| Moody's Investors Service | From | To |
| Downgrades | ||
| American Tissue Inc. Sr. Scd. | B3 | Caa1 |
| GKN plc Sr. Unscd. | A2 | A3 |
| Petro Stopping Centers Holdings L.P. Backed Sr. Unscd. | Caa1 | Caa3 |
| Petro Stopping CentersL.P. Backed Sr. Unscd. | B3 | Caa1 |
| Campbell Soup Co Sr. Unscd. | A2 | A3 |
| Campbell Soup Co Sr. Unscd. MTN | A2 | A3 |
| Pac-West Telecom Inc. Sr. Unscd. | B3 | Caa1 |
| Pinnacle Holdings Inc. Sr. Unscd. | B3 | Caa1 |
| Tower Automotive Inc. Sub. | B1 | B3 |
| Tower R.J. Corp. Backed Sr. Unscd. | Ba2 | Ba3 |
| WESCO Distribution Inc. Backed Sr. Sub. | B2 | B3 |
| Sara Lee Corp. Sr. Unscd. | A1 | A3 |
| Sara Lee Corp. Sr. Unscd. MTN | A1 | A3 |
| Sara Lee Holdings plc Backed Sr. Unscd. | A1 | A3 |
| Sara Lee/DE Antilles N.V. Backed Sr. Unscd. | A1 | A3 |
| Baan Co. N.V. Sub. | Baa2 | Baa3 |
| Covad Communications Group Inc. Sr. Unscd. | Caa3 | C |
| Invensys plc Sr. Unscd. | Baa1 | Baa2 |
| Invensys plc Sr. Unscd. MTN | Baa1 | Baa2 |
| Marconi Corp. plc Backed Sr. Unscd. | A3 | Baa2 |
| Coeur D'Alene Mines Corp Sub. | Caa2 | C |
| Epic Resorts LLC Backed Sr. Scd. | Caa1 | Ca |
| Franchise Finance Corporation of America Sr. Unscd. | Baa2 | Aa1 |
| Franchise Finance Corporation of America Sr. Unscd. MTN | Baa2 | Aa1 |
| Peabody Energy Corp. Sr. Sub. | B2 | B1 |
| Upgrades | ||
| Quaker Oats Co Sr. Unscd. | A3 | A2 |
| Quaker Oats Co Sr. Unscd. MTN | A3 | A2 |
| Toyo Suisan Kaisha Ltd. Sr. Unscd. | Baa2 | Baa1 |
| Canadian Reynolds Metals Co. Ltd. Backed Sr. Unscd. | A3 | A2 |
| Quebecor World (USA) Inc. Sr. Sub. | Baa3 | Baa2 |
| Reynolds Metals Co. Sr. Unscd. | A3 | A2 |
| Reynolds Metals Co. Sr. Unscd. MTN | A3 | A2 |
| Financement-Quebec Backed Sr. Unscd. MTN | A2 | A1 |
| Province of Quebec Sr. Unscd. | A2 | A1 |
| Province of Quebec Sr. Unscd. MTN | A2 | A1 |
| FITCH | ||
| Downgrades | ||
| Peoples Energy Corp. Sr. Unscd. | AA- | A+ |
| Peoples Gas Light and Coke Sr. Scd. | AA+ | AA |
| North Shore Gas Sr. Scd. | AA+ | AA |
| Rhythms NetConnections Sr. Notes | CCC | D |
| Basell Holdings NV Sr. Unscd. | A- | BBB |
| Goodyear Tire & Rubber Co | BBB+ | BBB |
| Solectron Corp. Sr. Unscd. | BBB+ | BBB |
Rating Game (Aug. 2 - Aug. 9)