| Moody's Investors Service | From | To |
| Downgrades | ||
| Federal-Mogul Corp Sr. Unscd. | B3 | Caa2 |
| Federal-Mogul Corp Sr. Unscd. MTN | B3 | Caa2 |
| Brokat Infosystems AG | B2 | B3 |
| Exodus Communications Inc Sr. Unscd. | B3 | Caa1 |
| Exodus Communications Inc Sub. | Caa1 | Caa2 |
| Lucent Technologies Inc Sr. Unscd. | Baa3 | Ba1 |
| Lucent Technologies Inc Sr. Unscd. MTN | Baa3 | Ba1 |
| Hewlett-Packard Co Sr. Unscd. | Aa2 | Aa3 |
| Hewlett-Packard Finance Co Backed Sr. Unscd. | Aa2 | Aa3 |
| Hewlett-Packard Finance Co Backed Sr. Unscd. MTN | Aa2 | Aa3 |
| SWT Finance B.V. Backed Sr. Sub. | Caa1 | Caa2 |
| Equistar Chemicals LP Backed Sr. Unscd. | Baa3 | Ba1 |
| FHP Intl Corp Sr. Unscd. | Ba3 | B1 |
| The Doe Run Resources Corp Backed Sr. Scd. | B3 | Caa2 |
| The Doe Run Resources Corp Backed Sr. Unscd. | Caa1 | Caa3 |
| Zenith National Insurance Corp Sr. Unscd. | Baa3 | Ba1 |
| Zenith National Insurance Corp Sub. | Ba1 | Ba2 |
| Ferro Corp Sr. Unscd. | Baa1 | Baa2 |
| Metricom Inc Backed Sr. Unscd. | Caa1 | Ca |
| Dole Food Company Inc Sr. Unscd. | Baa3 | Ba1 |
| Sun Media Corp Sr. Sub. | B1 | B2 |
| Upgrades | ||
| ALZA Corp Sub. | Baa3 | Aa1 |
| RBC Centura Bank Sub. | Baa1 | A1 |
| RBC Centura Banks Inc Jr. Sub. | Baa3 | A2 |
| Minebea Co Ltd. Sr. Unscd. | Baa3 | Baa2 |
| TuranAlem Finance B.V. Backed Sr. Unscd. | B1 | Ba2 |
| Action Performance Companies Inc Sub. | Caa1 | B3 |
| Duane Reade Inc Sr. Sub. | B3 | B2 |
| Komercni Finance B.V. Backed Sub. | Baa3 | Baa2 |
| FITCH | ||
| Downgrades | ||
| Pennzoil-Quaker State Co Sr. Unscd. Debt | BBB- | BB+ |
| Lucent Technologies Sr. Unscd. Debt | BBB- | BB |
| West Point Stevens Sr. Notes | B- | CCC- |
| France Telecom Sr. Unscd. | A | A- |
| Upgrades | ||
| Centura Banks Inc Sr. Unscd. Long Term Debt | BBB | AA- |
| Western Gas Resources Sr. Unscd. Debt | BB+ | BBB- |
| Western Gas Resources Sr. Sub. Notes | BB- | BB+ |
Rating Game (June 21 - June 28)