| Downgrades | To | From |
| Admiral CBO (Cayman) Ltd./Admiral CBO (Delaware) struct. sr. sec. | Baa3 | A3 |
| struct. sr. sub. | Caa3 | Ba3 |
| Commercial Mortgage Acceptance Corp. struct. sub. | B3 | B1 |
| struct. sub. | Ca | Caa3 |
| struct. sub. | Caa1 | B2 |
| Diamond Offshore Drilling, Inc. sr. unsec. | Baa2 | Baa1 |
| sub. | Baa3 | Baa2 |
| Fixed-Link Finance B.V. struct. sr. sec. | Ba1 | Baa3 |
| struct. sr. sec. | Ca | B3 |
| struct. sr. sub. | B2 | Ba3 |
| GKN Holdings plc sr. unsec. | Baa3 | Baa2 |
| IKON Office Solutions, Inc. sr. unsec. | Ba2 | Ba1 |
| IOS Capital, LLC sub. | Ba3 | Ba2 |
| Koninklijke (Royal) Vendex KBB N.V. bck. sr. sub. | B1 | Ba3 |
| Leucadia National Corporation sr. unsec. | Ba2 | Ba1 |
| sr. sub. | Ba3 | Ba2 |
| jr. sub. | Ba3 | Ba2 |
| Upgrades | ||
| EES Coke Battery Company, Inc. sr. sec. | B2 | Caa1 |
| Merrill Lynch Mortgage Investors, Inc. struct. jr. sub. | A2 | Baa1 |
| struct. jr. sub. | Baa2 | Baa3 |
| struct. sub. | Aaa | Aa3 |
| Newmont Mining Corp. (Old) bkd. sr. unsec. MTNs | Baa2 | Baa3 |
| Newmont USA Limited sr. sec. | Baa2 | Baa3 |
| sr. unsec. | Baa2 | Baa3 |
| Revlon Consumer Products Corporation sr. sec. | B2 | Caa1 |
| sr. unsec. | Caa1 | Ca |
| sr. sub. | Caa2 | C |
| Santa Fe Pacific Gold Corporation bkd. sr. unsec. | Baa2 | Baa3 |
Rating Game (APRIL 23 -- APRIL 29)