| Moody's Investors Service | ||
| Downgrades | From | To |
| Southwestern Energy Co. Sr. Unscd. | Baa3 | Ba2 |
| Southwestern Energy Co. Sr. Unscd. MTN | Baa3 | Ba2 |
| Fuji Bank Backed Jr. Sub. | Baa1 | Baa2 |
| Jason Inc. Sr. Sub. | B3 | Caa1 |
| Houghton Mifflin Co. Backed Sr. Unscd. | Baa3 | Ba1 |
| Seagram Co. Ltd. Sr. Unscd. | Baa3 | Ba1 |
| Vivendi Universal S.A. Sr. Unscd. | Baa3 | Ba1 |
| Vivendi Universal S.A. Sr. Unscd. MTN | Baa3 | Ba1 |
| Venture Holdings Co. Sr. Unscd. | B2 | Caa1 |
| Venture Holdings Co. Backed Sr. Unscd. | B2 | Caa1 |
| Building One Services Corp. Backed Sr. Sub. | B3 | Caa2 |
| Mitsui Sumitomo Insurance Co. Sr. Unscd. | Aa2 | Aa3 |
| Carlton Communications plc. Sr. Unscd. | Baa2 | Baa3 |
| Carlton Communications plc. Sub. | Baa3 | Ba1 |
| Dynergy Holdings Inc. Sr. Unscd. | Baa3 | Ba1 |
| Dynergy Holdings Inc. Jr. Sub. | Ba1 | Ba2 |
| Encompass Services Corp. Sr. Sub. | B3 | Caa2 |
| Fertinitro Finance Inc. Backed Sr. Scd. | Baa3 | Ba3 |
| Illinois Power Co. Sr. Unscd. MTN | Baa3 | Ba1 |
| Illinova Corp. Sr. Unscd. | Ba1 | Ba2 |
| Illinova Corp. Sr. Unscd. MTN | Ba1 | Ba2 |
| Viasystems Inc. Sr. Sub. | Caa3 | Ca |
| Petroleum Geo-Services ASA Sr. Unscd. | Baa3 | Ba1 |
| Petroleum Geo-Services ASA Jr. Sub. | Ba1 | Ba2 |
| Maxim Crane Works Backed Sr. Unscd. | Caa1 | C |
| Village Roadshow Ltd. Sub. | Ba1 | Ba3 |
| Alcatel Sr. Unscd. | Baa2 | Ba1 |
| Alcatel Sr. Unscd. MTN | Baa2 | Ba1 |
| Alcatel N.V. Sr. Unscd. MTN | Baa2 | Ba1 |
| Upgrades | ||
| Scientific Games Corp. Sr. Sub. | B3 | B2 |
| City of Stockholm Sr. Unscd. | Aa2 | Aa1 |
| City of Stockholm Sr. Unscd. MTN | Aa2 | Aa1 |
| Cellco Finance N.V. Backed Sr. Unscd. | Caa1 | B2 |
| Cellco Finance N.V. Backed Sr. Sub. | Caa2 | B3 |
| Enterprise Oil Finance B.V. Backed Sr. Unscd. MTN | Baa1 | Aa1 |
| Enterprise Oil plc. Sr. Unscd. | Baa1 | Aa1 |
| FITCH | ||
| Downgrades | ||
| Allegiance Telecom Sr. Notes | B | CCC |
| Anadarko Petroleum Corp. Sr. Unscd. | A- | BBB+ |
| Telkomunikacja Polska S.A. Sr. Unscd. | BBB- | BB- |
| Qwest Comm. Intl. Sr. Unscd. | BBB- | B |
| Qwest Capital Funding Sr. Unscd. | BBB- | B |
| LCI Intl. Sr. Unscd. | BBB- | B |
| Qwest Corp. Sr. Unscd. | BBB | B |
| Upgrades | ||
| CIT Group Inc. Sr. Debt | BBB | A |