| Moody's Investors Service | ||
| Downgrades | From | To |
| Avaya Inc. Sr. Unscd. | Baa2 | Baa3 |
| Edison S.P.A Sr. Unscd. | A2 | Baa2 |
| Edison S.P.A Sr. Unscd. MTN | A2 | Baa2 |
| Edison Termoelttrica S.p.A Backed Sr. Unscd. | A2 | Baa2 |
| NEC Capital Backed Sr. Unscd.MTN | Baa1 | Baa2 |
| NEC Corp Sr. Unscd. | Baa1 | Baa2 |
| NEC Corp Sr. Unscd. MTN | Baa1 | Baa2 |
| NEC Industries (UK) plc Backed Sr. Unscd. | Baa1 | Baa2 |
| NEC Industries (UK) plc Backed Sr. Unscd. MTN | Baa1 | Baa2 |
| Nat Rail Corp Sr. Unscd. | Baa1 | Baa2 |
| Post Apartment Homes Sr. Unscd. | Baa1 | Baa2 |
| Selm Holding Intl. Backed Sr. Unscd. MTN | A2 | Baa2 |
| Solutia Europe S.A./N.V. Backed Sr. Unscd. | Baa3 | Ba1 |
| Solutia Inc. Sr. Unscd. | Baa3 | Ba1 |
| Toshiba America Capital Corp. Backed Sr. Unscd. | A3 | Baa1 |
| Toshiba America Capital Corp. Backed Sr. Unscd. MTN | A3 | Baa1 |
| Toshiba Capital (Asia) Ltd. Backed Sr. Unscd. | A3 | Baa1 |
| Toshiba Capital (Asia) Ltd. Backed Sr. Unscd. MTN | A3 | Baa1 |
| Toshiba Carrier Co. Ltd. Backed Sr. Unscd. | A3 | Baa1 |
| Toshiba Corp. Sr. Unscd. | A3 | Baa1 |
| Toshiba Corp. Sr. Unscd. MTN | A3 | Baa1 |
| Toshiba Intl Finance (Netherlands) B.V. Backed Sr. Unscd. | A3 | Baa1 |
| Toshiba Intl Finance (Netherlands) B.V. Backed Sr. Unscd. MTN | A3 | Baa1 |
| Asahi Mutual Life Insurance Co. Insurance Financial Strength | B2 | Caa1 |
| Diamond Cable Communications Ltd. Sr. Unscd. | Caa3 | Ca |
| Diamond Holdings Ltd.Backed Sr. Unscd. | Caa1 | Caa2 |
| Komatsu Finance Backed Sr. Unscd. | A3 | Baa1 |
| Komatsu Finance America Backed Sr. Unscd. MTN | A3 | Baa1 |
| Komatsu Ltd. Sr. Unsecd. | A3 | Baa1 |
| NTL (Triangle) Sr. Unscd. | Caa1 | Caa2 |
| NTL Communications Corp. Sr. Unscd. | Caa2 | Ca |
| NTL Communications Corp. Sub. | Caa2 | Ca |
| NTL Inc. Sub. | Caa3 | C |
| NiSource Capital Markets Backed Sr. Unscd. | Baa2 | Baa3 |
| Northern Indiana Public Service Co. Backed Sr. Unscd. | Aaa | Baa2 |
| Wolters Kluwer N.V. Sr. Unscd. | A2 | A3 |
| Wolters Kluwer N.V. J. Sub. | A3 | Baa1 |
| Upgrades | ||
| Alfa Laval Special Finance AB Backed Sr. Unscd. | B2 | B1 |