least pref — replace PNN LN ••• DBK downgrade NXT LN, upgrade IN LN, PWTN SW, MAQ downgrade DSV DC, SDF GY • Mirabaud upgrade ABI BB, RBC downgrade STHR LN, Investec upgrade GKN LN • HSBC upgrade WCH GY, ETL FP, downgrade SDF GY, TLPR LN, ICL IT, URKA LI • BofAML upgrade DEC FP, reinstate SGRO LN (b),