The agency rated 47 percent of the crop good to excellent, down from 58 percent a week ago.

An agency may rate the issuers of debt obligations, the debt instruments and in some cases, the servicers of the underlying debt.

However, the agency still rates all movies sold in Finland.

It struck him as peculiar that the agency would rate a fourman guard, and instinct told him that his blitz was having an effect.

The agency already rates vehicles, on a scale of one to five stars, for the protection they provide dummies in crash tests; any data on vehicle stability would supplement this.

The agency rated the G.M.A.C. finance unit's commercial paper, or shorter-term debt, for the first time, awarding a D-1, its second-highest rating.

The agency rated 68 percent of the corn crop good to excellent as of Sunday, compared with 75 percent a week earlier.

The agency now rates the Philippines BB+ for foreign-currency debts, just below investment grade.

"We think the agency rated the bonds too low," Mr. Kennedy said.

For example, all three agencies had rated Enron an investment-grade company until four days before it filed for bankruptcy.