| Downgrades | From | To |
| Cable & Wireless Intl Finance B.V. Backed Sr. Unscd. | Baa2 | Ba1 |
| Cable & Wireless plc Sr. Unscd. | Baa2 | Ba1 |
| Cogentrix Energy Sr. Unscd. | Ba1 | B1 |
| Cogentrix Energy Backed Sr. Unscd. | Ba1 | B1 |
| Navistar Financial Corp. Sub. | Ba2 | B2 |
| Navistar Financial Corp. Backed Sr. Unscd. MTN | Ba1 | Ba3 |
| Navistar Intl. Corp. Sr. Unscd. | Ba1 | Ba3 |
| Navistar Intl. Corp. Sr. Sub. | Ba2 | B2 |
| AEP Resources Backed Sr. Unscd. | Baa1 | Baa2 |
| American Electric Power Co. Sr. Unscd. | Baa1 | Baa2 |
| Banca Popolare di Lodi S.C. a.r.l. Sr. Unscd. | A3 | Baa1 |
| Banca Popolare di Lodi S.C. a.r.l. Sr. Unscd. MTN | A3 | Baa1 |
| Banca Popolare di Lodi S.C. a.r.l. Sub. | Baa1 | Baa2 |
| Banca Popolare di Lodi S.C. a.r.l. Sub. MTN | Baa1 | Baa2 |
| Efibanca S.p. A Backed Sr. Unscd. | A3 | Baa1 |
| Efibanca S.p. A Backed Sr. Unscd. MTN | A3 | Baa1 |
| Efibanca S.p. A Backed Sub. MTN | Baa1 | Baa2 |
| GUS PLC Sr. Unscd. | A3 | Baa1 |
| GUS PLC Sr. Unscd. MTN | A3 | Baa1 |
| Guess Inc. Sr. Sub. | B2 | B3 |
| Schlumberger Industries S.A. Backed Sr. Unscd. | Aa3 | A1 |
| Schlumberger plc Backed Sr. Unscd. | Aa3 | A1 |
| Schlumberger Technology Corp. Sr. Unscd. | A1 | A2 |
| NET Servicos de Communicacao S.A. Backed Sr. Unscd. | B3 | Ca |
| Northland Cable Television Backed Sr. Sub. | Caa1 | Caa3 |
| K&F Industries Sr. Sub. | B2 | B3 |
| Standard Motor Products Inc. Sub. | B1 | B2 |
| Provident Companies Inc. Backed Sr. Unscd. | Baa2 | Baa3 |
| Unum Corp. Backed Sr. Unscd. | Baa2 | Baa3 |
| Unum Corp. Backed Sr. Unscd. MTN | Baa2 | Baa3 |
| Unum Corp. Backed Jr. Sub. | Baa3 | Ba1 |
| Upgrades | From | To |
| American Axle & Manufacturing Inc. Sr. Sub. | Ba3 | Ba2 |
| FITCH | . | . |
| Downgrades | From | To |
| Atlas Air Inc. Scd Debt | B | CCC |
| Navistar Intl Corp. Sr. Unscd | BB+ | BB |
| Calpine Corp. Sr. Unscd. | BB+ | B+ |
Rating Game (December 6 - December 12)