The following list of changes represents rating changes from Sept. 11 to last Thursday night.
| Moody's Investors Service | ||
| Downgrades | From | To |
| Bay Networks Inc. Sub. | Baa2 | Baa3 |
| Hylsa S.A. de C.V. Sr. Unscd. | B3 | Caa3 |
| Nortel Networks Capital Corp. Backed Sr. Unscd. | Baa1 | Baa2 |
| Nortel Networks Corp. Backed Sr. Unscd. | Baa1 | Baa2 |
| Nortel Networks Ltd. Sr. Unscd. | Baa1 | Baa2 |
| @Entertainemnt Inc. Sr. Unscd. | Caa1 | Caa2 |
| Ackerley Group Inc. Sr. Sub. | B2 | B3 |
| Dollar General Corp. Sr. Unscd. | Baa2 | Ba1 |
| United Australia/Pacific, Inc. Sr. Unscd. | Caa2 | Ca |
| United Pan-Europe Communications N.V. Sr. Unscd. | Caa1 | Caa3 |
| UnitedGlobalCom Inc. Sr. Unscd. | Caa2 | Ca |
| Advanstar Communications Inc. Sr. Sub. | B2 | B3 |
| Amkor Technology Inc. Sr. Unscd. | Ba3 | B1 |
| Amkor Technology Inc. Sr. Sub. | B2 | B3 |
| Amkor Technology Inc. Sub. | B2 | B3 |
| Bethlehem Steel Corp. Sr. Unscd. | Caa1 | Caa3 |
| Penton Media Inc. Sr. Sub. | B2 | B3 |
| R.R. Donnelley & Sons Co. Sr. Unscd. | A1 | A2 |
| R.R. Donnelley & Sons Co. Sr. Unscd. MTN | A1 | A2 |
| Royal Caribbean Cruises Ltd. Sr. Unscd. | Baa3 | Ba2 |
| Dairy Mart Convenience Stores Inc. Sr. Sub. | Caa2 | Ca |
| Dairy Mart Convenience Stores Inc. Backed Sr. Sub. | Caa2 | Ca |
| Gaylord Container Corp. Sr. Unscd. | Caa1 | Caa2 |
| Gaylord Container Corp. Sr. Sub. | Caa3 | Ca |
| Phar-Mor Inc. Sr. Unscd. | Caa1 | Caa3 |
| Departement de l'Essonne Sr. Unscd. | Aa1 | Aaa |
| GiroCredit Bank AG Der Sparkassen Backed Sr. Unscd. MTN | A2 | A1 |
| GiroCredit Bank AG Der Sparkassen Backed Sub. | A3 | A2 |
| GiroCredit Bank AG Der Sparkassen Backed Sub. MTN | A3 | A2 |
| Alaska Air Group Inc. Sub. | Ba3 | B3 |
| America West Airlines Inc. Sr. Unscd. | B3 | Caa2 |
| Amtram Inc. Sr. Unscd. | B3 | Caa1 |
| Amtram Inc. Backed Sr. Unscd. | B3 | Caa1 |
| The Daiei Inc. Sr. Unscd. | B2 | Caa1 |
| Delta Air Lines Inc. Sr. Unscd. | Baa3 | Ba2 |
| Delta Air Lines Inc. Sr. Unscd. MTN | Baa3 | Ba2 |
| Exodus Communications Inc. Sr. Unscd. | Caa1 | Ca |
| Exodus Communications Inc. Sub. | Caa2 | C |
| Ferro Corp. Sr. Unscd. | Baa2 | Baa3 |
| FKI plc Backed Sr. Unscd. | A3 | Baa1 |
| Hyatt Equities L.L.C. Sr. Unscd. | A3 | Baa1 |
| Mpower Communications Inc. Backed Sr. Scd. | B3 | Caa3 |
| MYCAL Corp. Sr. Unscd. | B2 | Caa1 |
| Newcor Inc. Sr. Sub. | Caa1 | C |
| Northwest Airlines Inc. Backed Sr. Unscd. | Ba2 | Ba3 |
| PanCanadian Petroleum Ltd. Sr. Unscd. | A2 | A3 |
| Quezon Power Ltd. Co. (Phillippines) Sr. Scd. | Ba1 | Ba2 |
| SITEL Corp. Backed Sr. Sub. | B3 | Caa2 |
| United Air Lines Inc. Sr. Unscd. | Ba1 | B2 |
| United Air Lines Inc. Sr. Unscd. MTN | Ba1 | B2 |
| Anderson Exploration Ltd. Sr. Unscd. | Baa2 | Baa3 |
| Finlay Enterprises Inc. Sr. Unscd. | B2 | B3 |
| Finlay Fine Jewelry Corp. Sr. Unscd. | Baa3 | B1 |
| France Telecom Sr. Unscd. | A3 | Baa1 |
| France Telecom Sr. Unscd. MTN | A3 | Baa1 |
| Halifax plc Sr. Unscd. | Aa1 | Aa2 |
| Halifax plc Sr. Unscd. MTN | Aa1 | Aa2 |
| Halifax plc Sub. | Aa2 | Aa3 |
| Halifax plc Sub. MTN | Aa2 | Aa3 |
| Halifax plc Jr. Sub. | Aa2 | Aa3 |
| Kvaerner PLC Sr. Unscd. | B1 | B3 |
| Leeds Permanent Building Society Sr. Unscd. | Aa1 | Aa2 |
| Leeds Permanent Building Society Sr. Unscd. MTN | Aa1 | Aa2 |
| Leeds Permanent Building Society Backed Sub. | Aa2 | Aa3 |
| Leeds Permanent Building Society Backed Sub. MTN | Aa2 | Aa3 |
| Leeds Permanent Building Society Jr. Sub. | Aa2 | Aa3 |
| Lone Star Technologies Inc. Sr. Sub. | Ba3 | B2 |
| McDermott Inc. Sr. Unscd. | Ba3 | B2 |
| McDermott Inc. Sr. Unscd. MTN | Ba3 | B2 |
| Mitchell Energy & Development Corp. Sr. Unscd. | Baa2 | Baa3 |
| Orange plc Sr. Unscd. | A3 | Baa1 |
| PennzEnergy Company Backed Sr. Unscd. | Baa1 | Baa2 |
| Repsol Intl. Finance B.V. Backed Sr. Unscd. | A2 | A3 |
| SF Holdings Group Inc. Sr. Scd. | Caa2 | Caa3 |
| Santa Fe Snyder Corp. Sr. Unscd. | Baa2 | Baa3 |
| Snyder Oil Corp. Backed Sr. Sub. | Baa3 | Ba1 |
| United Dominion Realty Trust Inc. Sr. Unscd. | Baa2 | Baa3 |
| United Dominion Realty Trust Inc. Sr. Unscd. MTN | Baa2 | Baa3 |
| ABC Sr. Unsecd. | A1 | A2 |
| Chiba Bank Sub. MTN | Baa1 | Baa2 |
| Chiba Bank Jr. Sub. MTN | Baa1 | Baa2 |
| Chiba Capital Funding BACKED Sub. | Baa1 | Baa2 |
| Chiba Capital Funding BACKED Sub. MTN | Baa1 | Baa2 |
| Chiba Capital Funding BACKED Jr. Sub. MTN | Baa1 | Baa2 |
| Disney Enterprises Sr. Unscd. | A1 | A2 |
| Jackson Products Sr. Sub. | B3 | Caa3 |
| Walt Disney Co. Sr. Unscd. MTN | A2 | A3 |
| Upgrades | ||
| American Restaurant Group Holdings Inc. Sr. Unscd. | C | Ca |
| American Restaurant Group Inc. Sr. Scd. | B3 | B2 |
| Calpine Canada Energy Finance ULC Backed Sr. Unscd. | Ba1 | Baa3 |
| Tiverton Power Associates Lp. Backed Sr. Scd. | Ba1 | Baa3 |
| Erste Bank der oest. Sparkassen AG Sr. Unscd. | A2 | A1 |
| Erste Bank der oest. Sparkassen AG Sr. Unscd. MTN | A2 | A1 |
| Erste Bank der oest. Sparkassen AG Sub. | A3 | A2 |
| Erste Bank der oest. Sparkassen AG Sub. MTN | A3 | A2 |
| Barclays Bank PLC Sr. Unscd. | Aa2 | Aa1 |
| Barclays Bank PLC Sr. Unscd. MTN | Aa2 | Aa1 |
| Barclays Bank PLC Sub. | Aa3 | Aa2 |
| Barclays Bank PLC Sub. MTN | Aa3 | Aa2 |
| Barclays Bank PLC Jr. Sub. | Aa3 | Aa2 |
| Barclays North American Capital Backed Sub. | Aa3 | Aa2 |
| Barclays Overseas Capital Corp. B.V. Backed Sr. Unscd. MTN | Aa2 | Aa1 |
| Barclays Overseas Capital Corp. B.V. Backed Sub. MTN | Aa3 | Aa2 |
| Barclays Overseas Investment Co. B.V. Backed Sr. Unscd. | Aa3 | Aa2 |
| Barclays Overseas Investment Co. B.V. Backed Sr. Unscd. MTN | Aa2 | Aa1 |
| Barclays Overseas Investment Co. B.V. Backed Sub. | Aa3 | Aa2 |
| Barclays Overseas Investment Co. B.V. Backed Sub. MTN | Aa3 | Aa2 |
| Barclays Overseas Investment Co. B.V. Backed Jr. Sub. | Aa3 | Aa2 |
| Occidental Petroleum Corp. Sr. Unscd. | Baa3 | Baa2 |
| Occidental Petroleum Corp. Sr. Unscd. MTN | Baa3 | Baa2 |
| Occidental Petroleum Corp. Sub. | Ba1 | Baa3 |
| Occidental Petroleum Corp. Sub. MTN | Ba1 | Baa3 |
| Oxy USA Inc. Sr. Unscd. | Baa3 | Baa2 |
| NatWest Markets Australia Ltd. Backd Sr. Unscd. | Aa2 | Aa1 |
| National Westminster Bancorp Inc. Backed Sr. Unscd. | Aa3 | Aa2 |
| National Westminster Bank PLC Sr. Unscd. | Aa2 | Aa1 |
| National Westminster Bank PLC Sr. Unscd. MTN | Aa2 | Aa1 |
| National Westminster Bank PLC Sub. | Aa3 | Aa2 |
| National Westminster Bank PLC Sub. MTN | Aa3 | Aa2 |
| National Westminster Bank PLC Jr. Sub. MTN | Aa3 | Aa2 |
| Phillips Petroeum Co. Sr. Scd. | Baa1 | A2 |
| Phillips Petroeum Co. Sr. Unscd. | Baa2 | A3 |
| Phillips Petroeum Co. Sr. Unscd. MTN | Baa2 | A3 |
| RBSG Capital Corp. Backed Sub. | A1 | Aa3 |
| BOS Intl. (Australia) Ltd. Backed Sr. Unscd. | Aa3 | Aa2 |
| BOS Intl. (Australia) Ltd. Backed Sr. Unscd. MTN | Aa3 | Aa2 |
| Bank of Scotland Sr. Unscd. MTN | Aa3 | Aa2 |
| Bank of Scotland Sub. | A1 | Aa3 |
| Bank of Scotland Sub. MTN | A1 | Aa3 |
| Bank of Scotland Jr. Sub. | A1 | Aa3 |
| Bank of Scotland Jr. Sub. MTN | A1 | Aa3 |
| Bank of Scotland Treasury Services Plc Sr. Unscd. | Aa3 | Aa2 |
| Bank of Scotland Treasury Services Sr. Unscd. BACKED | Aa3 | Aa2 |
| Bank of Scotland Treasury Services Sr. Unscd. MTN BACKED | Aa3 | Aa2 |
| FITCH | ||
| Downgrades | ||
| France Telecom Sr. Unscd. | A- | BBB+ |
| Federal Mogul Corp. Sr. Unscd. | CCC | D |
| Upgrades | ||
| Juniper Generation LLC Sr. Scd. | CC | BB |