First quarter saw fewest downgrades since 1998, Moody's says

New York, April 2 - The first quarter saw 90 downgrades to U.S. companies, the smallest number since the 74 recorded in the third quarter of 1998, Moody's Investors Service.

By daily rate, the pace of downgrades for 2004 so far is down 19% from the level for all of 2003, the rating agency added.

Upgrades also saw a positive trend with 63 to U.S. companies in the quarter, the best figure since the 67 of the fourth quarter of 2001.

On a daily rate basis, upgrades have improved by 31% compared to the figure for all of 2003.

Upgrades made up 41% of all rating actions in the first quarter, the best figure since 44% in the third quarter of 1998.

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