| Moody's | ||
| Downgrades | To | From |
| Airxcel, Inc. sr. sub. | Caa1 | B3 |
| Amara-1 Finance Ltd. struct. sr. secd. | Ba1 | A3 |
| Asset Securitization Corporation struct. sub. | Baa3 | A1 |
| Atlas Air, Inc. sr. unsecd. | C | Ca |
| Avnet, Inc. sr. unsecd. | Ba2 | Baa3 |
| COMM 2000-FL2 struct. sub. | B2 | B1 |
| struct. sub. | B3 | B2 |
| struct. sub. | B1 | Ba3 |
| struct. sr. sub. | Ba3 | Baa3 |
| struct. sr. sub. | Ba1 | Baa2 |
| struct. sr. sub. | Aaa | Aa2 |
| CONSOL Energy Inc. bkd. sr. unsecd. | Ba1 | Baa2 |
| Consolidation Coal Company sr. unsecd. MTNS | Ba1 | Baa2 |
| CWMBS, Inc. struct. jr. sub. | C | B2 |
| struct. jr. sub. | B2 | Baa2 |
| struct. jr. sub. | Ca | Ba2 |
| DVI Receivables, L.L.C. (multiple deals) three classes of struct. sr. secd. | Aa3 | Aaa |
| struct. sr. secd. | A1 | Aaa |
| four classes of struct. sr. sub. | A3 | Aa3 |
| struct. sr. sub. | A3 | Aa2 |
| four classes of struct. sr. sub. | Baa1 | Aa3 |
| four classes of struct. sub. | Baa2 | A2 |
| two classes struct. sub. | Baa3 | A2 |
| struct. sub. | Baa2 | A1 |
| two classes of struct. sub. | Baa3 | A2 |
| three classes of struct. jr. sub. | Ba2 | Baa2 |
| two classes of struct. jr. sub. | Ba3 | Baa2 |
| struct. jr. sub. | B3 | Ba2 |
| GKN Holdings plc sr. unsecd. | Baa2 | Baa1 |
| Ingress I Ltd. struct. sr. secd. | Aa3 | Aa2 |
| struct. sr. sub. | Ba3 | A3 |
| Kulicke and Soffa Industries, Inc. sub. | Caa2 | B3 |
| Morgan Stanley Capital I Inc. struct. sr. secd. | A3 | Aa2 |
| Morgan Stanley Dean Witter Capital I Inc. struct. sr. sub. | Caa1 | B2 |
| struct. sr. sub. | Ca | Caa2 |
| Norse CBO, Ltd. struct. sub. | B3 | B1 |
| O'Sullivan Industries Holdings, Inc. sr. unsecd. | C | Caa2 |
| O'Sullivan Industries, Inc. sr. sub. | Ca | Caa1 |
| PROVIDE GEMS 2002-1 PLC struct. sr. sub. | A1 | Aa2 |
| struct. sr. sub. | Baa2 | A3 |
| struct. sr. sub. | Ba2 | Ba1 |
| Upgrades | ||
| COMM 2000-FL2 struct. sr. sub. | Aaa | Aa2 |
| CWMBS, Inc. struct. jr. sub. | Aaa | Aa2 |
| DLJ Commercial Mortgage Corp. struct. sub. | Baa2 | Ba2 |
| struct. sub. | Baa3 | Ba3 |
| Gray Television, Inc. sr. sub. | B2 | B3 |
| Morgan Stanley Dean Witter Capital I Inc. struct. sr. sub. | Aa2 | A2 |
| New Jersey Natural Gas Company sr. unsecd. MTNs | Aa3 | A2 |
| Premium Asset Trust Series 1999-3 bkd. sr. unsecd. | A2 | A3 |
| Premium Asset Trust Series 1999-4 bkd. sr. secd. | A2 | A3 |
| Premium Asset Trust Series 2000-10 bkd. sr. secd. | A2 | A3 |
| Premium Asset Trust Series 2000-2 bkd. sr. secd. | A2 | A3 |
| Premium Asset Trust Series 2000-3 bkd. sr. secd. | A2 | A3 |
| Premium Asset Trust Series 2000-8 bkd. sr. secd. | A2 | A3 |
| Fitch | ||
| Downgrades | To | From |
| Owens-Illinois sr. unsec. | B- | B+ |
| Upgrades | ||
| Northrop Grumman Corporation sr. unsecd. | BBB | BBB- |
Rating Game (September 15th, 2003)