Moody's Investors Service downgraded classes of notes issed by GIA Investment Grade SCDO 2001-1 Ltd. today. The $4 million class B-2L floating notes, due April 17, 2007, were downgraded to 'Ba3' from 'Ba2'. The deterioration in the credit quality of the reference pool was cited among reasons given for the action.

In a seperate action, Moody's confirmed current ratings on the Class A-2L, Class A-3L and Class B-1L notes of GIA Investment Grade SCDO 2002-1 Ltd.  For more information go to Moody's Web site.

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