| Moody's Investors Service | ||
| Downgrades | From | To |
| ADT Operations Inc. Backed Sr. Sub. | Baa1 | Baa2 |
| ADT Operations Inc. Backed Sub. | Baa1 | Baa2 |
| Mallinckrodt Inc. Sr. Unscd. | Baa2 | Baa3 |
| Raychem Corp. Sr. Unscd. | Baa2 | Baa3 |
| Tyco Intl. (US) Inc. Sr. Unscd. | A3 | Baa1 |
| Tyco Intl Group S.A. Sr. Unscd. | Baa1 | Baa2 |
| Tyco Intl Group S.A. Backed Sr. Unscd. | Baa1 | Baa2 |
| Tyco Intl Group S.A. Backed Sr. Unscd. MTN | Baa1 | Baa2 |
| Murphy Oil Corp. Sr. Unscd. | A3 | Baa1 |
| Deutsche Hypothekenbank Ffm-Hamburg AG Sub. MTN | A1 | A2 |
| Deutsche Hypothekenbank Ffm-Hamburg AG Jr. Sub. MTN | A1 | A2 |
| Eurohypo AG Sr. Scd. MTN | Aaa | Aa1 |
| Eurohypo AG Sr. Unscd. | Aa3 | A1 |
| Eurohypo AG Sr. Unscd. MTN | Aa3 | A1 |
| Eurohypo AG Sub. MTN | A1 | A2 |
| Steelcase Inc. Sr. Unscd. | Baa1 | Baa3 |
| Remington Products Co. Sr. Sub. | B3 | Caa2 |
| Remington Products Co. Backed Sr. Sub. | B3 | Caa2 |
| Seehafen Rostock Umschlagsgesellschaft Sr. Unscd. | B1 | B3 |
| Tricom S.A. Backed Sr. Unscd. | B1 | B3 |
| Borden Chemicals Sr. Unscd. | Ba3 | B1 |
| Xerox Capital (Europe) PLC Backed Sr. Unscd. | Ba1 | B1 |
| Xerox Capital (Europe) PLC Backed Sr. Unscd. MTN | Ba1 | B1 |
| Xerox Corp. Sr. Unscd. | Ba1 | B1 |
| Xerox Corp. Sr. Unscd. MTN | Ba1 | B1 |
| Xerox Corp. Sub. | Ba2 | B3 |
| Xerox Credit Corp. Sr. Unscd. | Ba1 | B1 |
| Xerox Credit Corp. Sr. Unscd. MTN | Ba1 | B1 |
| Xerox Credit Corp. Backed Sr. Unscd. | Ba1 | B1 |
| Xerox Credit Corp. Backed Sr. Unscd. MTN | Ba1 | B1 |
| Xerox Overseas Holdings Ltd. Backed Sr. Unscd. MTN | Ba1 | B1 |
| Dillard's Inc. Sr. Unscd. | Ba1 | Ba3 |
| Dillard's Inc. Sub. | Ba2 | B2 |
| Mercantile Stores Co. Inc. Sr. Unscd. | Ba1 | Ba3 |
| NATG Holdings LLC Backed Sr. Sub. | Caa2 | Caa2 |
| Sovereign Specialty Chemicals Inc. Sr. Sub. | B3 | Caa1 |
| Upgrades | ||
| AFC Enterprises Sr. Sub. | B2 | Baa3 |
| FITCH | ||
| Downgrades | ||
| AAR Corp. Unscd. | BBB | BB+ |
| Tyco Intl Ltd. Sr. Unscd. | A- | BBB |
| Tyco Intl Group S.A. Unscd. | A- | BBB |
| General Mils Inc. Sr. Unscd. | A- | BBB+ |
| Dynergy Holdings Inc. Sr. Unscd. | BBB+ | BBB |
| Dynergy Inc. Sr. Unscd. | BBB | BBB- |
| MONY Group Inc. Sr. Unscd. | A- | BBB+ |
Rating Game (April 27 - May 2)