| Moody's Investors Service | ||
| Downgrades | From | To |
| Argus Ventures Ltd. Sr. Scd. | Aa2 | A1 |
| Capstone Investments Ltd. Sr. Scd. | Aa2 | A1 |
| Espial Ventures Ltd.Sr. Scd. | Aa2 | A1 |
| Fiat Finance & Trade Ltd. Backed Sr. Unscd. | Baa2 | Baa3 |
| Fiat Finance & Trade Ltd. Backed Sr. Unscd. MTN | Baa2 | Baa3 |
| Fiat Finance Canada Backed Sr. Unscd. | Baa2 | Baa3 |
| Fiat Finance Canada Backed Sr. Unscd. MTN | Baa2 | Baa3 |
| Fiat Finance Luxembourg S.A. Backed Sr. Unscd. | Baa2 | Baa3 |
| Fiat Finance North America Backed Sr. Unscd. | Baa2 | Baa3 |
| Fiat Finance North America Backed Sr. Unscd. MTN | Baa2 | Baa3 |
| Intermedia Communications Sr. Unscd. | B2 | Ca |
| Intermedia Communications Sub. | Caa1 | C |
| Kemper Corp. Sr. Unscd. | A1 | A3 |
| Kemper Corp. Sr. Unscd. MTN | A1 | A3 |
| MCI Communications Corp. Sr. Unscd. | B1 | Ca |
| MCI Communications Corp. Sr. Unscd. MTN | B1 | Ca |
| MCI Communications Sub. MTN | B3 | C |
| Vista Invts Ltd. Sr. Scd. | Aa2 | A1 |
| WorldCom Sr. Unscd. | B1 | Ca |
| Zurich Bank Backed Sr. Unscd. MTN | Aa3 | A2 |
| Zurich Bank Backed Sub. MTN | A1 | A3 |
| Zurich Finance (Bermuda) Ltd. Backed Sr. Unscd. MTN | Aa3 | A2 |
| Zurich Finance (Bermuda) Ltd. Backed Sub. MTN | A1 | A3 |
| Zurcih Finance (Luxembourg) S.A. Backed Sr. Unscd. MTN | Aa3 | A2 |
| Zurich Finance (Luxembourg) S.A. Backed Sub. MTN | A1 | A3 |
| Zurich Finance (USA) Backed Sr. Unscd. | Aa3 | A2 |
| Zurich Finance (USA) Backed Sr. Unscd. MTN | Aa3 | A2 |
| Zurich Finance (USA) Backed Sub. MTN | A1 | A3 |
| Zurich Holding Co. Of America Backed Jr. Sub. | A1 | A3 |
| Zurich Insurance (Jersey) Ltd. Backed Sub. | A1 | A3 |
| Zurich Insurance Co. Sr. Unscd. MTN | Aa3 | A2 |
| Zurich Intl. (Bermuda) Ltd. Backed Sr. Unscd. | Aa3 | A2 |
| Motorola Credit Corp. Backed Sr. Unscd. | A3 | Baa2 |
| Motorola Inc. Sr. Unscd. | A3 | Baa2 |
| Motorola Inc. Sub. | Baa1 | Baa3 |
| Motorola Inc. Jr. Sub. | Baa1 | Baa3 |
| France Telecom Sr. Unscd. | Baa1 | Baa3 |
| France Telecom Sr. Unscd. MTN | Baa1 | Baa3 |
| Orange plc Sr. Unscd. | Baa1 | Baa3 |
| Partner Communications Co. Ltd. Sr. Sub. | B3 | B2 |
| Energy Corp. of America Sr. Sub. | Caa1 | Caa3 |
| Tri-Union Development Corp. Backed Sr. Scd. | B3 | Caa2 |
| Contour Energy Co. Backed Sr. Scd. | Caa1 | Caa2 |
| AES Corp Sr. Unscd. | Ba1 | Ba3 |
| AES Corp Sr. Sub. | Ba2 | B2 |
| AES Corp. Jr. Sub. | Ba2 | B2 |
| La Petite Academy Backed Sr. Unscd. | Caa3 | Ca |
| . | ||
| Upgrades | ||
| Alfa Laval Special Finance AB Backed Sr. Unscd. | B1 | Ba2 |
| . | ||
| FITCH | ||
| Downgrades | ||
| Goodrich Corp. Sr. Unscd. | A- | BBB+ |
| WorldCom Inc. Sr. Unscd. | BB | B |
| Solutia Inc. Sr. Unscd. | BB- | B- |
| Midlands Electricity plc Sr. Unscd. | A- | BBB- |
| Avon Energy Partners Holdings Sr. Unscd. | A- | BBB- |
| AES Corp. Sr. Unscd. | BB | BB- |
| Indianapolis Power & Light Co. Sr. Unscd. | BBB- | BB+ |
| IPALCO Enterprises Sr. Unscd. | BBB- | BB+ |