| Downgrades | To | From |
| ACLC Business Loan Receivables Trust 1998-2 struct. sr. sec. | A2 | Aaa |
| struct. sr. sub. | Ba2 | Baa2 |
| struct. sub. | Caa2 | B1 |
| ACLC Business Loan Receivables Trust 1998-2 struct. sr. sec. | A2 | Aaa |
| struct. sr. sub. | Ba2 | Baa2 |
| struct. sub. | Caa2 | B1 |
| ACLC Business Loan Receivables Trust 1999-1 struct. sr. sec. | Aa2 | Aaa |
| struct. sr. sec. | A1 | Aaa |
| struct. sr. sec. | Ba2 | Aa2 |
| struct. sr. sub. | Caa1 | Baa3 |
| struct. sub. | C | B3 |
| ACLC Business Loan Receivables Trust 2000-1 struct. sr. sec. | A1 | aaa |
| struct. sr. sub. | B1 | A2 |
| struct. sub. | Caa1 | Baa2 |
| struct. jr. sub. | Ca | B1 |
| ACLC Business Loan Receivables Trust 2002-1 struct. sr. sec. | Aa1 | Aaa |
| struct. sr. sub. | A1 | Aa2 |
| struct. sub. | Ba1 | Baa1 |
| struct. jr. sub. | Ba3 | Baa3 |
| struct. jr. sub. | Caa1 | Ba3 |
| ACLC Franchise Loan Receivables Trust 1998-A struct. sr. sub. | A3 | Aa2 |
| struct. sub. | B2 | A2 |
| CAN Holdings, Inc. sr. unsec. | Ba3 | Baa2 |
| sr. unsec. MTNs | Ba3 | Baa2 |
| Caraustar Industries, Inc. sr. unsec. | B2 | Ba3 |
| sr. sub. | Caa1 | B2 |
| CorTS Trust for Unum Notes struct. sub. | Ba1 | Baa3 |
| IndyMac Home Equity Loan Asset-Backed Trust stuct. sr. sub. | Aa2 | Aa |
| Morgan Stanley Dean Witter Capital I Inc. struct. sr. sub. | Aa2 | Aa1 |
| struct. sub. | A3 | A2 |
| struct. sub. | Baa2 | A3 |
| struct. sub. | Ba1 | Baa2 |
| struct. sub. | Ba3 | Ba2 |
| struct. sub. | Ba3 | Baa3 |
| struct. sub. | Ba2 | Baa3 |
| Old Mutual Finance (Cayman Islands) Ltd. bkd. sr. unsec. | A3 | A2 |
| Old Mutual Plc. sr. unsec. | A3 | A2 |
| Preferredplus Trust Series UPC-1 struct. sr. sec. | Ba1 | Baa3 |
| Presidential Life Corporation sr. unsec. B2 | B1 | |
| Salton, Inc. sr. sub. | Ca | Caa2 |
| Saxon Asset Securities Trust 2001-1 struct. sr. sub. | Baa2 | A2 |
| struct. sub. | B2 | Baa2 |
| Viking Consumer Receivables (No. 1) Plc. struct. sr. sec. | Ba2 | Baa2 |
| Upgrades | To | From |
| ABB Asea Brown Boveri Ltd. sr. unsec. | Ba2 | B1 |
| ABB Capital B.V. sr. unsec. | Ba2 | B1 |
| bkd. sr. unsec. MTNs | Ba2 | B1 |
| ABB Finance Inc. bkd. sr. unsec. | Ba2 | B1 |
| bkd. sr. unsec. MTNs | Ba2 | B1 |
| ABB International Finance Limited bkd. sr. unsec. | Ba2 | B1 |
| bkd. sr. unsec. MTNs | Ba2 | B1 |
| Advance Agro Capital B.V. bkd. sr. unsec. | Caa1 | Caa3 |
| Avaya Inc. sr. sec. | B1 | B2 |
| sr. unsec. | B2 | B3 |
| Commericial Mortgage Acceptance Corp. struct. sr. sub. | Aaa | Aa2 |
| struct. sr. sub. | Aa2 | A2 |
| struct. sr. sub. | Aa3 | A3 |
| struct. sr. sub. | A3 | Baa2 |
| struct. sr. sub. | Baa2 | Baa3 |
| struct. sr. sub. | Baa3 | B1 |
| Gap (Japan) K.K. bkd. sr. unsec. | Ba2 | Ba3 |
| Gap International B.V. bkd. sr. unsec. | Ba2 | Ba3 |
| Gap, Incorporated sr. unsec. | Ba2 | Ba3 |
| Opryland Hotel Trust struct. sub. | A2 | A3 |
| struct. sub. | Baa3 | Ba1 |
| struct. sub. | Baa2 | Baa3 |
| Provident Bank sr. unsec. | Baa2 | Baa3 |
| Saxon Asset Securities Trust 1998-4 struct. sr. sub. | Aaa | Aa2 |
| struct. sr. sub. | Aa3 | A2 |
| struct. sub. | A3 | Baa2 |
| Saxon Asset Securities Trust 1999-2 struct. sr. sub. | Aa2 | A2 |
| struct. sr. sub. | Aaa | Aa2 |
| Saxon Asset Securities Trust 1999-3 struct. sr. sub. | Aaa | Aa2 |
| Sovereign Bank sr. unsec. | Baa1 | Baa2 |
| Sybron Dental Specialties, Inc. bkd. sr. sub. | B1 | B2 |