| Moody's Investors Service | From | To |
| Downgrades | ||
| Epic Resorts LLC Backed Sr. Scd. | B3 | Caa1 |
| Alliance Investments Ltd. Sr. Scd. | Aaa | Aa |
| Alliance Investments Ltd. Sub. | Ba3 | Caa2 |
| Pentacon Sr. Sub. | B3 | Caa1 |
| The National Grid Company plc Sr. Unscd. | Aa3 | A1 |
| The National Grid Group plc Sr. Unscd. | A1 | A2 |
| Quality Stores Inc. Sr. Unscd. | Caa2 | Ca |
| Enitel ASA Sr. Unscd. | Caa1 | Caa3 |
| Reliance Electric Co. Sr. Unscd. | A2 | Baa1 |
| Rockwell Intl. Corp. Sr. Unscd. | A1 | A3 |
| Upgrades | ||
| Doral Financial Corp Sr. Unscd. | Baa3 | Baa2 |
| Doral Financial Corp Sr. Unscd. MTN | Baa3 | Baa2 |
| Doral Financial Corp Sub. MTN | Ba1 | Baa3 |
| First Data Corp Sr. Unscd. | A2 | A1 |
| First Data Corp Sr. Unscd. MTN | A2 | A1 |
| City of Stockholm Sr. Unscd. | Aa3 | Aa2 |
| City of Stockholm Sr. Unscd. MTN | Aa3 | Aa2 |
| RenaissanceRe Holdings Ltd. Jr. Sub. | Baa2 | Baa1 |
| City of Gothenburg Sr. Unscd. | Aa3 | Aa2 |
| City of Gothenburg Sr. Unscd. MTN | Aa3 | Aa2 |
| Triton PCS Inc. Sr. Sub. | B3 | B2 |
| Triton PCS Inc. Backed Sr. Sub. | B3 | B2 |
Rating Game June 29 - July 5