Rising instability in corporate ratings, says Moody’s

An increasing number of corporate upgrades has affected the stability of Moody's corporate bond ratings, according to the rating agency. Three-hundred and twenty corporates experienced a rating action in the third quarter of 2004, compared to 248 in the same period last year ? on an annualized basis that's an increase from 18.2% to 22.6% in the share of corporates experiencing a rating action. The number of firms with excessive rating actions ? more than two rating notches ? has increased to 92 from 80 in the third quarter of last year.