| Moody's Investors Service | ||
| Downgrades | From | To |
| Dow Capital B.V. Backed Sr. Unscd. | A1 | A3 |
| Dow Capital B.V. Backed Sr. Unscd. MTN | A1 | A3 |
| Dow Chemical Co. Sr. Scd. | A1 | A3 |
| Dow Chemical Co. Sr. Unscd. | A1 | A3 |
| Dow Chemical Co. Sr. Unscd. MTN | A1 | A3 |
| Mattress Discounters Corp. Sr. Unscd. | Caa3 | Ca |
| Northern Border Partners L.P. Backed Sr. Unscd. | Baa1 | Baa2 |
| Union Carbide Chemicals & Plastics Co. Inc. Backed Sr. Unscd. | A2 | Baa2 |
| Union Carbide Corp. Sr. Unscd. | A2 | Baa2 |
| Union Carbide Corp. Sr. Unscd. MTN | A2 | Baa2 |
| Swift Energy Co. Sr. Sub. | B2 | B3 |
| Champion Enterprises Sr. Unscd. | B2 | B3 |
| My Shopping Corp. Sr. Sub. | A3 | Baa2 |
| My Shopping Corp. Sub. | Ba1 | Ba3 |
| Ryerson Tull Sr. Unscd. | Ba3 | B1 |
| Shopping Center Funding Corp. Sub. | Ba1 | B2 |
| Unifi Sr. Unscd. | Ba2 | B1 |
| Gen Tek Inc. Sr. Sub. | Caa3 | Ca |
| Nortel Networks Corp. Backed Sr. Unscd. | Baa3 | Ba3 |
| Nortel Networks Ltd. Sr. Unscd. | Baa3 | Ba3 |
| Allegiance Telecom Sr. Unscd. | B3 | Caa2 |
| Dollar General Corp. Sr. Unscd. | Ba1 | Ba2 |
| Upgrades | ||
| Venantius AB Sr. Unscd. | Aa1 | Aaa |
| Venantius AB Sr. Unscd. MTN | Aa1 | Aaa |
| Cho Hung Bank Sr. Unscd. MTN | Ba1 | Baa2 |
| Cho Hung Bank Sub. | Ba2 | Baa3 |
| Commercial Bank of Korea Sr. Unscd. MTN | Ba1 | Baa2 |
| Commercial Bank of Korea Sub. MTN | Ba2 | Baa3 |
| Daedong Banks Backed Sub. | Baa3 | Baa1 |
| Dongnam Bank Backed Sub. | Baa3 | Baa1 |
| H&CB Backed Sr. Unscd. MTN | Baa2 | A3 |
| H&CB Backed Sub. MTN | Baa3 | Baa1 |
| Hanil Bank Sr. Unscd. MTN | ABa1 | Baa2 |
| Hanil Bank Sub. MTN | Ba2 | Baa3 |
| Hanil Bank Backed Sr. Unscd. | Ba1 | Baa2 |
| Hanvit Bank Sr. Unscd. MTN | Ba1 | Baa2 |
| Hanvit Bank Sub. | Ba2 | Baa3 |
| Kookmin Bank Sr. Unscd. | Baa2 | A3 |
| Kookmin Bank Sr. Unscd. MTN | Baa2 | A3 |
| Kookmin Bank Sub. | Baa3 | Baa1 |
| Kookmin Bank Sub. MTN | Baa3 | Baa1 |
| Korea Exchange Bank Sr. Unscd. | Ba1 | Baa2 |
| Korea Exchange Bank Sr. Unscd. MTN | Ba1 | Baa2 |
| Korea Exchange Bank Sub. | Ba2 | Baa3 |
| Korea Exchange Bank Sub. MTN | Ba2 | Baa3 |
| Korea Long Term Credit Bank Sr. Unscd. MTN | Baa2 | A3 |
| Korea Long Term Credit Bank Sub. MTN | Baa3 | Baa1 |
| Korea Long Term Credit Bank Backed Sr. Unscd. | Baa2 | A3 |
| Caremark Rx Inc. Sr. Unscd. | Ba3 | Ba2 |
| Home Interiors & Gifts Inc. Sr. Sub. | Ca | Caa2 |
| FITCH | ||
| Downgrades | ||
| PolyOne Corp. Sr. Unscd. | BBB | BBB- |
| Potomac Electric Power Co. Sr. Unscd. | A | A- |
| Flag Teelcom Holdings Ltd. Sr. Unscd. | B+ | D |
| BCE Teleglobe Sr. Unscd. | B+ | CCC- |
| Allmerica Global Funding LLC Global Debt | AA | AA- |