The annual study of structured finance ratings transitions by Moody's Investors Service found that upgrades have evened out with downgrades in U.S. the structured finance market.

Last year saw a spike in rating upgrades, as Moody's issued 973 upgrades in 2004 versus 1,008 downgrades last year. This compares favorable to 2003, which saw 549 upgrades and 1,265 downgrades. In short, the ratio of upgrades to downgrades in 2004 was nearly one-to-one.

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