| Moody's Investors Service | ||
| Downgrades | From | To |
| AES Drax Energy Ltd. Sr. Scd. | Ba2 | B1 |
| AES Drax Holdings Ltd. Sr. Scd. | Baa3 | Ba1 |
| Allegheny Ludlum Corp. Sr. Unscd. | A3 | Baa1 |
| Elektrim Finance B.V. Backed Sr. Unscd. | B3 | Caa1 |
| Minolta Co. Ltd. Sr. Unscd. | Ba2 | B1 |
| Asia Global Crossing Ltd. Sr. Unscd. | B2 | Caa1 |
| Frontier Corp. Sr. Unscd. | B2 | Caa1 |
| Frontier Corp. Sr. Unscd. MTN | B2 | Caa1 |
| Global Crossing Holdings Ltd. Sr. Unscd. | B2 | Ca |
| SCI Systems Inc. Backed Sub. | Ba1 | Ba2 |
| Formica Corp. Sr. Sub. | B3 | Ca |
| NOVA Chemicals Corp. Sr. Unscd. | Baa2 | Baa3 |
| NOVA Chemicals Corp. Sr. Unscd. MTN | Baa2 | Baa3 |
| NOVA Chemicals Corp. Jr. Sub. | Baa3 | Ba1 |
| Revlon Consumer Products Corp. Sr. Unscd. | Caa2 | Caa3 |
| Azurix Corp. Sr. Unscd. | B2 | Ca |
| Express Pipeline LP.Backed Sr. Scd. | A3 | Baa1 |
| Carter Holt Harvey Ltd. Sr. Unscd. | Baa2 | Baa3 |
| FMC Corp. Sr. Unscd. | Baa2 | Baa3 |
| FMC Corp. Sr. Unscd.MTN | Baa2 | Baa3 |
| FMC Corp. Sr. Sub. | Baa3 | Ba1 |
| MMI Companies Inc. Jr. Sub. | A2 | A3 |
| St Paul Companies (The) Sr. Unscd. | A1 | A2 |
| St Paul Companies (The) Sr. Unscd. MTN | A1 | A2 |
| USF&G Corp. Sr. Unscd. MTN | A1 | A2 |
| USF&G Corp. Backed Sr. Unscd. | A1 | A2 |
| USF&G Corp. Backed Sub. | A2 | A3 |
| USF&G Corp. Backed Jr. Sub. | A2 | A3 |
| eKabel Hessen GmbH Sr. Unscd. | B3 | Caa1 |
| Upgrades | ||
| Siberian Oil (A.O.) Backed Sr. Unscd. | B1 | Ba3 |
| CE Generation LLC. Sr. Scd. | B1 | Ba2 |
| Caithness Coso Funding Corp. Sr. Scd. | Caa2 | Ba3 |
| Edison Mission Energy Funding Corp. Backed Sr. Unscd. | Caa2 | Ba3 |
| FPL Energy Caithness Funding Corp. Backed Sr. Scd. | Caa2 | Ba3 |
| Jupiter Generation LLC Sr. Scd. | Caa2 | B1 |
| Salton Sea Funding Corp. Backed Sr. Scd. | Caa2 | Ba3 |
| General Semiconductor Inc. Sub. | B2 | Ba3 |
| Valero Energy Corp. Sr. Unscd. | Baa3 | Baa2 |
| Charles River Laboratories Inc. Sr. Sub. | B2 | Ba3 |
| Franchise Finance Corp. of America Sr. Unscd. | Aa1 | Aaa |
| Franchise Finance Corp. of America Sr. Unscd. MTN | Aa1 | Aaa |
| M.D.C. Holdings Inc. Sr. Unscd. | Ba2 | Ba1 |
| William Hill Finance plc Backed Sr. Sub. | B3 | B1 |
| FITCH | ||
| Downgrades | ||
| NiSource Finance Corp. Sr. Unscd | BBB+ | BBB |
| NiSource Inc. Sr. Unscd | BBB+ | BBB |
| Northern Indiana Public Service Unscd | A | A- |
| Columbia Energy Sr. Unscd | A- | BBB+ |
| Phelps Dodge Sr. Unscd | BBB | BBB- |
| Northwestern Corp. Sr. Sec. | A- | A+ |
| Avista Corp. Sr. Secd. | BBB- | BBB |
| Fiat SpA | BBB | A- |
Rating Game (December 7 -- December 13)