. Heinz Finance Company
Handy & Harman Ltd.
Hanger, Inc.
Hanover Compressor Capital Trust
Harrah's Entertainment, Inc. (Old)
Harrah's Operating Company, Inc. (Old)
Harris Preferred Capital Corporation
Harsco Corporation
Hartford Capital I
Hartford Capital II
Hartford Capital III
Hartford Capital IV
Hartford Capital V
Hartford Financial Services Group, Inc. (The)
Hartford Life Capital I
Hartford Life Capital II
Hartford Life Capital III
Hartford Life Capital IV
Hartford Life Capital V
Haven Capital Trust I
Haven Capital Trust II
Hawaii Electric Light Company, Inc.
Hawaiian Electric Company, Inc.
Hawaiian Electric Industries Capital Tr. III
Hawaiian Electric Industries Capital Trust I
Hawaiian Electric Industries Capital Trust II
Hawaiian Electric Industries, Inc.
HBOS Group Euro Finance (Jersey)
HBOS Sterling Finance (Jersey) LP
HCP, Inc.
Healthcare Realty Trust Incorporated
Hearst-Argyle Television, Inc.
Hecla Mining Company
HECO Capital Trust I
Heller Financial, Inc.
Hercules Incorporated
Heritage Media Corporation
Hertz Corporation (The) (Old)
HFI Trust I
Hibernia Corporation
Highwoods Properties, Inc.
Hillbrook Insurance Company, Inc.
Hillshire Brands Company
Hilton Hotels Corporation
HMV Group plc
Hokuriku International Cayman Limited
Home Ownership Funding Corporation
Home Ownership Funding Corporation II
Honeywell International Inc.
Host Hotels & Resorts, Inc.
Host Marriott Financial Trust
Household Capital Trust I
Household Capital Trust II
Household Capital Trust III
Household Capital Trust IV
Household Capital Trust V
Household Capital Trust VI
Household Finance Corporation
Household Global Funding, Inc.
Hovnanian Enterprises, Inc.
HP Inc.
HS Resources, Inc.
HSBC Bank plc
HSBC Capital Funding (Dollar 1) L.P.
HSBC Capital Funding (Euro 1) L.P.
HSBC Capital Funding (Sterling 1) L.P.
HSBC Finance Corporation
HSBC Republic Holdings (Luxembourg) S.A.
HSBC USA Capital Trust I
HSBC USA Capital Trust III
HSBC USA Capital Trust IV
HSBC USA Inc.
HSN, Inc.
Huntington Bancshares Capital Trust I
Huntington Capital II
Huntington Capital III
Huntington Capital IV
Huntington Capital V
Huntington Capital VI
HVB Funding Trust
HVB Funding Trust II
HVB Funding Trust III
HVB Funding Trust IV
HVB Funding Trust V
Hvide Capital Trust
Hyder Limited
Hypo Alpe-Adria (Jersey) Limited
Hypothekenbank Frankfurt AG
IAC Capital Trust
ICO, Inc.
Idaho Power Company
IDEX Corporation
IKON Office Solutions, Inc.
Illinois Power Capital L.P.
Illinois Power Company
Illinois Power Financing I
Imperial Capital Trust I
Imperial Credit Capital Trust I
Indiana Michigan Power Company
Indianapolis Power & Light Company
Indosuez Holdings S.C.A.
Industrial Bank of Japan, Ltd.
ING Bank N.V.
ING Capital Funding I LLC
ING Capital Funding Trust I
ING Capital Funding Trust II
ING Capital Funding Trust III
ING Pilgrim America Investments
Ingersoll-Rand Company
Ingersoll-Rand Financing I
Ingersoll-Rand Financing II
Insignia Financing I
Integrys Energy Group, Inc.
Intel Corporation
Intermec Inc.
Intermedia Communications Inc.
International Business Machines Corporation
International Lease Finance Corporation
International Paper Capital Trust
International Paper Company
International Utility Structures Inc.
Interpool Capital Trust
Interpool, Inc.
Interstate Bakeries Corp
Interstate Power Company
Intesa Preferred II Capital Company L.L.C.
ION Media Networks, Inc.
Iowa-Illinois Gas and Electric Company
IRT Property Company
iStar Inc.
IT Group, Inc. (The)
J.P. Morgan & Co. Incorporated
J.P. Morgan Chase Capital IX
J.P. Morgan Index Funding Company I
J.P. Morgan Index Funding Company, LLC
Jabil Inc.
Jack in the Box Inc.
JCP&L Capital, L.P.
JDN Realty Corporation
Jefferies Financial Group
Jefferson-Pilot Capital Trust A
Jefferson-Pilot Capital Trust B
Jersey Central Power & Light Company
Johnson Controls, Inc.
Jostens, Inc.
JP Realty, Inc.
JPM Capital Trust I
JPM Capital Trust II
JPM Capital Trust III
JPM Capital Trust IV
JPMorgan Chase & Co.
K N Capital Trust I
K N Capital Trust II
K N Capital Trust III
Kaiser Aluminum Corporation
KB Home
KBC Bank Funding Trust I
KBC Bank Funding Trust II
KBC Bank Funding Trust III
KBC Bank Funding Trust IV
KBC Bank Funding Trust V
KBHC Financing I
KCPL Financing I
KEB Hana Bank
Kennametal Financing I
Kentucky Utilities Co.
Kerr-McGee Corporation
Kerzner International Limited (Old)
KeyCorp
KeyCorp (Old)
KeyCorp Capital I
KeyCorp Capital II
KeyCorp Capital III
KeyCorp Capital V
KeyCorp Institutional Capital A
KeyCorp Institutional Capital B
KeyCorp Institutional Capital C
KeySpan Corporation
KeySpan Trust I
KeySpan Trust II
KeySpan Trust III
Kimco Realty Corporation
Kinam Gold Inc.
Kincaid Generation, L.L.C.
King Pharmaceuticals, Inc.
Kmart Corporation
Kmart Financing I
Kmart Financing II
Kmart Financing III
Kmart Financing IV
Knoll, Inc.
Kramont Realty Trust
Kroger Co. (The)
L3 Technologies, Inc.
La Quinta Properties, Inc.
Lamar Media Corporation
Land O'Lakes Capital Trust I
Land O'Lakes, Inc.
Landmark Mortgages Limited
LaSalle National Corporation
LaSalle Re Holdings Limited
LASMO PLC
Lear Corporation (Old)
LeBlond Makino Finance Co. Ltd.
Lehman Brothers Holdings Capital Trust I
Lehman Brothers Holdings Capital Trust II
Lehman Brothers Holdings Capital Trust III
Lehman Brothers Holdings Capital Trust IV
Lehman Brothers Holdings Capital Trust V
Lehman Brothers Holdings Capital Trust VI
Lehman Brothers Holdings Inc.
Leucadia Capital Trust I
Liberty Property Trust
LIFE STORAGE LP
Life Storage, Inc.
Lincoln National Capital I
Lincoln National Capital II
Lincoln National Capital III
Lincoln National Capital IV
Lincoln National Capital V
Lincoln National Capital VI
Lincoln National Corporation
Lloyds TSB Capital 1 L.P.
Lloyds TSB Capital 2 L.P.
LNR Property LLC
Lomak Financing Trust
London Insurance Group Inc.
Lone Star Technologies, Inc.
Loral Space & Communications Ltd.
Louis Dreyfus Natural Gas Trust I
Louis Dreyfus Natural Gas Trust II
Louisville Gas & Electric Company
Lowe's Companies, Inc.
LSI Corporation
LTC Properties, Inc.
LTV Corporation (The)
Lyondell Chemical Company
M&I Capital Trust A
M&T Capital Trust I
M&T Capital Trust II
M&T Capital Trust III
M.D.C. Holdings, Inc.
Mack-Cali Realty Corporation
Macy's, Inc.
Madison Park Preferred Funding, Inc.
Magna International Inc.
Mandalay Resort Group
Manufacturers Investment Corporation, The
Marathon Oil Corporation
Margaretten Financial Corporation
Marine Drilling Companies, Inc.
Markel Capital Trust I
Markel Corporation
Marriott International, Inc.
Marsh & McLennan Companies, Inc.
Masco Corporation
Massachusetts Electric Company
Maui Electric Company, Limited
MBIA Inc.
MBNA Capital A
MBNA Capital B
MBNA Capital C
MBNA Capital D
MBNA Capital E
MBNA Capital F
MBNA Capital G
MBNA Corporation
MCI Capital I
MCI WORLDCOM Synergies Management Co., Inc.
McKesson Corporation
McKesson Financing Trust
Mckesson Financing Trust II
Mckesson Financing Trust III
Mckesson Financing Trust IV
McLeodUSA Incorporated
MCMS, Inc.
MCN Energy Group Inc.
MCN Financing I
MCN Financing II
MCN Financing III
MCN Financing IV
MCN Financing VI
MCN Michigan Limited Partnership
MDC Capital Funding Trust I
MDC Capital Funding Trust II
MDU Resources Group, Inc.
MediaOne Finance Trust II
MediaOne Financing I
MediaOne Financing II
Mellon Capital I
Mellon Capital II
Mellon Capital III
Mellon Financial Corporation
MEPC International Capital, L.P.
Mercantile Capital Trust I
Merrill Lynch & Co., Inc.
Merrill Lynch & Co., Inc. (Muni. Deriv.), Auction Pass-Through Trust
Merrill Lynch & Co., Inc. (Muni. Deriv.), Auction Rate Pass-Through Certificates
Merrill Lynch Municipal Strategy Fund
Merrill Lynch Preferred Capital Trust I
Merrill Lynch Preferred Capital Trust II
Merrill Lynch Preferred Capital Trust III
Merrill Lynch Preferred Capital Trust IV
Merrill Lynch Preferred Capital Trust V
Merrill Lynch Preferred Capital Trust VI
Merrill Lynch Preferred Funding I, L.P.
Merrill Lynch Preferred Funding II, L.P.
Merrill Lynch Preferred Funding III, L.P.
Merrill Lynch Preferred Funding IV, L.P.
Merrill Lynch Preferred Funding V, L.P.
Merrill Lynch Preferred Funding VI, L.P.
Mesa Operating Company
Metaldyne Corporation
Met-Ed Capital L.P.
MetLife Capital Trust I
MetLife Capital Trust II
MetLife Capital Trust III
MetLife, Inc.
Metris Companies Inc.
Metropolitan Edison Company
MFS California Municipal Fund
MFS High Income Municipal Trust
MFS High Yield Municipal Trust
MFS Investment Grade Municipal Trust
MFS Municipal Income Trust
MGM Resorts International
MIC Financing Trust I
Micron Technology, Inc.
Mid-Am Preferred Capital Trust I
Mid-America Apartment Communities, Inc.
Mid-America Apartments, L.P.
MidAmerican Energy Company
MidAmerican Energy Financing I
MidAmerican Energy Financing II
Midwest Power Systems Inc.
Mirant Corporation (Old)
Mirant Trust I
Mission Capital, L.P.
Mississippi Power Capital Trust I
Mississippi Power Capital Trust II
Mississippi Power Capital Trust III
Mississippi Power Company
Mizuho Finance (Aruba) A.E.C.
Mizuho Finance (Cayman) Limited
Mizuho Finance (Curacao) N.V.
Mizuho JGB Investment L.L.C.
Mizuho Preferred Capital Company L.L.C.
MLDP Holdings, Inc. - Preferred Stock
MMI Capital Trust I
MMP Bank Preferred Series A
MMP Bank Preferred Series B
MMP Custodial Receipts Series C
MMP Custodial Receipts Series D
MMP Custodial Receipts, Quality Assets Series B
MMP Quality Assets Series A
MMP Select Utility Series A
MMP Stock Cust Rcpts, ABN AMRO, Series XII
MMP Stock Cust Rcpts, ABN AMRO,Series X
MMP Stock Cust Rcpts, ABN AMRO,Series XI
MMP Stock Cust Rcpts, ABN AMRO,Series XIII
MMP Stock Cust Rcpts, ABN AMRO,Series XIV
MMP Stock Cust Rcpts, Bank Pfd. Srs D
MMP Stock Cust Rctp, ABN AMRO, Series VIII
MMP Stock Cust Rctps, ABN Amro,Series IX
MMP Stock Custodial Receipts, Quality Assets Series F
Money Market Preferred Custodial Receipts, Farmers Series 2
Money Market Preferred Stock Custodial Receipts ABN AMRO, Series E
Money Market Preferred Stock Custodial Receipts Prime Assets Series F
Money Market Preferred Stock Custodial Receipts, Farmers Series 1
Money Market Preferred Stock Custodial Receipts, Farmers Series 3
Money Market Preferred Stock Custodial Receipts, Farmers Series A
Money Market Preferred Stock Custodial Receipts, Freddie Mac 2001-1 Series
Money Market Preferred Stock Custodial Receipts, Quality Assets, Series E
Money Mkt Preferred Stock Custodial Receipts ABN AMRO, Series I
Money Mkt Preferred Stock Custodial Receipts ABN AMRO, Series II
Money Mkt Preferred Stock Custodial Receipts ABN AMRO, Series III
Money Mkt Preferred Stock Custodial Receipts Agency 2001-1 Series
Money Mkt Preferred Stock Custodial Receipts, ABN AMRO, Series IV
Money Mkt Preferred Stock Custodial Receipts, ABN AMRO, Series V
Money Mkt Preferred Stock Custodial Receipts, ABN AMRO, Series VI
Money Mkt Preferred Stock Custodial Receipts, ABN AMRO, Series VII
Monongahela Power Company
Montana Power Capital I
MONY Capital Trust I
MONY Capital Trust II
Moog Inc.
Morgan Stanley
Morgan Stanley Capital Trust I
Morgan Stanley Capital Trust III
Morgan Stanley Capital Trust IV
Morgan Stanley Capital Trust V
Morgan Stanley Group Inc.
Mosaic Global Holdings Inc.
Motorola Capital Trust I
Mpower Communications Corporation
MPS Capital Trust I
MPS Preferred Capital I, L.L.C.
MRM Capital Trust I
MRM Capital Trust II
MRM Capital Trust III
MS Capital Trust II
MTI Capital (Cayman) Limited
MTI Finance (Cayman) Ltd.
MUFG Americas Holdings Corporation
MUFG Union Bank, N.A.
MuniHoldings New Jersey Insured Fund III, Inc.
MuniHoldings New York Insured Fund IV
MuniHoldings Pennsylvania Insured Fund
Murphy Oil Corporation
Nabors Industries Inc.
Narragansett Electric Company
Natexis AMBS Company LLC
National Australia Bank Limited
National City Capital Trust I
National City Corporation
National Commerce Capital Trust I
National Health Investors, Inc.
National Service Industries Inc.
National Westminster Bank Plc
Nationwide Financial Services Capital Tr. II
Nationwide Financial Services Capital Trust
Nationwide Financial Services, Inc.
Nationwide Financial Svcs. Capital Tr. III
Nationwide Health Properties, Inc.
NatWest Markets N.V.
Navient Corporation
Navient, LLC
NB Capital Trust I
NB Capital Trust II
NB Capital Trust III
NB Capital Trust IV
NB Capital Trust V
NB Preferred Capital Corporation
NBP Capital Trust I
NBP Preferred Capital I, L.L.C.
NDCHealth Corporation
Nevada Power Company
New America High Income Fund
New America High Income Fund
New Center Asset Trust
New England Power Company
New Media Investment Group Inc.
New Plan Realty Trust
New York State Electric and Gas Corporation
Newell Brands
Newell Financial Trust I
Newfield Exploration Company
Newmont Mining Corp. (Old)
News Corporation Exchange Trust
Newscorp Overseas Limited
NEXTEL Communications, Inc.
NGC Corporation Capital Trust I
Niagara Mohawk Power Corporation
Nicor Inc.
Nine West Group, Inc.
Nishi-Nippon City Bank, Ltd
NiSource Capital Trust I
NiSource Inc.
Noble Energy, Inc.
Noram Financing I
Nordea Bank Finland Plc
Nordea Bank Sweden AB (publ)
Norfolk Southern Capital Trust I
Norfolk Southern Corporation
Nortel Networks Limited
North Atlantic Trading Company, Inc.
North Fork Capital Trust I
North Fork Capital Trust II
Northern Indiana Public Service Company
Northern States Power Company (Minnesota)
Northern Trust Corporation
Northrop Grumman Corporation
Northwest Natural Gas Company
Northwestern Capital Financing I
NorthWestern Capital Financing II
NorthWestern Capital Financing III
NorthWestern Capital Financing IV
NorthWestern Corporation (Old)
NorthWestern Energy LLC
NRG Energy, Inc. (OLD)
NSP Financing I
NSTAR Electric Company
NTC Capital I
NTC Capital II
NTC Capital III
Nuevo Financing I
Nuveen Arizona Dividend Advantage Municipal Fund
Nuveen Arizona Quality Municipal Income Fund
Nuveen California Dividend Advantage Municipal Fund 2
Nuveen California Investment Quality Municipal Fund, Inc.
Nuveen California Municipal Market Opportunity Fund, Inc.
Nuveen California Performance Plus Municipal Fund, Inc.
Nuveen California Quality Income Municipal Fund, Inc.
Nuveen California Quality Municipal Income Fund
Nuveen California Select Quality Muni Fund
Nuveen Connecticut Dividend Advantage Municipal Fund
Nuveen Dividend Advantage Municipal Fund 2
Nuveen Investment Quality Municipal Fund
Nuveen Maryland Dividend Advantage Municipal Fund
Nuveen Massachusetts Dividend Advantage Municipal Fund
Nuveen Michigan Quality Municipal Income Fund
Nuveen Municipal Advantage Fund, Inc.
Nuveen Municipal Market Opportunity Fund, Inc.
Nuveen New Jersey Investment Quality Municipal Fund, Inc.
Nuveen New Jersey Quality Municipal Income Fund
Nuveen New York Dividend Advantage Municipal Fund 2
Nuveen New York Investment Quality Municipal Fund, Inc.
Nuveen New York Performance Plus Municipal Fund, Inc.
Nuveen New York Quality Income Municipal Fund, Inc.
Nuveen New York Quality Municipal Income Fund
Nuveen New York Select Quality Municipal Fund, Inc.
Nuveen North Carolina Dividend Advantage Municipal Fund
Nuveen Ohio Dividend Advantage Municipal Fund
Nuveen Pennsylvania Dividend Advantage Municipal Fund
Nuveen Pennsylvania Quality Municipal Income Fund
Nuveen Performance Plus Municipal Fund
Nuveen Premier Municipal Income Fund
Nuveen Premier Municipal Opportunity Fund
Nuveen Premium Income Municipal Fund
Nuveen Premium Income Municipal Fund
Nuveen Premium Income Municipal Fund 2 Inc.
Nuveen Premium Income Municipal Fund 4 Inc.
Nuveen Quality Income Municipal Fund, Inc.
Nuveen Quality Municipal Fund Inc.
Nuveen Quality Municipal Income Fund
Nuveen Select Quality Municipal Fund, Inc.
Nuveen Senior Income Fund
Nuveen Virginia Dividend Advantage Municipal Fund
NVP Capital I
NVR Inc.
NWPS Capital Financing I
Ocean Energy, Inc.
Ocean Spray Cranberries, Inc.
Ocwen Capital Trust I
Ocwen Financial Corporation
OfficeMax, Incorporated
OGE Energy Capital Trust I
Ohio Edison Company
Ohio Edison Financing Trust
Ohio Edison Financing Trust II
Ohio Power Company
Old Kent Capital Trust I
Old Kent Capital Trust II
Old Kent Capital Trust III
Old Kent Capital Trust IV
Old Kent Financial Corporation
Old National Bancorp
Old Republic International Corporation
Omega Healthcare Investors, Inc.
Omnicom Capital Trust I
Omnicom Capital Trust II
Omnicom Capital Trust III
Omnicom Group, Inc.
ONB Capital Trust I
ONB Capital Trust II
ONB Capital Trust III
ONB Capital Trust IV
Oncor Electric Delivery Company LLC
ONEOK Capital Trust I
ONEOK Capital Trust II
Oshkosh Corporation
Otter Tail Power Company
Owens & Minor Trust I
Owens & Minor, Inc.
Owens Corning Capital II
Owens Corning Capital III
Owens-Corning Capital L.L.C.
Owens-Illinois Inc.
Oxy Capital Trust I
Oxy Capital Trust II
Oxy Capital Trust III
Pacholder High Yield Fund, Inc.
Pacific Gas & Electric Company
PacifiCorp
PacifiCorp Capital I
PacifiCorp Capital II
Pacificorp Delaware L.P.
PartnerRe Ltd.
PECO Energy Capital L.P.
PECO Energy Capital Trust II
Peco Energy Capital Trust III
PECO Energy Company
Pegasus Communications Corporation
Pegasus Satellite Communications, Inc.
Pegasus Shipping (Hellas) Limited S.A.
Penelec Capital, L.P.
Pennsylvania Electric Company
Pennsylvania Power Company
PennzEnergy Company
Peoples Heritage Capital Trust I
PerkinElmer, Inc.
PG&E Capital I
PGS Trust I
PGS Trust II
PGS Trust III
Phillips 66 Capital I
Phillips 66 Capital III
Phillips 66 Capital IV
Phillips 66 Capital V
Phillips 66 Captial VI
Phoenix Loan Holdings
Pinto Totta International Finance Ltd.
Pioneer Natural Resources Company
Pioneer-Standard Financial Trust
Pitney Bowes International Holdings, Inc.
Placer Dome Inc.
Plains Resources, Inc.
PLC Capital Trust I
PLC Capital Trust III
PLC Capital Trust IV
PLDT Inc.
PMI Capital I
PNC Capital Trust C
PNC Capital Trust D
PNC Capital Trust E
PNC Capital Trust F
PNC Financial Services Group, Inc.
PNC Institutional Capital Trust A
PNC Institutional Capital Trust B
Pogo Producing Company
Pogo Trust I
Pogo Trust II
Polaroid Corporation
Polly Peck International Finance Ltd.
Popular International Bank, Inc.
Popular North America, Inc.
Popular, Inc.
Portland General Electric Company
Post Properties, Inc.
Potomac Electric Power Company
Potomac Electric Power Company Trust I
PP&L Capital Funding Trust I
PP&L Capital Trust
PP&L Capital Trust II
PPL Capital Funding Trust I
PPL Electric Utilities Corporation
Praxair, Inc.
PREFERREDPLUS Trust Series CCR-1
Premcor, Inc.
Pride International, Inc.
Prime Retail, Inc.
PRIMEDIA Inc. (Old)
Proffitt's Capital Trust I
Progress Energy, Inc.
ProLogis
Prologis, Inc.
Prospect Street High Income Portfolio
Protective Life Corporation
Provident Capital Trust I
Provident Capital Trust II
Provident Capital Trust III
Provident Capital Trust IV
Provident Financial Group, Inc.
Provident Financing Trust I
Provident Preferred Capital Corp.
Providian Capital I
Providian Financial Corporation
Providian Financing I
Providian Financing II
Providian Financing III
Providian Financing IV
PS Business Parks, Inc.
PSCO Capital Trust I
PSE&G Capital Trust II
PSE&G Capital Trust III
PSO Capital I
Public Service Company of Colorado
Public Service Company of New Mexico
Public Service Company of Oklahoma
Public Service Electric and Gas Capital L.P.
Public Service Electric and Gas Company
Public Service Enterprise Group Incorporated
Public STEERS Series 1998 TRV-C1
Public STEERS Series 1999 REN-C1 Trust Certificates
Public Storage
Publishing and Broadcasting Limited
Puget Sound Energy Capital Trust I
Puget Sound Energy Capital Trust II
Puget Sound Energy, Inc. (Old)
PulteGroup, Inc.
Putnam Municipal Opportunities Trust
PVH Corp.
PWG Capital Trust I
PWG Capital Trust II
PWG Capital Trust III
PWG Capital Trust IV
PXRE Capital Trust I
Queensland Treasury Corporation
Quest Diagnostics Incorporated
Rabobank Capital Funding LLC
Rabobank Capital Funding Trust
Rank Group plc (The)
Raytheon Company
RB Holdings (USA) Inc.
RBC Centura Capital Trust I
RC Trust I
RC Trust II
Realty Income Corporation
Reckson Associates Realty Corporation
Regency Centers Corporation
Regions Asset Management Company, Inc.
Regions Financial Corporation
Regions Financing Trust I
Regions Financing Trust II
REI Capital Trust I
REI Capital Trust II
REI Trust I
REI Trust II
Reinsurance Group of America, Inc.
Reliant Energy HL&P
Reliastar Financing II
Renaissance Re Capital Trust
RenaissanceRe Capital Trust II
RenaissanceRe Holdings Ltd.
Repsol International Capital Limited
Repsol Oil & Gas Canada Inc.
Republic New York Corporation
Resona Bank, Limited
RGA Capital Trust I
RGA Capital Trust II
Rhone-Poulenc Overseas Ltd.
Rhone-Poulenc Rorer, Inc.
Rhythms NetConnections Inc.
Riggs Capital
Riggs Capital II
Riggs National Corporation
Rinker Group Limited
Rinker Materials LLC
Rio Algom Limited
Rite Aid Lease Management Company
Rochester Gas & Electric Corporation
Rogers Cable Inc.
Rogers Communications Inc.
Rogers Wireless Communications Inc.
Rogers Wireless Inc.
Rouse Capital
Rouse Company (The)
Royal Bank of Scotland N.V., Chicago Branch
Royal Caribbean Cruises Ltd.
Royce Focus Trust
Royce Micro-Cap Trust Inc.
Royce Value Trust
Royce Value Trust
RSL Communications Ltd.
Rural Cellular Corporation
Russel Metals Inc.
Ryland Group, Inc. (The)
RZB Finance (Jersey) Limited
Sabre Holding Corporation (Old)
Safeco Capital Trust I
SAFG Retirement Services, Inc.
Saks Incorporated
Sakura Capital Funding (Cayman) Limited
Sakura Finance (Bermuda) Trust
Samsonite Corporation
San Diego Gas & Electric Company
Sanmina Corporation
Sanpaolo IMI Capital Trust I
Santander Bancorp
Santander Financial Services plc
Santander Holdings USA, Inc.
Santander Overseas Bank, Inc.
Sanwa Bank, Ltd.
Sanwa International Finance (Bermuda) Trust
SATURNS 2001-6 (Bank of America)
Savannah Electric and Power Company
Savannah Electric Capital Trust I
Savannah Electric Capital Trust II
SB Treasury Company L.L.C.
SCE Trust I
SCE Trust II
SCE&G Trust I
Scholastic Corporation
SCI Systems, Inc.
Seagate Technology International, Inc.
Sealed Air Corp.
Sears, Roebuck and Co.
SEB AB
Security Capital Atlantic Incorporated (Old)
Security Capital Group Incorporated
SEMCO Capital Trust
SEMCO Capital Trust I
SEMCO Capital Trust II
SEMCO Capital Trust III
SEMCO Energy, Inc.
Sempra Energy Capital Trust I
Sempra Energy Capital Trust II
Sempra Energy Capital Trust III
Senior Housing Properties Trust
Service Properties Trust
SG Capital Trust I
SG II Preferred Securities Investors Trust
Shaw Communications Inc.
Shawmut National Corporation
Shell Frontier Oil & Gas, Inc.
Shurgard Storage Centers, LLC
SI Financing Trust I
Siam City Bank Public Co. Ltd. (Cayman Is.)
Sierra Pacific Power Capital I
Sierra Pacific Power Company
Sierra Pacific Resources Capital Trust I
Sierra Pacific Resources Capital Trust II
SIG Capital Trust I
Silgan Holdings Inc.
Sinclair Broadcast Group, Inc.
Sinclair Capital
SITE Centers Corp.
Six Flags Inc. (Old)
SJG Capital Trust
Skandia Insurance Company Ltd.
Sky Financial Capital Trust I
SMBC International Finance N.V.
Smithkline Beecham Holdings Corporation
Smurfit-Stone Container Enterprises (Old)
Snap-on Incorporated
SNH Capital Trust I
SocGen Real Estate Company L.L.C.
Solectron Corporation
Southern California Edison Company
Southern California Gas Company
Southern Company (The)
Southern Company Capital Funding, Inc.
Southern Company Capital Trust I
Southern Company Capital Trust II
Southern Company Capital Trust III
Southern Company Capital Trust IV
Southern Indiana Gas & Electric Company
Southern Investments UK Capital Trust I
Southern Union Financing I
SouthTrust Corporation
Southwest Gas Capital I
Southwest Gas Corporation
Southwestern Electric Power Company
Southwestern Public Service Capital I
Southwestern Public Service Company
Sovereign Capital Trust I
Sovereign Capital Trust II
Sovereign Capital Trust III
Sovereign Capital Trust IV
Sovereign Real Estate Investment Trust
Spectra Energy Capital, LLC
Speedway Motorsports, LLC
SPG Properties, Inc.
St.George Bank Funding Company, LCC
St.George Bank Limited
Staircase Properties, Inc.
Standard Chartered Bank
Standard Chartered Capital Trust 1
Standard Chartered PLC
Star Banc Capital Trust
Starwood Hotels & Resorts
Starwood Hotels & Resorts Worldwide Inc.
State Street Capital Trust I
State Street Capital Trust II
State Street Capital Trust III
State Street Capital Trust IV
State Street Corporation
State Street Institutional Capital A
State Street Institutional Capital B
STB Finance Cayman Ltd.
Stewart Enterprises, Inc.
Storage USA, Inc.
Sumitomo Bank, Ltd.
Sumitomo Mitsui Banking Corp., New York Br
Sumitomo Mitsui Banking Corporation
Summit Bancorp
Summit Capital Trust I
Sun Communities, Inc.
Sun Life of Canada (U.S.) Capital Trust I
Sun Life of Canada (US) Holding Inc.
Sun Microsystems, Inc.
SunAmerica Capital Trust III
SunAmerica Capital Trust IV
SunAmerica Capital Trust V
SunAmerica Capital Trust VI
Suncor Energy Inc.
Sunoco Capital I
Sunoco Capital II
Sunoco, Inc.
Sunrise Senior Living, Inc.
SunTrust Capital I
SunTrust Capital II
SunTrust Capital III
SunTrust Capital IV
SunTrust Real Estate Investment Corporation
Superior National Capital Trust I
Swedbank AB
SWEPCO Capital I
Swift Energy Company
Talcott Resolution Life, Inc.
Tanger Factory Outlet Centers, Inc.
Tanger Properties Limited Partnership
Target Corporation
Targets Trust III
Targets Trust IV
Targets Trust V
Targets Trust VI
Targets Trust VIII
Taubman Centers, Inc.
TB Finance (Cayman) Limited -- Non-Cumulative Mandatory Exchangeable Preference Shares
TCI Communications Financing I
TCI Communications Financing II
TCI Communications Financing III
TCI Communications Financing IV
TCI Pacific Communications, Inc.
TDS Capital I
TDS Capital II
TDS Capital III
TECO Capital Trust I
TECO Capital Trust II
TECO Capital Trust III
TECO Energy, Inc.
Teco Funding Company II, LLC
Teco Funding Company III, LLC
TELUS Corporation
Tenet Healthcare Corporation
Texaco Capital LLC
Texaco Inc.
Texas Industries, Inc.
Textron Capital I
Textron Capital II
Textron Capital III
Textron Inc.
TGX Finance Corporation
The Royal Bank of Scotland Group plc
Thomas & Betts Corporation
TIAA Realty, Inc.
TIG Capital Trust I
TIMET Capital Trust I
Titan Capital Trust
TJX Companies, Inc. (The)
TMST, Inc.
TNP Enterprises, Inc.
Tokai Bank, Ltd.
Tokai Finance (Curacao) NV
Tokai Preferred Capital Company L.L.C.
Tokyu Mauna Lani Funding, Incorporated
Toledo Edison Company
Toll Brothers, Inc.
Topaz 1997-1, Limited
Torchmark Capital L.L.C.
Tosco Corporation
Tosco Financing Trust
Total American Holding, Inc.
Total Energy Capital, Inc.
Total Energy Resources Finance Inc.
Totta & Acores Financing, Ltd.
Tower Automotive LLC (Old)
Transamerica Capital I
Transamerica Capital II
Transamerica Capital III
Transamerica Corporation
Transamerica Delaware, L.P.
TransCanada Capital
TransCanada PipeLines Limited
Transocean Inc.
Travelers P&C Capital I
Travelers P&C Capital II
Trenwick America Capital Trust I
Trenwick America Capital Trust II
Trenwick America Capital Trust III
Trenwick Capital Trust I
Trenwick Group Ltd
Trinity Funding Company, LLC
Trinity Plus Funding Company, LLC
Trinity Plus Funding Company, LLC Series A
Triton Energy Limited
Trustreet Properties, Inc.
TTB Finance Cayman Limited
TV Guide, Inc.
TXI Capital Trust I
TXU Capital I
TXU Capital II
TXU Capital III
TXU Capital IV
TXU Corp. (Old)
TXU Electric Capital I
TXU Electric Capital II
TXU Electric Capital III
TXU Electric Capital IV
TXU Electric Capital V
TXU Electric Capital VI
TXU Electric Capital VII
TXU Electric Capital VIII
TXU Europe Capital I
TXU Gas Capital II
TXU Gas Capital III
TXU Gas Capital IV
TXU Gas Company
Tyco International LTD. (Old)
U.S. Bancorp
U.S. Bancorp Capital I
UAL Corporation Capital Trust I
UBS Inc.
UBS Preferred Funding Trust I
UBS Preferred Funding Trust II
UBS Preferred Funding Trust III
UCU Capital Trust I
UDR, Inc.
UDS Capital I
UDS Capital II
UDS Funding II, L.P.
UFJ Finance Aruba A.E.C.
UFJ Finance Australia Limited
UFJ International Finance Asia Limited
UFJ International Plc
UFJ Trust Bank Limited
UGI Utilities, Inc.
Ultramar Diamond Shamrock Corporation
UniCredit Luxembourg S.A.
Unicredito Italiano Capital Trust I
UniCredito Italiano Capital Trust II
Union Electric Company
Union Pacific Capital Trust
Union Pacific Corporation
Union Planters Capital Trust A
Union Planters Corporation
Union Texas Petroleum Holdings Inc
UnionBanCal Finance Trust I
UnionBanCal Finance Trust II
UnionBanCal Finance Trust III
UnionBanCal Finance Trust IV
Unisys Corporation
United Airlines Holdings, Inc.
United Airlines, Inc.
United Stationers Supply Co.
UnitedGlobalCom, Inc.
UnitedHealth Group Incorporated
Unocal Capital Trust
Unocal Capital Trust II
Unum Group
UnumProvident Financing Trust II
UnumProvident Financing Trust III
Urban One, Inc.
URS Corporation
US Trust Capital A
USB Capital II
USB Capital III
USB Capital IV
USB Capital V
USF&G Capital I
USF&G Capital II
USF&G Capital III
USX Capital LLC
USX Capital Trust I
Utah Power & Light Co
UtiliCorp Capital L.P.
V.F. Corporation
Vail Resorts, Inc.
Vale Canada Ltd.
Valero Energy Corporation
VEC Trust I
VEC Trust II
Veridian Corporation
Verizon International Holdings Ltd.
Verizon New Zealand Holdings, Inc.
Vesta Capital Trust I
Viatel Financing Trust I
Village Roadshow Limited
Vintage Petroleum Capital Trust I
Vintage Petroleum Inc.
Virgin Media Holdings Inc
Virginia Electric and Power Company
Virginia Power Capital Trust I
Virginia Power Capital Trust II
Visa Human Resources, Inc.
Vodafone Americas Inc
Vodafone Group Plc
Vornado Realty Trust
Voyageur Arizona Municipal Income Fund
W.R. Berkley Capital Trust
W.R. Berkley Corporation
Wachovia Capital Trust I
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Wachovia Capital Trust III
Wachovia Capital Trust V
Wachovia Corporation
Waddell & Reed Capital Trust I
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Wallace Computer Services, Inc.
Warner Media, LLC
Washington Gas Light Company
Washington Mutual Capital I
Washington Mutual Capital Trust 2001
Washington Mutual, Inc.
Washington Natural Gas Company
Washington Real Estate Investment Trust
Waste Management Holdings, Inc.
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WEC Capital Trust I
WEC Capital Trust II
WEC Energy Group, Inc.
Weingarten Realty Investors
Wells Fargo & Company
Wells Fargo Capital A
Wells Fargo Capital B
Wells Fargo Capital C
Wells Fargo Capital I
Wells Fargo Capital II
Wells Fargo Capital III
Welltower Inc.
Wendy's Company
Wendy's Financing I
Wendy's Financing II
Wendy's International, LLC
West Penn Power Company
Western Gas Resources, Inc.
Western Resources Capital I
Western Resources Capital II
Westpac Banking Corporation
Westpac Capital Trust I
Westpac Capital Trust II
Westport Resources Corporation
WFC Holdings Corporation
Whirlpool Financial Corporation
Willamette Capital I
Willamette Capital II
Williams Capital I
Williams Capital II
Williams Communications Group, Inc.
Williams Companies, Inc. (The)
Winston Hotels, Inc.
Winthrop Realty Trust
Wisconsin Electric Power Company
Wisconsin Power and Light Company
Wisconsin Public Service Corporation
Woori Bank
WorldCom, Inc.
WPSR Capital Trust I
Xcel Energy Inc.
Xerox Capital Trust I
Xerox Corporation
XM Satellite Radio Holdings Inc.
XO Communications, Inc.
XTO Energy, Inc.
XTRA Corporation
Yorkshire Capital Trust I
Zenith National Insurance Capital Trust I
Zenix Income Fund Inc.
ZFS Finance (Jersey) Limited
Zions Institutional Capital Trust A
Zurich America Corporation
Zurich Capital Markets Inc.
Zurich Capital Trust I
Zurich RegCaPS Funding Trust I
Zurich RegCaPS Funding Trust II
Zurich RegCaPS Funding Trust III
Zurich RegCaPS Funding Trust IV
Zurich RegCaPS Funding Trust V
Zurich RegCaPS Funding Trust VI
Related Research
Rating Action:

MOODY'S RE-CALIBRATES ITS PREFERRED STOCK RATING SCALE TO PROMOTE CROSS-SECTOR COMPARABILITY

27 Jul 2001

New York, July 27, 2001 -- As previously announced on May 18th, Moody's Investors Service is now applying its Aaa-through-C bond rating scale to preferred stock issues and re-calibrating its rating scale for subordinated bonds. These rating adjustments will meet increased investor demand for comparability of credit risk assessments across sectors of the fixed income markets globally. The conceptual framework underlying these ratings reflects the findings of the agency's ongoing research on rating consistency and expected variations in post-default recovery values across security types, industries, and geographic regions. A complete current listing of the ratings affected is now available on Moody's Website: www.moodys.com (such list may be updated from time to time).

The rating agency emphasized that the re-calibration represents a change in its overall rating system for preferred stock and subordinated bonds but not a change in its risk assessment of any issuer's fundamental credit quality. Moody's also noted that the notching guidelines that underlie these rating adjustments (discussed below) pertain to the securities of a single corporate issuer that differ with respect to priority of claim in bankruptcy. The methodology, however, does not address securities issued by different legal entities within a company. For those situations, notching among securities is based on company-specific analyses of the relative expected loss rates on the obligations issued by the various entities.

Further details on the methodology and research underpinning the re-calibration are available in a Moody's Rating Methodology report: "Notching for Differences in Priority of Claims and Integration of the Preferred Stock Rating Scale", which can also be downloaded from Moody's Website.

In this research, Moody's explains that its debt ratings are intended to reflect both the probability that an issuer will default on its debt and the likely severity of loss should default occur. Moody's assessment of probability of default is reflected in the rated issuer's senior unsecured rating or senior implied rating. Ratings on specific securities of each issuer are then "notched" higher or lower to account for variations in expected loss rates in the event an issuer defaults. For example, for issuers with both senior unsecured and subordinated bonds in default, Moody's research has shown that, for the past several decades, losses on the subordinated bonds have been on average 52% greater than the losses on senior unsecured bonds. For issuers with both senior unsecured bonds and preferred stock in default, loss rates have been 85% greater on average for preferred stock compared to senior unsecured bonds.

These relative loss severity statistics, coupled with the schedule of historical investor loss rates for securities in different rating categories, provide the foundation of Moody's notching guidelines.

Specifically, for issuers with senior unsecured or senior implied ratings of Ba2 or higher, preferred stock is generally rated two notches below the lower of the senior unsecured rating or senior implied rating. For issuers with a senior implied rating of Ba3 or lower, preferred stock is generally rated three notches below the senior implied rating.

Trust preferred stock, however, is rated at the same level as assets held or to be held by the trust, which is subordinated debt in most instances. In addition, we have eliminated differentials between ratings of cumulative and non-cumulative preferred stock -- all classes of preferred stock issued by a single company are generally rated at the same level, reflecting the relatively narrow loss differential between cumulative and non-cumulative preferreds.

For issuers with a senior unsecured or senior implied rating of Ba2 or higher, all classes of subordinated debt (e.g., senior subordinated, subordinated, and junior subordinated debt) are generally rated at the same level. In addition, for those same issuers, subordinated debt is generally rated one notch below the lower of the senior implied or senior unsecured rating.

For issuers with senior implied ratings of Ba3 and lower, various classes of subordinated debt continue to be rated at different levels, if appropriate, in light of company-specific expected loss severity analysis by debt class.

Moody's is withdrawing the ratings on intra-company holdings of subordinated debt that were issued in connection with a trust preferred stock structure. Now that preferred stock is rated on the debt rating scale, investors no longer need a rating on the related assets held by the trust.

A list of affected ratings is available at www.moodys.com under the "Highlights" section of the home page (such list may be updated from time to time). Those who access ratings through Moody's databases should note that Moody's is beginning the process of adjusting affected ratings in its extensive databases and expects to complete the adjustments very shortly. Ratings for any issuer can be obtained at any time using the "quick search" function on moodys.com or by calling Moody's Ratings Desk at (212) 553-0377. For additional information about our methodology, please see our May 18th press release "Moody's Announces Changes in 'Notching' Practices; Select Preferred Stock and Below-Investment Grade Ratings Among Those Affected" and our November 2000 methodology, "Notching for Differences in Priority of Claims and Integration of the Preferred Stock Rating Scale". Other related research includes: "The Evolving Meaning of Moody's Bond Ratings," August 1999; "Default and Recovery Rates on Corporate Bonds: 2000," February 2001; and "Preferred Stock Ratings and Credit Risk," February 1998.

New York
Patrick Finnegan
Senior Vice President
Financial Institutions Group
Moody's Investors Service
JOURNALISTS: (212) 553-0376
SUBSCRIBERS: (212) 553-1653

New York
Richard Cantor
Managing Director
Financial Institutions Group
Moody's Investors Service
JOURNALISTS: (212) 553-0376
SUBSCRIBERS: (212) 553-1653

MOODY'S RE-CALIBRATES ITS PREFERRED STOCK RATING SCALE TO PROMOTE CROSS-SECTOR COMPARABILITY
No Related Data.
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