| Moody's Investors Service | From | To |
| Downgrades | ||
| Atlantic Telecom Sr. Unscd. | Caa1 | Caa3 |
| Levi Strauss & Co. Sr. Unscd. | Ba3 | B2 |
| Weirton Steel Corporation Sr. Unscd. | Caa1 | Caa3 |
| GZ-Bank Ireland plc Backed Sr. Unscd. | A2 | A3 |
| Aladdin Gaming Holdings, LLC Backed Sr. Unscd. | Caa3 | Ca |
| Kingfisher plc Sr. Unscd. | A2 | Baa1 |
| NationsRent Sr. Sub. | Caa3 | C |
| Eastman Chemical Company Sr. Unsecd. | Baa1 | Baa2 |
| CellStar Corporation Sub. | B2 | Ca |
| Moody's Investors Service (cont'd) | From | To |
| Koninklijke KPN N.V. Sub. | Baa3 | Ba1 |
| Koninklijke KPN N.V. Sr. Unsecd. | Baa2 | Baa3 |
| FITCH | ||
| Downgrades | ||
| Colonial Realty Sr. Unsecd. | BBB | BBB- |
| Corning Sr. Unsecd. | A | A- |
| Upgrades | ||
| Intermedia Communications Sr. Unsecd. | B+ | BBB+ |
Rating Game (Aug. 31 - Sep. 6)