| Moody's Investors Service | ||
| Downgrades | From | To |
| FCE Bank plc Sr. Unscd. | A2 | A3 |
| FCE Bank plc Sr. Unscd. MTN | A2 | A3 |
| Ford Capital B.V. Backed Sr. Unscd. | A3 | Baa1 |
| Ford Credit Australia Ltd. Backed Sr. Unscd. | A2 | A3 |
| Ford Credit Australia Ltd. Backed Sr. Unscd. MTN | A2 | A3 |
| Ford Credit Canada Ltd. Backed Sr. Unscd. | A2 | A3 |
| Ford Credit Canada Ltd. Backed Sr. Unscd. MTN | A2 | A3 |
| Ford Holdings Inc. Backed Sr. Unscd. | A3 | Baa1 |
| Ford Motor Co. Sr. Unscd. | A3 | Baa1 |
| Ford Motor Credit Co. of New Zealand Ltd. Backed Sr. Unscd. MTN | A2 | A3 |
| Ford Motor Credit Co. Sr. Unscd. | A2 | A3 |
| Ford Motor Credit Co. Sr. Unscd. MTN | A2 | A3 |
| Ford Motor Credit Co. Backed Sr.Unscd. MTN | A2 | A3 |
| The Hertz Corp. Sr. Unscd. | Baa1 | Baa2 |
| The Hertz Corp. Sr. Unscd. MTN | Baa1 | Baa2 |
| The Hertz Corp. Jr. Sub. | Baa2 | Baa3 |
| PanAmSat Corp. Sr. Unscd. | Baa3 | Ba2 |
| Primus Financial Services Inc. Backed Sr. Unscd. | A2 | A3 |
| Primus Financial Services Inc. Backed Sr. Unscd. MTN | A2 | A3 |
| United States Leasing Corp. Sr. Unscd. MTN | A3 | Baa1 |
| Gap (Japan) K.K. Backed Sr. Unscd. | Baa2 | Baa3 |
| Gap International B.V. Backed Sr. Unscd. | Baa2 | Baa3 |
| Gap Inc. Sr. Unscd. | Baa2 | Baa3 |
| Huntsman Intl. Holdings Sr. Unscd. | B3 | Caa2 |
| Huntsman Intl Backed Sr. Sub. | B2 | Caa1 |
| MGM MIRAGE Sr. Sub. | Ba1 | Ba2 |
| MGM MIRAGE Backed Sr. Unscd. | Baa3 | Ba1 |
| Mirage Reserts Inc. Backed Sr Unscd. | Baa3 | Ba1 |
| Park Place Entertainment Corp. Sr. Unscd. | Baa3 | Ba1 |
| Park Place Entertainment Corp. Sr. Sub. | Ba1 | Ba2 |
| Covanta Energy Corp. Sub. | Ba2 | B1 |
| Ispat Europe Group S.A. Backed Sr. Scd. | B1 | B2 |
| Kmart Corp Sr. Unscd. | Ba2 | B2 |
| Kmart Corp Sr. Unscd. MTN | Ba2 | B2 |
| Kmart Corp Sub. | Ba3 | B3 |
| Foster Wheeler Sr. Unscd. | Ba3 | B1 |
| Foster Wheeler Jr. Sub. | B2 | B3 |
| Foster Wheeler Ltd. Backed Sub. | B2 | B3 |
| Railtrack PLC Sr. Unscd. | Baa1 | Ba1 |
| City Of Buenos Aires Sr. Unscd. | B2 | B3 |
| City Of Buenos Aires Sr. Unscd. MTN | B2 | B3 |
| Kmart Corp Sr. Unscd. | B2 | Caa1 |
| Kmart Corp Sr. Unscd. MTN | B2 | Caa1 |
| Kmart Corp Sub. | B3 | Caa2 |
| ASC East Inc. Backed Sr. Sub. | Caa3 | Ca |
| S x L Corp. Sr. Unscd. | Ba3 | B2 |
| Vail Resorts Inc. Sr. Sub. | Ba3 | B2 |
| Upgrades | ||
| BOK Financial Corp. Sr. Unscd. | Baa3 | Baa1 |
| Bank of Oklahoma Sub. | Baa3 | Baa1 |
| Golden West Financial Corp. Sr. Unscd. | A2 | A1 |
| Golden West Financial Corp. Sub. | A3 | A2 |
| Dao Heng Bank Ltd. Sr. Unscd. MTN | A3 | A2 |
| Dao Heng Bank Ltd. Sub. MTN | Baa1 | A3 |
| Dao Heng Bank Ltd. Jr. Sub. MTN | Baa1 | A3 |
| Dao Heng Capital (BVI) Ltd. Backed Sr. Unscd. MTN | A3 | A2 |
| Dao Heng Capital (BVI) Ltd. Backed Sub. MTN | Baa1 | A3 |
| Dao Heng Capital (BVI) Ltd. Backed Jr. Sub. MTN | Baa1 | A3 |
| ICICI Ltd. Sr. Unscd. | Ba2 | Ba1 |
| ICICI Ltd. Sr. Unscd. MTN | Ba2 | Ba1 |
| ICICI Ltd. Sub. | Ba2 | Ba1 |
| ICICI Ltd. Sub. MTN | Ba2 | Ba1 |
| HMV Media Group plc Sr. Sub. | Caa1 | B3 |
| NYK Intl. (Netherlands) BV Backed Sr. Unscd. MTN | Baa3 | Baa2 |
| NYK Intl plc Backed Sr. Unscd. MTN | Baa3 | Baa2 |
Rating Game (Jan. 11 -- Jan. 17)