High yield rating change ratio rises to best level since 1998, Moody's says

New York, Jan. 13 - Upgrades accounted for the highest proportion of high-yield rating actions in 2003 since 1998, according to Moody's Investors Service.

For the year just completed, upgrades made up 35% of rating changes, up from 20% in 2002, which was the lowest level in 14 years. The figure for 2003 is the best since 1998 when it was 40%.

Downgrades in 2003 fell by 22% compared to 2002 to 289, the fewest since 226 in 1998. Moody's anticipates they will fall further in 2004, making it the first three-year decline since 1991-3.

The number of high-yield upgrades rose 71% in the year to 157, the best performance since 167 in 1997.

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