downgrades ML FP/CA FP/CO FP ••• ING downgrades ARCAD NA, JPM upgrades TKAAV/NCSP LN & downgrades AFLT RU ••• Natixis upgrades MTU FP/ALO FP & cuts NOVN SW, Barcap upgrades DANSKE DC ••• Nomura downgrades ERICB SS, Nordea cuts LUPE SS & upgrades OPERA NO/NETB SS EFTA00370758 ••• Kepler upgrades LNZ A