| Moody's | ||
| Downgrades | To | From |
| Advanstar Communications Inc. sr. sub. | Caa2 | Caa1 |
| Bear Stearns Commercial Mortgage Securities I sub. | Baa1 | A3 |
| COMM 2001-FL4 sr. sub. | A1 | Aa3 |
| COMM 2001-FL4 sub. | Ba1 | Baa1 |
| Emerald Investment Grade CBO II, Limited sr. sub. | Ba1 | Baa2 |
| Emerald Investment Grade CBO II, Limited sub. | Aa2 | B2 |
| Salomon Mortgage Securities VII, Inc. sr. secd. | B2 | B1 |
| Salomon Mortgage Securities VII, Inc. sub. | Caa1 | B2 |
| Quantum Corporation sub. | B3 | B2 |
| Upgrades | ||
| J.P. Morgan Commercial Mortgage Finance Corp. sr. sub. | Aaa | Aa1 |
| J.P. Morgan Commercial Mortgage Finance Corp. sub. | Aa1 | A1 |
| J.P. Morgan Commercial Mortgage Finance Corp. jr. sub. | A2 | Baa1 |
| Hankyu Department Stores, Inc. sr. unsecd | Baa3 | Ba1 |
| Health Care REIT, Inc. sr. unsecd | Baa3 | Ba1 |
| RAST 2002-L8 sr. sub. | Aa1 | Aa2 |
| Fitch | ||
| Downgrades | To | From |
| British American Tobacco PLC sr. unsecd. | A- | A |
| AAR Corp. sr. unsecd. | BB- | BB+ |
| Calpine Corp. sr. | B- | B+ |
| Upgrades | ||
| Nextel Communications Inc. sr. unsecd. | BB- | B+ |