XMF files look terrible...

Hello,

I shot video using a Canon XF300 set at 50 Mbps CBR 1920x1080, 59.94i.

When I bring in the video it into FCP or Adobe Premiere the footage looks terrible. It's grainy and low res. When played back on the camera, it looked the way it should. I'm a newb at this so I picked the highest quality setting thinking i can downsize from there. I tried the converters and canon utilities... the footage still looks bad when viewed in FCP or Premiere. What am I doing wrong? I have the original CF cards but rented the camera so I cannot import from camera.

Any help is greatly appreciated.