| Fitch | From | To |
| Upgrade | ||
| OAO Uralsvyazinform Sr. Unscd. | B- | B |
| Lennar Corp. Sr. Sub. Conv. Notes | BB+ | BBB- |
| Arkansas Electric Cooperative Corp. Sr. Debt | A+ | AA- |
| Downgrade | ||
| Winstar Communications Sr. Scd. | B+ | DD |
| Winstar Communications Sr. Unscd. | B- | D |
| Moodys | ||
| Upgrade | ||
| Fokus Bank ASA Sr. Unscd. | A1 | Aa3 |
| Fokus Bank ASA Sr. Unscd. MTN | A1 | Aa3 |
| Focus Bank ASA Sub. | A2 | A1 |
| Focus Bank ASA Sub. MTN | A2 | A1 |
| Focus Bank ASA Jr. Sub. | A3 | A1 |
| Focus Bank ASA Jr. Sub. MTN | A3 | A1 |
| Focus Bank ASA Backed Sr. Secd. | Baa3 | Baa2 |
| NKK Capital of America Inc. Backed Sr. Unscd. MTN | Ba2 | Ba1 |
| NKK Corp. Sr. Unscd. | Ba2 | Ba1 |
| NKK Corp. Sr. Unscd. MTN | Ba2 | Ba1 |
| Big 5 Corp. Sr. Unscd. | B2 | B1 |
| Downgrade | ||
| America West Airlines Inc. Sr. Unsecd. | B1 | B3 |
| Bayou Steel Corp. First Mtg.Bonds | B2 | B3 |
| Case Corp. Sr. Unsecd. | Baa3 | Ba2 |
| Case Credit Corp. Sr. Unscd. | Baa3 | Ba2 |
| Case Credit Corp. Sr. Unscd. MTN | Baa3 | Ba2 |
| Case Credit Corp. Backed Sr. Unscd. | Baa3 | Ba2 |
| Compass Aerospace Corp. Sr. Sub. | Caa3 | C |
| Fiat Finance & Trade Ltd. Backed Sr. Unscd. | A3 | Baa2 |
| Fiat Finance & Trade Ltd. Backed Sr. Unscd. MTN | A3 | Baa2 |
| Gap Intl. B.V. Backed Sr. Unscd. | A2 | A3 |
| Gap Inc. Sr. Unscd. | A2 | A3 |
| Coto Centro Integral de Commercialization S.A. Sr. Unscd. MTN | B1 | B2 |
| Disco S.A.Sr. Unscd. | B1 | B2 |
| Golden Northwest Aluminium, Inc. First Mtg. Bonds | B2 | B3 |
| Supermercados Norte S.A. Backed Sr. Unscd. | B1 | B2 |
| Crown Cork & Seal Cie Inc. Sr. Unscd. | B2 | Caa3 |
| Crown Cork & Seal Finance PLC Sr. Unscd. | B2 | Caa3 |
| Crown Cork & Seal Finance PLC Backed Sr. Unscd. | B2 | Caa3 |
| Crown Cork ^ Seal Finance S.A. Backed Sr. Unscd. | B2 | Caa3 |
| Dillard's Inc. Sr. Unscd. | Baa3 | Ba1 |
| Mercantile Stores Co, Inc. Sr. Unscd. | Baa3 | Ba1 |
| ShopKo Stores Inc. Sr. Unscd. | Ba2 | B2 |
| Continental Global Group Inc. Backed Sr. Unscd. | Caa1 | Caa3 |
| Republic Technologies Intl. Lcc. Backed Sr. Scd. | Caa3 | C |
| Carrefour S.A. Sr. Unscd. | Aa3 | A1 |
| Carrefour S.A. Sr. Unscd. MTN | Aa3 | A1 |
| Carrefour S.A. Sub. MTN | A1 | A2 |
| Home Interiors & Gifts Inc. Sr. Sub. | Caa2 | Ca |
Rating Game (April 12 - April 19)