| Moody's Investors Service | ||
| Downgrades | To | From |
| DPL Inc. sr. unsec. | Ba2 | Ba1 |
| General American Railcar Corp. 97-1 Trust struct. sr. sec. | A3 | Aa2 |
| General American Railcar Corp. II 98-1 Trust struct. sr. sec. | A2 | Aa2 |
| Genesco Inc. sub. | B3 | B2 |
| Global Franchise Trust 1998-1 struct. sr. sec. | Ba2 | Baa1 |
| struct. sub. | Ca | B2 |
| struct. jr. sub. | C | Ca |
| IMC Home Equity Loan Trust 1997-3 struct. sub. | Baa3 | A2 |
| struct. jr. sub. | Ca | B2 |
| IMC Home Equity Loan Trust 1997-5 struct. sub. | Baa2 | A2 |
| struct. jr. sub. | Ca | B2 |
| IMC Home Equity Loan Trust 1998-1 struct. sr. sub. | Baa2 | A2 |
| struct. sub. | Ca | Baa3 |
| IMC Home Equity Loan Trust 1998-5 struct. sr. sub. | Baa1 | A2 |
| struct. sub. | B2 | Baa2 |
| Kansas City Southern Railway Company sr. unsec. | B2 | Ba3 |
| bkd. sr. unsec. | B2 | Ba3 |
| Reynolds and Reynolds Company sr. sec. | Baa2 | Baa1 |
| sr. unsec. MTNs | Baa2 | Baa1 |
| Talon Funding I, Ltd. struct. sr. sec. | Aa1 | Aaa |
| struct. sr. sec. | A2 | Aa2 |
| struct. sr. sub. | B2 | Baa3 |
| Tereos S.A. sr. unsec. | B1 | Ba3 |
| Trico Marine Services, Inc. sr. unsec. | Caa3 | Caa2 |
| Upgrades | To | From |
| America West Airlines, Inc. sr. unsec. | Caa2 | Caa3 |
| bkd. sr. unsec. | Caa2 | Caa3 |
| Asset Securitization Corporation struct. jr. sub. | Aa1 | Aa3 |
| struct. jr. sub. | Aa2 | A1 |
| struct. jr. sub. | A1 | A3 |
| Bristol & West plc sub. | A1 | A2 |
| Credit Agricole Indosuez sr. unsec. | Aa2 | Aa3 |
| sr. unsec. MTNs | Aa2 | Aa3 |
| sr. unsec. MTNs | A1 | A2 |
| sub. | Aa3 | A1 |
| sub. MTNs | Aa3 | A1 |
| Credit Lyonnais Finance (Guernsey) Limited bkd. sr. unsec. | Aa2 | Aa3 |
| bkd. sr. unsec. | Aa3 | A1 |
| bkd. sr. unsec. MTNs | Aa2 | A1 |
| bkd. sr. sub. | Aa3 | A2 |
| bkd. jr. sub MTNs | Aa3 | A2 |
| Credit Lyonnais Finl. Products (Guernsey) Ltd bkd. sr. unsec. | Aa2 | Aa3 |
| bkd. sr. unsec. MTNs | Aa2 | Aa3 |
| bkd. sr. unsec. Aa3 | A1 | |
| bkd. sr. sub. | Aa3 | A1 |
| bkd. jr. sub. MTNs | Aa3 | A1 |
| Credit Lyonnais S.A. sr. unsec. | Aa2 | Aa3 |
| sr. unsec. MTNs | Aa2 | Aa3 |
| sub. | Aa3 | A1 |
| sub. MTNs | Aa3 | A1 |
| jr. sub. | Aa3 | A1 |
| jr. sub. MTNs | Aa3 | A1 |
| Credit Lyonnais, S.A., New York Branch sr. unsec. MTNs | Aa2 | Aa3 |
| sub. MTNs | Aa3 | A1 |
| Dine, S.A. de C.V. bkd. sr. unsec. | B3 | Caa1 |
| SK Telecom Co., Ltd. sr. unsec. | A3 | Baa1 |
| Stadshypotek AB sr. unsec. | Aa1 | Aa2 |
| Svenska Handelsbanken AB sr. unsec. Aa1 | Aa2 | |
| sr. unsec. MTNs | Aa1 | Aa2 |
| sub. | Aa2 | Aa3 |
| sub. MTNs | Aa2 | Aa3 |
| jr. sub. | Aa2 | Aa3 |
| jr. sub. MTNs | Aa2 | Aa3 |
| TA Coppelia Special Purpose Company struct. sr. sub. | Aaa | Aa2 |
| Woodfield Mall Trust 2002-WM struct. sr. sub. | Aa3 | A1 |
| struct. sub. | A1 | A2 |
| struct. sub. | A2 | A3 |