| Moody's Investors Service | . | . |
| Downgrades | From | To |
| Aviva plc Jr. Sub. | Aa3 | A2 |
| Aviva plc Backed Sr. Unscd. | Aa2 | Aa3 |
| CANTV Finance Ltd. Backed Sr. Unscd. | B2 | Caa1 |
| Goodyear Tire & Rubber Co. Sr. Unscd. | Ba1 | Ba2 |
| Petroleum Geo-Services ASA Sr. Unscd. | Caa3 | Ca |
| Magellan Health Service Sr. Unscd. | Caa2 | Caa3 |
| Magellan Health Service Sr. Sub. | Ca | C |
| Hitachi Cable Ltd. Sr. Unscd. | A3 | Baa1 |
| Bank Austria Creditanstalt AG Sr. Unscd. | A1 | A2 |
| Bank Austria Creditanstalt AG Sr. Unscd. MTN | A1 | A2 |
| Bank Austria Creditanstalt AG Sub. MTN | A2 | A3 |
| Bayerische Hypo-Und Vereinsbank, Hong Kong Sr. Unscd. MTN | A1 | A3 |
| Bayerische Hypo-Und Vereinsbank, Hong Kong Sub. MTN | A2 | Baa1 |
| Bayerische Hypo-und Vereinsbank AG Sr. Unscd. | A1 | A3 |
| Bayerische Hypo-und Vereinsbank AG Sr. Unscd. MTN | A1 | A3 |
| Bayerische Hypo-und Vereinsbank AG Sr. Sub. | A2 | Baa1 |
| Bayerische Hypo-und Vereinsbank AG Sub. | A2 | Baa1 |
| Bayerische Hypo-und Vereinsbank AG Sub. MTN | A2 | Baa1 |
| Bayerische Hypo-und Vereinsbank Singapore Sr. Unscd. | A1 | A3 |
| Bayerische Hypo-und Vereinsbank Singapore Sr. Unscd. MTN | A1 | A3 |
| Bayerische Hypo-und Vereinsbank Singapore Sub. MTN | A2 | Baa1 |
| Bayerische Hypotheken-und Wechsel Bank A.G. Backed Sr. Unscd. | A1 | A3 |
| Bayerische Hypotheken-und Wechsel Bank A.G. Backed Sr. Unscd. MTN | A1 | A3 |
| Bayerische Hypotheken-und Wechsel Bank A.G. Backed Sub. | A2 | Baa1 |
| Bayerische Hypotheken-und Wechsel Bank A.G. Backed Sub. MTN | A2 | Baa1 |
| HVB Banque Luxembourg S.A. Backed Sub. | A3 | Baa1 |
| HypoVereins Finance N.V. Backed Sr. Unscd. | A1 | A3 |
| HypoVereins Finance N.V. Backed Sr. Unscd. MTN | A1 | A3 |
| HypoVereins Finance N.V. Backed Sub. MTN | A2 | Baa1 |
| HypoVereinsbank Overseas Finance N.V. Backed Sr. Unscd. | A1 | A3 |
| HypoVereinsbank Overseas Finance N.V. Backed Sr. Unscd. MTN | A1 | A3 |
| HypoVereinsbank Overseas Finance N.V. Backed Sub. | A2 | Baa1 |
| HypoVereinsbank Overseas Finance N.V. Backed Sub. MTN | A2 | Baa1 |
| Nav Canada Sr. Unscd. | Aa2 | Aa3 |
| Nav Canada Sr. Unscd. MTN | Aa2 | Aa3 |
| Wessex Water Services Finance plc Backed Sr. Unscd. | A3 | Baa1 |
| Upgrades | . | . |
| Freeport-McMoRan Cooper & Gold Sr. Unscd. | B3 | B2 |
| Fitch Ratings | . | . |
| Downgrades | . | . |
| BRE Properties Sr. Unscd. | BBB+ | BBB |
| Georgia-Pacific Sr. Unscd. | BB+ | BBB |
Rating Game (January 22 -- January 29)