| Moody's Investors Service | ||
| Downgrades | From | To |
| ABB Asea Brown Boveri Ltd. Sr. Unscd. | A2 | A3 |
| ABB Capital (USA) LLC Backed Sr. Unscd. | A2 | A3 |
| ABB Capital B.V. Backed Sr. Unscd. | A2 | A3 |
| ABB Capital B.V. Backed Sr. Unscd. MTN | A2 | A3 |
| ABB Finance Backed Sr. Unscd. | A2 | A3 |
| ABB Finance Backed Sr. Unscd. MTN | A2 | A3 |
| ABB Intl Finance Ltd. Backed Sr. Unscd. | A2 | A3 |
| ABB Intl Finance Ltd. Backed Sr. Unscd. MTN | A2 | A3 |
| GKN plc Sr. Unscd. | A3 | Baa1 |
| Noranda Inc. Sr. Unscd. | Baa2 | Baa3 |
| Penton Media Inc. Sr. Sub. | Caa1 | Caa2 |
| Rolls Royce Capital Backed Sr. Unscd. | A3 | Baa1 |
| Rolls-Royce plc Sr. Unscd. | A3 | Baa1 |
| Rolls-Royce plc Sr. Unscd. MTN | A3 | Baa1 |
| Telewest Communications plc Sr. Unscd. | B2 | Caa3 |
| Telewest Finance (Jersey) Ltd. Backed Sr. Unscd. | B2 | Caa3 |
| Western Wireless Corp. Sr. Sub. | B1 | B3 |
| Athena Neurosciences Finance Backed Sr. Unscd. | Baa3 | Ba2 |
| Doe Run Resources Corp (The) Backed Sr. Scd. | Caa2 | Ca |
| Doe Run Resources Corp (The) Backed Sr. Unscd. | Caa3 | C |
| Dura Pharmaceuticals Sub. | Ba2 | B1 |
| Eastman Kodak Co. Sr. Unscd. | A3 | Baa1 |
| Eastman Kodak Co. Sr. Unscd. MTN | A3 | Baa1 |
| Elan Finance Corp. Ltd. Backed Sub. | Ba1 | Ba3 |
| Elan Pharmaceuticals Investments II Ltd. Backed Sr. Unscd. | Ba1 | Ba3 |
| Elan Pharmeuceutical Investments III, Ttd. Backed Sr. Unscd. | Ba1 | Ba3 |
| Madison River Capital Backed Sr. Unscd. | Caa1 | Caa2 |
| Brightpoint Sub. | B2 | Ca |
| Doman Industries Ltd. Sr. Scd. | B3 | Caa2 |
| Doman Industries Ltd. Backed Sr. Unscd. | Caa1 | Ca |
| Sotheby's Holdings Ar. Unscd. | Ba2 | B2 |
| Metromedia Fiber Network Sr Unscd. | Caa3 | C |
| SWT Finance B.V. Backed Sr. Sub. | Caa3 | C |
| Shop at Home Sr. Scd. | B2 | B3 |
| Caraustar Industries Sr. Unscd. | Baa3 | Ba1 |
| Caraustar Industries Sr. Sub. | Ba1 | Ba2 |
| Upgrades | ||
| Price Communications Wireless Sr. Scd. | Ba2 | Baa2 |
| Price Communications Wireless Sr. Sub. | B2 | Baa3 |
| Central Hudson Gas & Electric Corp. Sr. Unscd. | A3 | A2 |
| Central Hudson Gas & Electric Corp. Sr. Unscd. MTN | A3 | A2 |
| Banco de Montevideo S.A. Sr. Unscd. | Ba1 | Baa3 |
| Banco de Montevideo S.A. Sr. Unscd. MTN | Ba1 | Baa3 |
| TeleCorp Wireless Sr. Sub. | B3 | Baa3 |
| Tritel PCS Sr. Sub. | B3 | Baa3 |
| FITCH | ||
| Downgrades | ||
| Consolidated Edison implied Sr. Unscd. | A | A- |
| Spains's Autopistas Concesionaria Espanola Sr. Unscd. | AA | AA- |
Rating Game (March 14--March 21)