| Downgrades | To | From |
| Allied Waste North America, Inc. bkd. sr. sub. | B3 | B2 |
| Brown Jordan International, Inc. sr. sub. | C | Ca |
| CIENA Corporation sr. unsec. | B2 | B1 |
| DPL Inc. sr. unsec. | Baa3 | Ba2 |
| DVI Receivables VIII, L.L.C. struct. sr. sec. | Ba2 | A3 |
| struct. sr. sub. | B2 | Baa1 |
| struct. sub. | Caa1 | Baa3 |
| struct. jr. sub. | Caa3 | Ba2 |
| DVI Receivables X, L.L.C. struct. sr. sec. | Caa3 | Baa1 |
| struct. sr. sub. | Ca | Ba1 |
| struct. sub. | C | Ba3 |
| struct. jr. sub. | C | B2 |
| DVI Receivables XI, L.L.C. struct. sr. sec. | Caa3 | Baa2 |
| struct. sr. sub. | Ca | Ba1 |
| struct. sub. | C | Ba3 |
| struct. jr. sub. | C | B2 |
| DVI Receivables XII, L.L.C. struct. sr. sec. | Caa3 | Baa2 |
| struct. sr. sub. | Ca | Ba1 |
| struct. sub. | C | Ba3 |
| DVI Receivables XIV, L.L.C. struct. sr. sec. | Baa3 | Aa2 |
| struct. sr. sub. | Caa3 | Ba3 |
| struct. sub. | Ca | B2 |
| struct. jr. sub. | C | Caa1 |
| DVI Receivables XIX, L.L.C. struct. sr. sec. | B3 | Aa2 |
| struct. sr. sub. | Caa3 | Ba3 |
| struct. sub. | Ca | B2 |
| DVI Receivable XVI, L.L.C. struct. sr. sec. | B3 | Aa2 |
| struct. sr. sub. | Ca | B2 |
| struct. sub. | C | Caa1 |
| struct. jr. sub. | C | Caa3 |
| DVI Receivables XVII, L.L.C. struct. sr. sec. | Caa1 | Baa3 |
| struct. sr. sub. | C | Ba3 |
| struct. sub. | C | B2 |
| struct. jr. sub. | C | Caa3 |
| DVI Receivables XVIII, L.L.C. struct. sr. sec. | B1 | Baa2 |
| struct. sr. sub. | Caa1 | Ba1 |
| struct. sub. | Caa3 | Ba3 |
| Deutsche Financial Capital Securitization LLC struct. sr. sec. | A3 | Aaa |
| struct. sr. sec. | Baa1 | Aaa |
| struct. sr. sub. | B3 | A3 |
| struct. sr. sub. | Caa2 | Baa1 |
| struct. sub. | C | Ca |
| Eurohypo AG (Old) struct. sr. sub. | A2 | A1 |
| Europa One Limited struct. sr. sub. | A2 | A1 |
| GMAC Commercial Mortgage Securities, Inc. struct. sub. | B3 | B1 |
| Jordan Industries, Inc. sr. unsec. | Ca | Caa3 |
| sr. sub. | C | Ca |
| NUI Utilities, Inc. sr. unsec. | B1 | Ba3 |
| sr. unsec. MTNs | B1 | Ba3 |
| Phoenix 2002-1 Limited struct. sr. sub. | Aa1 | Aaa |
| struct. sr. sub. | Aa1 | Aa3 |
| struct. sub. | Ba1 | Baa2 |
| Sun Communities Operating Ltd. Partnership sr. unsec. | Baa3 | Baa2 |
| sr. unsec. MTNs | Baa3 | Baa2 |
| Sun Communities, Inc. sr. unsec. | Baa3 | Baa2 |
| Upgrades | To | From |
| BG Bank A/S bkd. sub. | Aa2 | Aa3 |
| Coca-Cola Embonor S.A. sr. unsec. | Ba1 | Baa3 |
| Commercial Capital Access One, Inc. struct. sr. sub. | Aa1 | Aa3 |
| Danske Bank A/S sr. unsec. | Aaa | Aa2 |
| sr. unsec. MTNs | Aa1 | Aa2 |
| sub. | Aa2 | Aa3 |
| sub. MTNs | Aa2 | Aa3 |
| jr. sub. MTNs | Aa2 | Aa3 |
| Development Bank of Japan bkd. sr. unsec. | Aaa | Aa1 |
| GMAC Commericial Mortgage Securities, Inc. struct. sr. sub. | Aaa | A1 |
| struct. sub. | Aaa | Baa1 |
| Fokus Bank ASA sr. unsec. | Aa2 | Aa3 |
| sr. unsec. MTNs | Aa2 | Aa3 |
| sub. | Aa3 | A1 |
| sub. MTNs | Aa3 | A1 |
| jr. sub. MTNs | Aa3 | A1 |
| Harleysville Group Inc. sr. unsec. | Baa2 | Baa1 |
| ISP Chemco Inc. bkd. sr. sub. | B1 | B2 |
| Japan Bank for International Cooperation bkd. sr. unsec. | Aaa | Aa1 |
| Japan Finance Corp. for Municipal Enterprises bkd. sr. unsec. | Aaa | Aa1 |
| Japan Finance Corp. for Small Business bkd. sr. unsec. | Aaa | Aa1 |
| Japan Highway Public Corp. bkd. sr. unsec. | Aaa | Aa1 |
| National Nephrology Associates, Inc. bkd. sr. sub. | B1 | B3 |
| Tokyo (Metropolis of) bkd. sr. unsec. | Aaa | Aaa |