| Moody's Investors Service | ||
| Downgrades | From | To |
| American Lawyer Media Holdings Inc. Sr. Unscd. | Caa1 | Caa3 |
| American Lawyer Media Inc. Sr. Unscd. | B2 | B3 |
| Heafner Tire Group Inc. Sr. Unscd. | B3 | Caa2 |
| Metromedia Fiber Network Inc. Sr. Unscd. | Caa1 | Caa3 |
| Adelphia Business Solutions Sr. Scd. | B3 | Caa2 |
| Adelphia Business Solutions Sr. Unscd. | B3 | Caa2 |
| Adelphia Business Solutions Sr. Sub. | Caa1 | Caa3 |
| Anchor Glass Container Corp. Sr. Unscd. | Caa2 | C |
| The Holmes Group Inc. Sr. Sub. | B3 | Caa2 |
| The Holmes Group Inc. Backed Sr. Sub. | B3 | Caa2 |
| Precision Partners Inc. Sr. Sub. | Caa2 | Ca |
| Kelda Group plc Sr. Unscd. | A2 | A3 |
| Kelda Group plc Backed Sr. Unscd. | A1 | A2 |
| Mattress Discounters Corp. Sr. Unscd. | B3 | Caa3 |
| Saks Inc. Sr. Unscd. | Ba1 | Ba2 |
| Enitel ASA Sr. Unscd. | Caa3 | C |
| Hynix Semiconductor Manufacturing America Inc. Backed Sr. Unscd. | B2 | Caa1 |
| Panda-Rosemary Funding Corp. Backed Sr. Scd. | Baa3 | Ba2 |
| Upgrades | ||
| The Earthgrains Company Sr. Unscd. | Baa2 | A3 |
| Government of Dominican Republic Sr. Unscd. | B1 | Ba2 |
| Pacifica Papers Inc. Sr. Unscd. | B1 | Ba2 |
| Weight Watchers Intl. Inc. Sr. Sub. | B2 | Ba3 |
| William Lyon Homes Sr. Unscd. | Caa3 | Caa1 |
| FITCH | ||
| Downgrades | ||
| Gen Tek Sr. Scd. | BB | BB- |
| Gen Tek Sr. Sub. | B+ | B- |
| Hamilton Bancorp, Inc. Sr. Debt | B | CCC |
| Hamilton Bank, NA Sr. Debt | B | CCC |
| Williams Communications Group Sr. Unscd. | BB- | CCC+ |
| Williams Communications Group Sr. Scd. | BB | B |
Rating Game (Aug. 24 - Aug. 30)