"It may be more than coincidence that 1984 was the last year during which Moody's upgraded more corporate ratings than it downgraded."

"It's a big number," said Robert E. Schulz, a director in corporate ratings at Standard & Poor's, referring to the charge.

In 2004, for the first time since 1997, Moody's raised more corporate ratings than it lowered.

A blue-chip buyer with an A rating could improve Barneys's position, said Jerry Hirschberg, director of corporate ratings.

Most analysts said that Moody's and other agencies had already lowered corporate ratings, but a few worried that today's action would set off a further round of reductions.

That same year, the Fund was given an AAA corporate rating, a distinction given to a government corporation for the first time.

Suzanne Smith, director of corporate and government ratings at Standard & Poor's, explained the rating agency's anxiety.

Markets A new system of corporate ratings looks at the protection companies offer to bondholders in the event of a takeover.

How well were the limitations in the ratings of structural products, vis-à-vis standard corporate ratings, explained and understood?

"We think it is going a lot lower," said Gerald Hirschberg, a director for corporate ratings at Standard & Poor's.