| Downgrades | To | From |
| AES Sul Distributidora Gaucha de Energia S.A. sr. sec. | Ca | Caa1 |
| Bleecker Structured Asset Funding, Ltd. struct. sr. sec. | Aa1 | Aaa |
| struct. sr. sub. | A3 | Aa2 |
| struct. sub. | Ca | B2 |
| CDO Master Investments S.A. struct. sr. sec. | A3 | Aa2 |
| struct. sr. sub. | Ba1 | A3 |
| struct. sr. sub. | B2 | Ba1 |
| Ingress I Ltd. struct. sr. sub. | Caa2 | B2 |
| Riviera Finance 2 S.A. struct. sr. sec. | A2 | Aa1 |
| struct. sr. sub. | Ba1 | A3 |
| Salton, Inc. sr. sub. | Caa2 | B3 |
| SFA Collateralized Asset-Backed Securities 1Trust struct. sr. sec. | Baa3 | Aa1 |
| struct. sr. sub. | Caa3 | Ba2 |
| US Airways, Inc. struct. sr. sec. | Ba1 | Baa3 |
| struct. sr. sec. | B3 | Ba2 |
| struct. sr. sec. | Caa3 | B3 |
| struct. sr. sec. | Caa2 | B3 |
| Upgrades | To | From |
| Corsair Finance (Ireland) No. 2 Limited struct. sr. sub. | Aa1 | Aa3 |
| Coventry Health Care, Inc. sr. unsec. | Ba1 | Ba3 |
| Extendicare Health Services, Inc. sr. unsec. | B1 | B2 |
| International Speedway Corporation sr. unsec. | Baa2 | Baa3 |
| Nippon Sheet Glass Company, Ltd. sr. unsec. | A3 | Baa2 |