| Moody's | ||
| Upgrades | To | From |
| AES China Generating Co. Ltd. Senior Unsecured | B1 | B2 |
| Aplus Master Trust STRUCT. Senior Secured | Aaa | Aa2 |
| Asahi Bank, Ltd. BACKED Senior Unsecured | A3 | Baa2 |
| BACKED Subordinate | Baa1 | Baa3 |
| Asahi Finance (Cayman) Ltd. BACKED Subordinate | Baa1 | Baa3 |
| BACKED Junior Subordinate | Baa1 | Baa3 |
| Cincinnati Bell Inc. Senior Secured | Ba3 | B1 |
| Senior Unsecured | B1 | B2 |
| Senior Subordinate | B2 | B3 |
| Daiwa International Finance (Cayman) Ltd. BACKED Subordinate | Baa1 | Baa3 |
| Daiwa PB Limited BACKED Junior Subordinate | Baa1 | Baa3 |
| DIRECTV Holdings LLC Senior Unsecured | Ba2 | B1 |
| Dolomiti Finance S.r.l. STRUCT. Senior Subordinate | Aaa | A2 |
| EBS Building Society Senior Unsecured | A2 | A3 |
| Subordinate | A3 | Baa1 |
| Empresa Nacional de Electricidad, S.A.(Chile) Senior Unsecured | Ba1 | Ba2 |
| ENDESA-Chile Overseas Co. BACKED Senior Unsecured | Ba1 | Ba2 |
| Enersis S.A. Senior Unsecured | Ba1 | Ba2 |
| Hexcel Corporation Senior Subordinate | Caa1 | Caa2 |
| Subordinate | Caa2 | Caa3 |
| Joy Global Inc. Senior Subordinate | Ba2 | B1 |
| Kaneka Corporation Senior Unsecured | A2 | A3 |
| Lombarda Lease Finance 1 S.r.l. STRUCT. Subordinate | Aaa | A3 |
| Lombarda Lease Finance 2 S.r.l. STRUCT. Senior Subordinate | Aaa | A1 |
| Lombarda Lease Finance 3 S.r.L. STRUCT. Senior Subordinate | Aaa | Aa3 |
| STRUCT. Subordinate | Aaa | Baa2 |
| Nisshin Steel Co., Ltd. Senior Unsecured | Baa2 | Baa3 |
| Putnam CBO I, Ltd. STRUCT. Senior Secured | Aa1 | A1 |
| Resona Bank, Ltd. Subordinate | Baa1 | Baa3 |
| Shin-Etsu Chemical Company Ltd Senior Unsecured | A1 | A2 |
| Tenovis Finance Limited STRUCT. Senior Secured | Baa1 | Baa3 |
| Toagosei Co., Ltd. Senior Unsecured | Baa2 | Baa3 |
| Downgrades | To | From |
| Eastman Hill Funding I Limited STRUCT. Senior Subordinate | A2 | Aa3 |
| STRUCT. Subordinate | Caa3 | Caa2 |
| STRUCT. Subordinate | Ca | Caa2 |
| GMAC Comm Mtge Securities, Inc. 2003-FL1 STRUCT. Subordinate | Aaa | Aa2 |
| STRUCT. Subordinate | Baa1 | Baa2 |
| STRUCT. Subordinate | B1 | Ba2 |
| HELIOS SERIES I MULTI ASSET CBO, LTD. STRUCT. Subordinate | B1 | Ba1 |
| HOTELoC plc STRUCT. Subordinate | Caa3 | Caa1 |
| ICON Health & Fitness, Inc. Senior Subordinate | Caa2 | B3 |
| Independence I CDO, Ltd. STRUCT. Senior Secured | Baa3 | Aa3 |
| STRUCT. Senior Subordinate | Caa3 | Ba3 |
| Luxfer Holdings plc Senior Unsecured | Caa2 | Caa1 |
| Merck & Co., Inc. Senior Unsecured | Aa3 | Aa2 |
| Morgan Stanley Capital I Inc. STRUCT. Junior Subordinate | Caa2 | B3 |
| STRUCT. Junior Subordinate | C | Caa2 |
| North Atlantic Holding Company Senior Unsecured | Caa3 | Caa1 |
| North Atlantic Trading Company, Inc. Senior Unsecured | B3 | B2 |
| R.J. Tower Corporation BACKED Senior Unsecured | Ca | B3 |
| Triton CDO IV, Limited/Triton CDO IV Funding Corp STRUCT. Senior Subordinate | B1 | Ba1 |
| STRUCT. Senior Subordinate | Ca | Caa3 |