| Moody's Investors Service | ||
| Downgrades | From | To |
| Aetna Industries Backed Sr. Unscd. | B3 | Ca |
| Broadwing Communications Sr. Sub. | B1 | B3 |
| Broadwing Sr. Unscd. | Ba2 | Ba3 |
| Broadwing Sub. | Ba3 | B2 |
| Cincinnati Bell Telephone Co. Backed Sr. Unscd. MTN | Baa3 | Ba1 |
| Dana Credit Corp. Backed Sr. Unscd. | Ba1 | Ba3 |
| Dana Credit Corp. Backed Sr. Unscd. MTN | Ba1 | Ba3 |
| Glencore Nickel Pty Ltd. Backed Sr. Scd. | B1 | Caa1 |
| Hilton Group Finance plc Backed Sr. Unscd. | Baa1 | Baa2 |
| Hilton Group Finance plc Backed Sr. Unscd. MTN | Baa1 | Baa2 |
| GT Group Telecom Sr. Unscd. | Caa1 | Ca |
| Marubeni Corp Sr. Unscd. | Ba3 | B1 |
| Marubeni Corp Sr. Unscd. MTN | Ba3 | B1 |
| Marubeni Europe Backed Sr. Unscd. MTN | B1 | B2 |
| Marubeni Finance Holland B.V. Backed Sr. Unscd. MTN | B1 | B2 |
| Marubeni Intl Finance Backed Sr. Unscd. | B1 | B2 |
| Marubeni Intl Finance Backed Sr. Unscd. MTN | B1 | B2 |
| Invensys Sr. Unscd. | Baa3 | Ba1 |
| Invensys Sr. Unscd. MTN | Baa3 | Ba1 |
| Snow Brand Milk Products Co. Ltd. Sr. Unscd. | B2 | B3 |
| Softbank Corp Sr. Unscd. | Ba3 | B1 |
| Amerada Hess Corp. Sr. Unscd. | Baa1 | Baa2 |
| Coyne Intl Enterprises Corp Sr. Sub. | Caa1 | Ca |
| Williams Communications Group Sr. Unscd. | Caa3 | Ca |
| Energis Sr. Unscd. | B2 | Caa2 |
| Dana Corp Sr. Unscd. | Ba1 | Ba3 |
| HCC Industries Backed Sr. Sub. | Caa1 | Caa3 |
| Upgrades | ||
| AdvancePCS Sr. Unscd. | B1 | Ba2 |
| Banesto Delaware Backed Sub. | A2 | A1 |
| Banesto Finance Ltd. Backed Sub. | A2 | A1 |
| Banesto Finance Ltd. Backed Sub. MTN | A2 | A1 |
| Banesto Issuances Ltd. Backed Sr. Unscd. | A1 | Aa3 |
| Banesto Issuances Ltd. Backed Sr. Unscd. MTN | A1 | Aa3 |
| FITCH | ||
| Downgrades | ||
| Philippine Long Distance Telephone Co. Sr. Unscd. | BB+ | BB- |
| Williams Communications Group Sr. Unscd. | CCC- | CC |
| Allied Domecq plc Sr. Unscd. | BBB+ | BBB |
| UtiliCorp United Sr. Unscd. | BBB | BBB- |
| UtiliCorp Canada Finance Sr. Unscd. | BBB | BBB- |
| UtiliCorp Asia Pacific Sr. Unscd. | BBB | BBB- |
| Solutia Sr. Unscd. | BBB- | BB |
| Gap Inc. Sr. Unscd. | BB | BB- |
Rating Game (February 22 -- February 28)