| Moody's Investors Service | ||
| Downgrades | From | To |
| Brown Shoe Co. Sr. Unscd. | Ba2 | Ba3 |
| Brown Shoe Co. Sr. Unscd. MTN | Ba2 | Ba3 |
| Coca-Cola Amatil (Aust) Pty Ltd. Backed Sr. Unscd. | A2 | A3 |
| Coca-Cola Amatil (Aust) Pty Ltd. Backed Sr. Unscd. MTN | A2 | A3 |
| Coca-Cola Amatil Ltd. Sr. Unscd. | A2 | A3 |
| Coca-Cola Amatil Ltd. Sr. Unscd. MTN | A2 | A3 |
| Pentacon Inc. Sr. Sub. | Caa1 | Ca |
| ASAT ( Finance) LLC Sr. Unscd. | Ba3 | B1 |
| Atlantic Telecom Sr. Unscd. | Caa3 | Ca |
| Avista Corp. Sr Scd. | Baa1 | Baa3 |
| Avista Corp. Sr Scd. MTN | Baa1 | Baa3 |
| Avista Corp. Sr Unscd. | Baa2 | Ba1 |
| Avista Corp. Sr Unscd. MTN | Baa2 | Ba1 |
| Bayer AG Sr. Unscd. MTN | Aa2 | A2 |
| Bayer Capital Corp. N.V. Backed Sr. Unscd. | Aa2 | A2 |
| Bayer Capital Corp. N.V. Backed Sr. Unscd. MTN | Aa2 | A2 |
| Bayer Corp. Backed Sr. Unscd. | Aa2 | A2 |
| Bayer Corp. Backed Sr. Unscd. MTN | Aa2 | A2 |
| Bayer Japan Ltd. Backed Sr. Unscd. | Aa2 | A2 |
| Bayer Japan Ltd. Backed Sr. Unscd. MTN | Aa2 | A2 |
| DTE Burns Harbor, LLC Sr. Scd. | Ba2 | Ba3 |
| AK Steel Corp. Sr. Scd. | Ba1 | Ba2 |
| AK Steel Corp. Backed Sr. Scd. | Ba2 | B1 |
| Armco Inc. Backed Sr. Unscd. | Ba2 | B1 |
| Corning Inc. Sr. Unscd. | A2 | A3 |
| Corning Inc. Sr. Unscd. MTN | A2 | A3 |
| Oak Industries Inc. Backed Sub. | A3 | Baa1 |
| Cyprus Amax Minerals Co. Sr. Unscd. | Baa2 | Baa3 |
| Kaiser Aluminium & Chemical Corp. Sr. Unscd. | B2 | B3 |
| Kaiser Aluminium & Chemical Corp. Backed Sr. Unscd. | B2 | B3 |
| Kaiser Aluminium & Chemical Corp. Backed Sr. Sub. | Caa1 | Caa2 |
| Phelps Dodge Corp. Sr. Unscd. | Baa2 | Baa3 |
| Bridgestone Corp. Sr. Unscd. | Baa1 | Baa2 |
| Bridgestone Finance Europe B.V. Backed Sr. Unscd. MTN | Baa1 | Baa2 |
| VersTel Telecom Intl. N.V. Sr. Unscd. | B3 | Ca |
| Budget Group Inc. Sr. Unscd. | Caa3 | Ca |
| Texaco Overseas Holdings Inc. Backed Sr. Unscd. | A1 | Aa3 |
| United States Steel Corp. Backed Sr. Unscd. | Ba2 | Ba3 |
| Upgrades | ||
| Texaco Capital Inc. Backed Sr. Unscd. | A1 | Aa3 |
| Texaco Capital Inc. Backed Sr. Unscd. MTN | A1 | Aa3 |
| Railtrack PLC Sr. Unscd. | A2 | Baa1 |
| Railtrack PLC Sr. Unscd. MTN | A2 | Baa1 |
| FITCH | ||
| Downgrades | ||
| Corning Inc. Sr. Unscd. | A- | BBB |
| Computer Sciences Corp. Sr. Unscd. | A+ | A |
| Portland General Electric Co. Sr. Scd. | AA- | A |
| Portland General Electric Co. Sr. Unscd. | A+ | A- |
| Repsol YPF Sr. Unscd. | A+ | A |
| Tenneco Automotive Inc. Sr. Scd. | BB- | B+ |
| Tenneco Automotive Inc. Sub. | B | B- |