| Downgrades | To | From |
| ACC Escrow Corp. bkd. sr. unsec. | B3 | B2 |
| Centerpoint Energy, Inc. sr. unsec. | Ba2 | Ba1 |
| Classic Finance B.V. struct. sr. sec. | Aa1 | Aaa |
| struct. sr. sub. | A1 | Aa2 |
| struct. sr. sub. | A3 | A1 |
| struct. sr. sub. | Baa1 | Aa2 |
| struct. sub. | Ba1 | Baa3 |
| CommScope, Inc. sub. | B1 | Ba3 |
| Dobson Communications Corporation sr. unsec. | Caa1 | B3 |
| 1st Natl. Bank of New England SBA Ln.Bkd. Tr. struct. sr. sec. | A2 | Aa3 |
| struct. sub. | Ba2 | Baa2 |
| FIB Business Loan Trust 1999-A struct. sr. sec. | A1 | Aaa |
| struct. sr. sub. | Baa2 | A2 |
| struct. sub. | Ba3 | Baa3 |
| FIB Business Loan Trust 2000-A struct. sr. sec. | Ba2 | A1 |
| struct. sr. sub. | Caa2 | Ba2 |
| struct. sub. | Caa3 | B1 |
| struct. jr. sub. | C | Caa2 |
| FIB Business Loan Trust 2000-A struct. sr. sec. | Ba2 | A1 |
| struct. sr. sub. | Caa2 | Ba2 |
| struct. sub. | Caa3 | B1 |
| struct. jr. sub. | C | Caa2 |
| FNBNE Business Loan Trust 1998-A struct. sr. sec. | Aa3 | Aaa |
| struct. sr. sub. | Baa2 | A2 |
| struct. sub. | Ba1 | Baa2 |
| First International Bank SBA Loan Tr. 2000-2 struct. sr. sec. | Baa1 | Aa3 |
| struct. sr. sub. | Ba2 | Baa3 |
| First International Bank Trust Fund struct. sr. sec. | A3 | Aa3 |
| struct. sr. sub. | B2 | Ba2 |
| Marne et Champagne Finance a.r.l. struct. sr. sub. | Ba1 | Baa2 |
| Petra Capital II Ltd. struct. sub. | Ba1 | Baa3 |
| Really Useful Theatres Finance Ltd. struct. sr. sub. | Ba3 | Ba1 |
| struct. sr. sub. | Ba3 | Ba1 |
| struct. sr. sub. | B3 | B2 |
| Tenet Healthcare Corporation sr. unsec. | B3 | B1 |
| sr. sub. | Caa2 | B3 |
| Upgrades | To | From |
| AES Gener S.A. sr. unsec. | Ba3 | B2 |
| Century Canterbury Funding S.P.C. struct. sr. sub. | Aa2 | A2 |
| Deutsche Telekom AG sr. unsec. | Baa2 | Baa3 |
| sr. unsec. MTNs | Baa2 | Baa3 |
| sub. MTNs | Baa2 | Baa3 |
| Deutsche Telekom International Finance B.V. bkd. sr. unsec. | Baa2 | Baa3 |
| bkd. sr. unsec. MTNs | Baa2 | Baa3 |
| bkd. sub. MTNs | Baa2 | Baa3 |
| France Telecom sr. unsec. | Baa2 | Baa3 |
| sr. unsec. MTNs | Baa2 | Baa3 |
| Hasbro, Inc. sr. unsec. | Baa3 | Ba3 |
| Orange plc sr. unsec. | Baa1 | Baa3 |
| R.R. Donnelley & Sons Company | . | . |
| sr. unsec. | Baa1 | Baa2 |
| sr. unsec. MTNs | Baa1 | Baa2 |
| TELUS Corporation sr. unsec. | Baa3 | Ba1 |
| Vivendi Universal S.A. sr. unsec. | Ba3 | B1 |
| sr. unsec. MTNs | Ba3 | B1 |
| Yum! Brands Inc. sr. unsec. | Baa3 | Ba1 |