| Moody's Investors Service | ||
| Downgrades | From | To |
| BGF Industries Inc. Sr. Sub. | B2 | B3 |
| Toys 'R' US Inc. Sr. Unscd. | A3 | Baa2 |
| Nextel Intl. Inc. Sr. Unscd. | Caa1 | Ca |
| Packaged Ice Inc. Sr. Unscd. | B3 | Caa3 |
| Procter & Gamble Co. Sr. Unscd. | Aa2 | Aa3 |
| Tambrands Inc. Sr. Unscd. MTN | Aa2 | Aa3 |
| Fedders North America Inc. Sr. Sub. | B2 | Caa1 |
| Fedders North America Inc. Backed Sr. Sub. | B2 | Caa1 |
| R.A.B. Enterprises Inc. Sr. Unscd. | Caa1 | Caa2 |
| R.A.B. Holdings Inc. Sr. Unscd. | Caa3 | Ca |
| Southwestern Public Service Co. Sr. Unscd. | A1 | A3 |
| Ford Capital Backed Sr. Unscd. | A2 | A3 |
| Ford Motor Co. Sr. Unscd. | A2 | A3 |
| The Hertz Corp. Sr. Unscd. | A3 | Baa1 |
| The Hertz Corp. Sr. Unscd. MTN | A3 | Baa1 |
| The Hertz Corp. Jr. Sub. | Baa1 | Baa2 |
| Huntsman Corp. Sr. Sub. | Caa1 | Ca |
| Huntsman Polymers Corp. Sr. Unscd. | B3 | Ca |
| Kellstrom Industries Inc. Sub. | Ca | C |
| Philipp Brohters Chemicals Inc. Sr. Sub. | B3 | Ca |
| General Motors Corp. Sr. Unscd. | A2 | A3 |
| General Motors Corp. Sr. Unscd. MTN | A2 | A3 |
| General Motors Corp. Jr. Sub. | Baa1 | A3 |
| Upgrades | ||
| L-3 Communications Holdings Inc. Backed Sr. Sub. | B1 | Baa3 |
| Fox Family Worldwide Inc. Sr. Unscd. | B1 | Baa2 |
| FITCH | ||
| Downgrades | ||
| General Motors Corp Sr. Debt | A | A- |
| General Motors Acceptance Corp Sr. Debt. | A | A- |
| General Motors Acceptance Corp Of Canada Ltd. Sr. Debt | A | A- |
| GMAC Australia Sr. Debt | A | A- |
| GMAC UK Plc Sr Debt | A | A- |
| GMAC Intl. Finance B.V. Sr. Debt | A | A- |
| Opel Bank GmbH Sr. Debt | A | A- |
| Providian Financial Corp Sr. Debt | BBB | BB+ |
| Providian National Bank Sr. Debt | BBB | BB+ |
| Shopko Stores Inc. Sr Notes | BB- | B |
| Netia Holdings Sr Unscd. | B+ | B- |
| Upgrades | ||
| Caithness Coso Funding Corp Sr. Scd. | BB | BBB |
Rating Game (October 19 -- October 25)