| Moody's Investors Service | ||
| Downgrades | From | To |
| Corus Finance Backed Sr. Unscd. | Baa2 | Baa3 |
| Corus Group Backed Sr. Unscd. | Baa2 | Baa3 |
| National Fuel Gas Co. Sr. Unscd. | A2 | A3 |
| National Fuel Gas Co. Sr. Unscd. MTN | A2 | A3 |
| Park-Ohio Industries Sr. Sub. | B2 | Caa1 |
| Evercom Backed Sr. Unscd. | Caa1 | Ca |
| Fonda Group Sr. Sub. | B3 | Caa2 |
| SF Holdings Group Sr. Scd. | Caa3 | Ca |
| Sweetheart Cup Co. Backed Sr. Sub. | Caa1 | Caa2 |
| DDI Capital Corp. Sr. Unscd. | B3 | Caa1 |
| DDI Corp. Sub. | B3 | Caa1 |
| Marconi Corp. Backed Sr. Unscd. | B2 | Ca |
| AT&T Canada Sr. Unscd. | Ba3 | B3 |
| Brunswick Corp. Sr. Unscd. | Baa1 | Baa2 |
| Lucent Technologies Sr. Unscd. | Ba3 | B2 |
| Lucent Technologies Sr. Unscd. MTN | Ba3 | B2 |
| RWE AG Sr. Unscd. | Aa3 | A1 |
| RWE AG Sr. Unscd. MTN | Aa3 | A1 |
| RWE Finance B.V. Backed Sr. Unscd. | Aa3 | A1 |
| RWE Finance B.V. Backed Sr. Unscd. MTN | Aa3 | A1 |
| Thames Water Finance B.V. Backed Sr. Unscd. | A1 | A2 |
| Thames Water Plc Sr. Unscd. | A1 | A2 |
| Thames Water Plc Sr. Unscd. MTN | A1 | A2 |
| Thames Water Utilities Finance plc Sr. Unscd. | Aa3 | A1 |
| Thames Water Utilities Finance plc Backed Sr. Unscd. | Aa3 | A1 |
| Thames Water Utilities Finance plc Backed Sr. Unscd. MTN | Aa3 | A1 |
| ABB Asea Brown Boveri Ltd. Sr. Unscd. | A3 | Baa2 |
| ABB Capital (USA) LC Backed Sr. Unscd. | A3 | Baa2 |
| ABB Capital (USA) LC Backed Sr. Unscd. MTN | A3 | Baa2 |
| ABB Finance Backed Sr. Unscd. | A3 | Baa2 |
| ABB Finance Backed Sr. Unscd. MTN | A3 | Baa2 |
| ABB Financial Services Australia Ltd. Backed Sr. Unscd. MTN | A3 | Baa2 |
| ABB Intl Finance Ltd. Backed Sr. Unscd. | A3 | Baa2 |
| ABB Intl Finance Ltd. Backed Sr. Unscd. MTN | A3 | Baa2 |
| Upgrades | ||
| Orion Power Holdings Sr. Unscd. | Ba3 | Ba1 |
| FITCH | ||
| Downgrades | ||
| Petroleum Geo-Services ASA Sr. Unscd. | BBB | BBB- |
| Cox Communications Sr. Unscd. | BBB+ | BBB |
| Hubbell Inc. Sr. Unscd. | AA- | A+ |
| Loews Corp. Sr. Unscd. | AA | AA- |
| Solectron Corp. Sr. Unscd. | BBB- | BB |
Rating Game (March 22 -- March 28)