| Moody's Investors Service | ||
| Downgrades | From | To |
| Metris Companies Inc. Sr. Unscd. | Ba3 | B1 |
| Advanced Glassfiber Yarns LLC Sr. Sub. | Caa3 | C |
| Safeway plc. Sr. Unscd. | A3 | Baa1 |
| Safeway plc. Sr. Unscd. MTN | A3 | Baa1 |
| Bell Canada Sr. Unscd. | A2 | A3 |
| Bell Canada Sr. Unscd. MTN | A2 | A3 |
| Bell Canada Sub. | A3 | Baa1 |
| SOI Funding Corp. Backed Sr. Scd. | Ba2 | B2 |
| Solutia Europe S.A./N.V. Backed Sr. Unscd. | Ba3 | B3 |
| Solutia Inc. Sr. Unscd. | Ba3 | B3 |
| Enterprise Inns plc Sr. Scd. | Baa2 | Baa3 |
| Ohio Nat Financial Services Sr. Unscd. | A3 | Baa1 |
| Presidential Life Corp. Sr. Unscd. | Baa3 | Ba1 |
| Presidential Financial Group (Australia) Pty Ltd. Backed Sr. Unscd. | A1 | A2 |
| Reinsurance Group of Americas Sr. Unscd. | A3 | Baa1 |
| Upgrades | ||
| Pactiv Corp. Sr. Unscd. | Baa3 | Baa2 |
| Caixa Capital Backed Sub. MTN | A1 | Aa3 |
| Caixa Finance Backed Sr. Unscd. | Aa3 | Aa2 |
| Caixa Finance Backed Sr. Unscd. MTN | Aa3 | Aa2 |
| Rogers Wireless Inc. Sr. Scd. | Baa3 | Ba3 |
| Rogers Wireless Inc. Sr. Sub. | Ba1 | B2 |
| Firstar Bank Milwaukee N.A. Sr. Unscd. | Aa3 | Aa2 |
| Firstar Bank N.A. Sub. | A1 | Aa3 |
| Mercantile Bancorporation Inc. Backed Sr. Unscd. | A1 | Aa3 |
| Mercantile Bancorporation Inc. Backed Sub. | A2 | A1 |
| Mercantile Bank Nat. Assoc. Sub. | A1 | Aa3 |
| Star Banc Corp. Backed Sr. Unscd. | A1 | Aa3 |
| Trans Financial Backed Sub. | A2 | A1 |
| U.S. Bancorp Sr. Unscd. | A1 | Aa3 |
| U.S. Bancorp Sr. Unscd. MTN | A1 | Aa3 |
| U.S. Bancorp Sub. | A2 | A1 |
| U.S. Bancorp Sub. MTN | A2 | A1 |
| U.S. Bancorp Backed Sub. | A2 | A1 |
| U.S. Bank N.A. Sr. Unscd. | Aa3 | Aa2 |
| U.S. Bank N.A. Sub. | A1 | Aa3 |
| U.S. Bank Nat Assoc. ND Sr. Unscd. | Aa3 | Aa2 |
| Per-Se Technologies Sr. Unscd. | Caa1 | B3 |
| Ontario Hydro Sr. Unscd. | Aa3 | Aa2 |
| Ontario Hydro Backed Sr. Unscd. | Aa3 | Aa2 |
| Province of Ontario Sr. Unscd. | Aa3 | Aa2 |
| Province of Ontario Sr. Unscd. MTN | Aa3 | Aa2 |
| FITCH | ||
| Downgrades | ||
| GE Global Insurance Holding Corp. Sr. Debt | AA | A+ |
| Otter Tail Corp. Sr. Unscd. | AA- | A+ |
| CMS Energy Sr. Unscd. | BB+ | BB- |
| Consumers Energy Co. Sr. Unscd. | BBB | BB+ |
| CMS Panhandle Eastern Pipe Line Co. Sr. Unscd. | BBB | BB+ |
| WorldCom Inc. Sr. Unscd. | CC | C |
| Intermedia Communications Sr. Unscd. | CC | C |
| Upgrades | ||
| SNP Petrom S.A. Sr. Unscd. | B | B+ |
Rating Game (JULY 12 -- JULY 18)