| Moody’s | ||
| Upgrades | To | From |
| Bashkortostan, Republic of. Senior Unsecured | Ba1 | Ba3 |
| Equus Cayman Finance Ltd. BACKED Senior Unsecured | Baa3 | Ba1 |
| Freeport-McMoRan Copper & Gold Inc. Senior Unsecured | B1 | B2 |
| Gruma S.A. de C.V. Senior Unsecured | Ba1 | Ba2 |
| Hyundai Motor Company Senior Unsecured | Baa3 | Ba1 |
| Hyundai Motor Manufacturing Alabama, LLC BACKED Senior Unsecured | Baa3 | Ba1 |
| Kia Motors Corp. Senior Unsecured | Baa3 | Ba2 |
| Minera Mexico, S.A. de C.V. STRUCT. Senior Secured | B1 | Ca |
| ML CBO XXIV (Cayman) Ltd. STRUCT. Senior Secured | Aaa | Aa1 |
| Moscow, City of. Senior Unsecured | Baa3 | Ba1 |
| NUI Utilities, Inc. Senior Unsecured | Baa1 | B1 |
| Senior Unsecured MTN | Baa1 | B1 |
| ORIX-NRL Trust II STRUCT. Senior Subordinate | Aaa | Aa2 |
| STRUCT. Senior Subordinate | Aa2 | A2 |
| Takefuji Corporation Senior Unsecured | Baa1 | Baa2 |
| UAP Holding Corp. Senior Unsecured | B3 | Caa2 |
| United Agri Products, Inc. Senior Unsecured | B1 | B3 |
| Downgrades | ||
| American Media Operations, Inc. Senior Subordinate | B3 | B2 |
| Cordova Funding Corporation BACKED Senior Secured | B3 | B1 |
| Interep National Radio Sales, Inc. Senior Subordinate | Ca | Caa2 |
| King Pharmaceuticals, Inc. Senior Secured | Ba3 | Ba1 |
| ML CBO VIII (Cayman) Ltd. STRUCT. Senior Secured | Caa2 | B3 |
| Ryerson Tull, Inc. Senior Unsecured | B2 | B1 |
| Phoenix Quake Wind II Ltd. STRUCT. Senior Secured | B3 | Ba1 |
| Saybrook Point CBO, Limited STRUCT. Senior Secured | Aa1 | Aaa |
| STRUCT. Senior Subordinate | A2 | Aa2 |
| STRUCT. Senior Subordinate | Caa1 | Baa2 |
| Telefonica del Peru Grantor Trust STRUCT. Senior Secured | Ba2 | Baa3 |
Rating Game (November 25 - December 2)