| Moody's Investors Service | ||
| Downgrades | From | To |
| Hawk Corp. Sr. Unscd. | Ba3 | B2 |
| Nevada Power Co. Sr. Scd. | Baa3 | Ba2 |
| Nevada Power Co. Sr. Unscd. | Ba1 | Ba2 |
| Sierra Pacific Power Co. Sr. Scd. | Baa3 | Ba2 |
| Sierra Pacific Power Co. Sr. Scd. MTN | Baa3 | Ba2 |
| Sierra Pacific Resources Sr. Unscd. | Ba2 | B2 |
| Teleglobe Inc. Sr. Unscd. | B3 | C |
| Hudson Respiratory Care Sr. Sub. | B3 | Ca |
| ENEL Investment Holding B.V. Backed Sr. Unscd. | Aa3 | A1 |
| ENEL Investment Holding B.V. Backed Sr. Unscd. MTN | Aa3 | A1 |
| ENEL s.p.a Sr. Unscd. | Aa3 | A1 |
| ENEL s.p.a Sr. Unscd. MTN | Aa3 | A1 |
| Intermedia Communications Inc. Sr. Unscd. | Baa2 | Ba1 |
| Intermedia Communications Inc. Sub. | Baa3 | Ba2 |
| MCI Communications Corp. Sr. Unscd. | A3 | Baa2 |
| MCI Communications Corp. Sr. Unscd. MTN | A3 | Baa2 |
| MCI Communications Corp. Sub. MTN | Baa1 | Baa3 |
| WorldCom Inc. Sr. Unscd. | A3 | Baa2 |
| 7-Eleven Inc. Sr. Sub. | Baa3 | Ba1 |
| 7-Eleven Inc. Sub. | Baa3 | Ba1 |
| Bristol-Myers Squibb Co. Sr. Unscd. | Aaa | Aa2 |
| Hubbell Inc. Sr. Unscd. | A1 | A3 |
| Cummins Sr. Unscd. | Baa3 | Ba1 |
| Cummins Sr. Unscd. MTN | Baa3 | Ba1 |
| Key3Media Group Backed Sr. Sub. | B3 | Caa3 |
| Advanstar Communications Sr. Sub. | B3 | Caa1 |
| Excel Realty Trust Inc. Backed Sr. Unscd. | Baa1 | Baa2 |
| New Plan Excel Realty Trust Inc. Backed Sr. Unscd. | Baa1 | Baa2 |
| New Plan Excel Realty Trust Inc. Backed Sr. Unscd. MTN | Baa1 | Baa2 |
| New Plan Realty Trust Backed Sr. Unscd. | Baa1 | Baa2 |
| New Plan Realty Trust Backed Sr. Unscd. MTN | Baa1 | Baa2 |
| KPNQuest N.V. Sr. Unscd. | Caa3 | Ca |
| Semiconductor Components Industries LLC Backed Sr. Sub. | B3 | Caa1 |
| Telefonica de Argentina S.A. Sr. Unscd. | B2 | Caa1 |
| Telefonica de Argentina S.A. Sr. Unscd. MTN | B2 | Caa1 |
| Cooper Industries Finance B.V. Backed Sr. Unscd. | A2 | A3 |
| Cooper Industries Sr. Unscd. | A2 | A3 |
| Cooper Industries Sr. Unscd. MTN | A2 | A3 |
| Knowles Electronics Sr. Sub. | B3 | Caa2 |
| Pacific & Atlantic Holding Inc. Sr. Scd. | Caa2 | C |
| SEMCO Energy Sr. Unscd. | Baa2 | Baa3 |
| SEMCO Energy Sr. Unscd. MTN | Baa2 | Baa3 |
| SEMCO Energy Sub. | Baa3 | Ba1 |
| Upgrades | ||
| Overlease S.A. Backed Sr. Unscd. MTN | Baa2 | Baa1 |
| RCI Banque Sr. Unscd. | Baa2 | Baa1 |
| RCI Banque Sr. Unscd. MTN | Baa2 | Baa1 |
| Renault Autofin S.A. Backed Sr. Unscd. MTN | Baa2 | Baa1 |
| Chelenham & Gloucester plc Sr. Unscd. MTN | Aa1 | Aaa |
| Chelenham & Gloucester plc Sub. | Aa2 | Aa1 |
| Chelenham & Gloucester plc Sub. MTN | Aa2 | Aa1 |
| Chelenham & Gloucester plc Jr. Sub. | Aa2 | Aa1 |
| Remy Cointreau S.A. Sr. Scd. | Ba3 | Ba2 |
| FITCH | ||
| Downgrades | ||
| Western Resources Sr. Unscd. | BB | BB- |
| Qwest Communications Intl. Inc. Sr. Unscd. | BBB | BBB- |
| Qwest Capital Funding Inc. Sr. Unscd. | BBB | BBB- |
| LCI Intl. Sr. Unscd. | BBB | BBB- |
| Qwest Corp. Sr. Unscd. | BBB+ | BBB |
| Worldcom Inc. Sr. Unscd. | BBB+ | BBB- |
| Intermedia Communications Sr. Unscd. | BBB | BB+ |
| Upgrades | ||
| Conoco Canada Resources Ltd. Sr. Unscd. | BBB | BBB+ |
Rating Game (April 19-25)