| Downgrades | To | From |
| Amara-1 Finance Ltd. struct. sr. sec. | B1 | Ba1 |
| Applied Extrusion Technologies, Inc. sr. unsec. | Caa3 | Caa1 |
| Cable Design Technologies Corp. sub. | B1 | Ba3 |
| Crescent Real Estate Equities Limited Part. sr. unsec. | B1 | Ba3 |
| If P&C Insurance Ltd. (Publ) sub. | Baa1 | Baa2 |
| J-CORE NPL1 struct. sr. sub. | Aaa | Aa2 |
| Lear Corporation sr. unsec. | Baa3 | Ba1 |
| Phoenix CDO II, Ltd./Phoenix Funding II Corp. struct. sr. sec. | Aa2 | Aaa |
| struct. sr. sub. | Ba2 | A2 |
| struct. sr. sub. | C | B1 |
| Safilo Capital International SA bkd. sr. unsec. | Caa2 | Caa1 |
| Upgrades | To | From |
| E.ON AG sr. unsec. MTNs | Aa3 | A1 |
| E.ON International Finance B.V. bkd. sr. unsec. | Aa3 | A1 |
| bkd. sr. unsec. MTNs | Aa3 | A1 |
| E.ON UK Plc bkd. sr. unsec. MTNs | Aa3 | A1 |
| First American Corporation (The) jr. sub. | Baa3 | Ba1 |
| Gas Transmission Northwest Corporation sr. unsec. | Ba1 | B2 |
| sr. unsec. MTNs | Ba1 | B2 |
| Globaldrive B.V. struct. sr. sub. | Aa2 | A2 |
| Kokunai Shinpan’s Subordinated Trust Certific struct. sr. sec. | Aaa | Aa2 |
| struct. sr. sec. | Aa2 | A2 |
| struct. sr. sec. | A2 | Baa2 |
| Samsonite Corp. sr. sub. | B3 | Caa1 |