| Downgrades | To | From |
| Adecco Financial Services (Bermuda) Ltd. bkd. sr. unsec. | Ba1 | Baa3 |
| Alabama 21 Century Authority struct. sr. sec. | Baa1 | A1 |
| Amadeus Funding 1 Limited struct. sr. sub. | Ba1 | A3 |
| struct. sub. | Ca | B2 |
| Arkansas Development Finance Authority struct. sr. sec. | Baa1 | A2 |
| Badger Tobacco Asset Securitization Corp. struct. sr. sec. | Baa2 | Baa1 |
| struct. sr. sec. | Baa3 | Baa2 |
| Calif. Cnty. Tobacco Secn. Agy. (Stanislaus) struct. sr. sec. | Baa3 | Baa2 |
| Calif. Cnty. Tobacco Secn. Agy. (Merced Cnty) struct. sr. sec. | Baa3 | Baa2 |
| Calif. Cnty. Tobacco Secn. Agy. (Placer Cnty) struct. sr. sec. | Baa3 | Baa2 |
| Calif. Cnty. Tobacco Secn. Agy. (Sonoma Cnty) struct. sr. sec. | Baa3 | Baa2 |
| California Cnty. Tobacco Secn. Agy. (Marin) struct. sr. sec. | Baa3 | Baa2 |
| California Cnty. Tobacco Secn. Agy. (Fresno) struct. sr. sec. | Baa2 | Baa1 |
| struct. sr. sec. | Baa3 | Baa2 |
| California Cnty. Tobacco Secn. (Alameda) struct. sr. sec. | Baa2 | Baa1 |
| struct. sr. sec. | Baa3 | Baa2 |
| California Statewide Financing Authority struct. sr. sec. | Baa2 | Baa1 |
| struct. sr. sec. | Baa3 | Baa2 |
| Children’s Trust struct. sr. sec. | Baa2 | Baa1 |
| struct. sr. sec. | Baa3 | Baa2 |
| Dist of Columbia Tobacco Settlement Fin Corp struct. sr. sec. | Baa2 | Baa1 |
| struct. sr. sec. | Baa3 | Baa2 |
| Educational Enhancement Funding Corporation struct. sr. sec. | Baa3 | Baa2 |
| Erie Tobacco Asset Securitization Corp. struct. sr. sec. | Ba1 | Baa1 |
| struct. sr. sub. | Ba1 | Baa2 |
| struct. sub. | Ba1 | Baa2 |
| Upgrades | To | From |
| American Greetings Corporation sr. sub. | Ba2 | Ba3 |
| sub. | Ba2 | Ba3 |
| Dial Corporation (The) sr. unsec. | A3 | Baa3 |
| Elan Pharmaceutical Investments III, Ltd. bkd. sr. unsec. | Caa2 | Ca |
| Fred Meyer, Inc. sr. unsec. | Baa2 | Baa3 |
| Kroger Co. sr. sec. | Baa2 | Baa3 |
| sr. unsec. | Baa2 | Baa3 |
| sr. unsec. MTNs | Baa2 | Baa3 |
| sr. sub. | Baa3 | Ba1 |
| bkd. sr. unsec. | Baa2 | Baa3 |
| Morgan Stanley Capital I Inc. struct. sub. | Aa1 | Aa2 |
| struct. jr. sub. | A2 | A3 |
| Northern States Power Company (Minnesota) sr. sec. | A2 | A3 |
| sr. unsec. | A3 | Baa1 |
| Northern States Power Company (Wisconsin) sr. sec. | A2 | A3 |
| sr. unsec. | A3 | Baa1 |