| Moody's Investors Service | ||
| Downgrades | From | To |
| Formica Corp. Sr. Sub. | Ca | C |
| American Commercial Lines LLC Backed Sr. Unscd. | B3 | Ca |
| Bank Austria AG Sr. Unscd. MTN | Aa2 | Aa3 |
| Bank Austria AG Sub. MTN | Aa3 | A1 |
| Creditanstalt AG Sr. Unscd. MTN | Aa2 | Aa3 |
| Creditanstalt AG Sub. MTN | Aa3 | A1 |
| American Life Holding Co. Sr. Sub. | B3 | Caa1 |
| Avaya Inc. Sr. Unscd. | Baa1 | Baa2 |
| CCP Insurance Inc. Backed Sr. Unscd. | B1 | B2 |
| Conseco Finance Corp. Sr. Unscd. | B1 | B2 |
| Conseco Finance Corp. Sr. Unscd. MTN | B1 | B2 |
| Conseco Finance Corp. Sr. Sub. | B3 | Caa1 |
| Conseco Inc. Sr. Unscd. | B2 | B1 |
| Conseco Inc. Sr. Unscd. MTN | B1 | B2 |
| Conseco Inc. Sub. MTN. | B3 | Caa1 |
| Pinnacle Holdings Inc. Sr. Unscd. | Caa1 | Ca |
| SpectraSite Holdings Inc. Sr. Unscd. | B3 | Caa3 |
| Fujian Intl Trust & Invt Corp Sr. Unscd. | Caa3 | C |
| Elgar Holdings Inc. Backed Sr. Unscd. | B2 | Caa3 |
| United Australia/Pacific Inc. Sr. Unscd. | Ca | C |
| UnitedGlobalCom Inc. Sr. Scd. | Caa3 | Ca |
| Clubhaus plc Sr. Unscd. | Caa2 | Caa3 |
| Scandinavian Airlines Systems Sr. Unscd. | A3 | Baa3 |
| Scandinavian Airlines Systems Sr. Unscd. MTN | A3 | Baa3 |
| Scandinavian Airlines Systems Sub. | Baa1 | Ba1 |
| Upgrades | ||
| Express Scripts Inc. Sr. Unscd. | Ba2 | Ba1 |
| FITCH | ||
| Downgrades | ||
| Interpublic Group of Companies Sr. Unscd. | A- | BBB+ |
| Solutia Inc. Sr. Unscd. | BBB | BBB- |
| TECO Energy Inc. Sr. Unscd. | A | A- |
| TECO Energy Inc. MTN | A | A- |
| Tampa Electric Co. Sr. Unscd. | AA- | A+ |
| Kmart Corp. Notes | BB+ | B+ |
| Hammerson plc Sr. Unscd. | A | A- |
| Hilton Hotel Corp. Sr. Unscd. Notes | BBB- | BB+ |
Rating Game (January 4 -- January 10)