Downgrades 7/5/05

Stocks Downgraded on 7/5/05

ABB Ltd ABB
Amegy Bancorp ABNK
Apt Inv & Mgt AIV
Alvarion ALVR
BG PLC BRG
Corinthian Colleges COCO
CSG Systems CSGS
Gardner Denver GDI
Gamestop GME
KB Home KBH
MDC Holdings MDC
PrivateBancorp PVTB
Ryland Group RYL
State Auto Fin STFC