| Moody's Investors Service | ||
| Downgrades | From | To |
| Adolph Coors Co. Sr. Unscd. | Baa1 | Baa2 |
| Advanced Glassfiber Yarns LLC Sr. Sub. | B2 | Caa3 |
| Ashikaga Bank Ltd. Sr. | Ba1 | Ba2 |
| Baroid Corp. Backed Sr. Unscd. | A3 | Baa2 |
| Covanta Energy Corp. Sr. Unscd. | Ba3 | B3 |
| Covanta Energy Corp. Sub. | B1 | Caa1 |
| Delco Remy Intl Inc. Backed Sr. Sub. | B2 | B3 |
| Delco Remy Intl Inc. Backed Sr. Unscd. | B1 | B2 |
| Dresser Industries Inc. Sr. Unscd. | A3 | Baa2 |
| FLAG Ltd. Sr. Unscd. | Ba3 | Caa3 |
| FLAG Telecom Holdings Ltd. Sr. Unscd. | B2 | Caa3 |
| Furukawa Co. Ltd. Sr. Unscd. | Baa3 | Ba3 |
| H.J. Heinz B.V. Backed Sr. Unscd. | A2 | A3 |
| H.J. Heinz Co. Backed Sr. Unscd. | A2 | A3 |
| H.J. Heinz Finance Co. Backed Sr. Unscd. | A2 | A3 |
| H.J. Heinz Finance UK PLC Backed Sr. Unscd. | A2 | A3 |
| Halliburton Co. Sr. Unscd. | A3 | Baa2 |
| Halliburton Co. Sr. Unscd. MTN | A2 | Baa2 |
| Hokuriku Intl. Cayman Ltd. Backed Jr. Sub. MTN | B1 | B3 |
| Hokuriku Intl. Cayman Ltd. Backed Sub. MTN | Ba2 | B1 |
| Hyatt Equities L.L.C. Sr. Unscd. | Baa1 | Baa3 |
| Kmart Corp. Sr. Unscd. | Caa1 | Caa3 |
| Kmart Corp. Sr. Unscd. | Caa3 | Ca |
| Kmart Corp. Sr. Unscd. MTN | Caa1 | Caa3 |
| Kmart Corp. Sr. Unscd. MTN | Caa3 | Ca |
| Kmart Corp. Sub. | Caa2 | C |
| Marconi Corp. plc Backed Sr. Unscd. | Ba3 | B2 |
| National Cooperative Services Corp. Backed Sr. Unscd. | A1 | A2 |
| National Rural Utilities Coop. Finance Corp. Sr. Scd. | Aa3 | A1 |
| National Rural Utilities Coop. Finance Corp. Sr. Unscd. | A1 | A2 |
| National Rural Utilities Coop. Finance Corp. Sr. Unscd. MTN | A1 | A2 |
| National Rural Utilities Coop. Finance Corp. Sub. | A2 | A3 |
| Saks Inc. Sr. Unscd. | Ba2 | B1 |
| Shoko Chukin Bank Sr. Unscd. | Aa3 | A1 |
| Shoko Chukin Bank Sr. Unscd. | Aa3 | A1 |
| Station Casinos Inc. Sr. Sub. | B1 | B2 |
| Station Casinos Inc. Sr. Unscd. | Ba3 | B1 |
| Upgrades | ||
| Affiliated Computer Services Inc. Sub. | Baa3 | Baa2 |
| Compass Bancshares Inc. Sub. | Baa1 | A3 |
| Compass Bank of Alabama Sub. | A3 | A2 |
| Eskom Sr. Unscd. | Baa1 | A3 |
| Tatneft Finance plc Backed Sr. Unscd. | Ca | B3 |
| FITCH | ||
| Downgrades | ||
| Kmart debentures | CCC | D |
| Mothercare plc Sr. Unscd. | BB | BB- |
| National Rural Utilities Cooperative Finance Corp. MTN | AA- | A |
| Upgrades | ||
| Central Hudson Gas and Electric Copr. Sr. Unscd. | A- | A |
Rating Game (January 18 -- January 24)