Zoe (Jinyang) Wang, analyst; Julia Tung, vice president and senior analyst, Moody's Investors Service

There were 261 rating changes between January 1, 2005 and March 31, 2005, affecting roughly $9.0 billion in securities issued. Overall rating change activity decreased more than 27% from the previous quarter due to a 51% decline in the number of downgrades (135 for $6.5 billion).

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