| Moody's Investors Service | ||
| Downgrades | From | To |
| Polestar Corp. plc Sr. Unscd. | Caa1 | Ca |
| Carrier1 Intl. S.A. Sr. Unscd. | B3 | Caa2 |
| IMAX Corp. Sr. Unscd. | B2 | Caa2 |
| IMAX Corp. Sub. | Caa1 | Ca |
| Aavid Thermal Technologies Inc. Sr. Sub. | B3 | Caa2 |
| Kerr-McGee Corp. Sr. Unscd. | Baa1 | Baa2 |
| Kerr-McGee Corp. Sub. | Baa2 | Baa3 |
| KeyBank National Assoc. Sr. Unscd. | Aa3 | A1 |
| KeyBank National Assoc. Sr. Unscd. MTN | Aa3 | A1 |
| Keybank National Assoc. Sub. | A1 | A2 |
| Keybank National Assoc. Sub. MTN | A1 | A2 |
| KeyCorp Sr. Unscd. | A1 | A2 |
| KeyCorp Sr. Unscd. MTN | A1 | A2 |
| KeyCorp Sub. MTN | A2 | A3 |
| KeyCorp Jr. Sub. | A2 | A3 |
| Onyx Energy Co. Sr. Unscd. | Baa1 | Baa2 |
| Upgrades | ||
| Triton Energy Limited Sr. Unscd. | Ba3 | Baa2 |
| Triton Energy Limited Backed Sr. Unscd. | Ba3 | Baa2 |
| Bank of Hawai Sub. | Baa2 | Baa1 |
| Pacific Century Financial Corp. Sr. Unscd. MTN | Baa2 | Baa1 |
| Pacific Century Financial Corp. Jr. Sub. | Ba1 | Baa2 |
| Petroleos Mexicanos Backed Sr. Unscd. | Baa3 | Baa2 |
| Petroleos Mexicanos Backed Sr. Unscd. MTN | Baa3 | Baa2 |
| Norampac Inc. Sr. Unscd. | B1 | Ba2 |
| West Fraser Mills Ltd. Backed Sr. Unscd. | Baa3 | Baa2 |
| HS Resources Inc.Sr. Sub. | Ba3 | Baa3 |
| FITCH | ||
| Downgrades | ||
| Focal Communications Sr. Scd. | B+ | B |
| Focal Communications Sr. Unscd. | B | CCC+ |
| Compania Mega S.A. | BBB- | BB |
| Newell Rubbermaid Inc. Sr. Unscd. | A | A- |
| George Wimpey plc | BBB | BBB- |
| Horace Mann Educators Corp. Sr. Debt | A | A- |
Rating Game (Aug. 10 - Aug. 16)