| RATING GAME (August 23-29) | ||
| Moody's Investors Service | ||
| Downgrades | From | To |
| DPL Inc. Sr. Unscd. | Baa1 | Baa2 |
| Focal Communications Corp. Sr. Unscd. | Caa3 | Ca |
| Fairpoint Communications Sr. Sub. | B3 | Caa1 |
| Grupo Iusacell Celular S.A. de C.V. Sr. Unscd. | Ba2 | B3 |
| Empresas ICA Sociedad Controladora SA de CV Sub. | Caa2 | Ca |
| Lone Star Industries Backed Sr. Unscd. | Baa2 | Baa3 |
| Tesco Plc Sr. Unscd. | Aa3 | A1 |
| Tesco Plc Sr. Unscd. MTN | Aa3 | A1 |
| ONEOK Sr. Unscd. | A2 | Baa1 |
| Upgrades | ||
| El Habal Funding Trust Backed Sr. Scd. | Baa3 | Baa2 |
| Fideicomiso Petacaldo Backed Sr. Scd. | Baa3 | Baa2 |
| Fideicomiso Petacalco-Topolobampo Backed Sr. Unscd. | Baa3 | Baa2 |
| Monterrey Power S.A. de C.V. Backed Sr. Scd. | Baa3 | Baa2 |
| Proyectos de Energia S.A. de C.V. Backed Sr. Scd. | Baa3 | Baa2 |
| Anteon Intl Corp. Sr. Sub. | B3 | B2 |
| Equitable Life Finance Backed Jr. Sub. | Caa3 | Caa2 |
| Euramax Intl. Backed Sr. Sub. | B3 | B2 |
| FITCH | ||
| Downgrades | ||
| Walt Disney Co. Sr. Unscd. | A- | BBB+ |
| The Interpublic Group of Companies Sr. Unscd. | BBB+ | BBB- |
| Upgrades | ||
| AES Drax Energy Sr. Notes | C | CCC |
| OTC KazTransOil Sr. Unscd. | BB- | BB |
Rating Game (August 23 - 29)