Updating XML Elements and Attribute values python using Etree python

Hi I am having problem where I want to change element values inside XML tag but I am not able to find the suitable answer. In given XML file I want to modify the name of XML element "location_desc" and "process_id" to "loc.desc" and "proc.id" using python.Please suggest.

        <MESSAGE
                level="6"
                parse="1"
                parsedefvalue="1"
                tableid="89"
                id1="00926:02"
                id2="stunnel"
                eventcategory="1605000000"
                summary=""
                content="&lt;@:*SYSVAL($MSGID,$ID1)&gt;&lt;@msg:*PARMVAL($MSG)&gt;&lt;@event_description:VERIFY OK&gt; &lt;agent&gt;[&lt;process_id&gt;]: VERIFY OK: depth=&lt;fld1&gt;, &lt;location_desc&gt;"/>