| Moody's Investors Service | From | To |
| Downgrades | ||
| Sterling Chemicals Holdings Inc. Sr. Scd. | Ca | C |
| Sterling Chemicals Inc. Sr. Scd. | B3 | Ca |
| Sterling Chemicals Inc. Sr. Sub. | Caa3 | C |
| Granite Broadcasting Corp. Sr. Sub. | Caa1 | Ca |
| Marks & Spencer Finance (Nederland) B.V. Backed Sr. Unscd. MTN | A2 | A3 |
| Marks & Spencer Finance p.l.c. Backed Sr. Unscd. | A2 | A3 |
| Marks & Spencer Finance p.l.c. Backed Sr. Unscd. MTN | A2 | A3 |
| St. Michael Finance p.l.c. Backed Sr. Unscd. | A2 | A3 |
| St. Michael Finance p.l.c. Backed Sr. Unscd. MTN | A2 | A3 |
| Arch Communications Inc. Sr. Unscd. | B3 | Ca |
| Arch Escrow Corp. Backed Sr. Unscd. | B3 | Ca |
| Arch Wireless Inc. Sr. Unscd. | Caa3 | C |
| Semiconductor Components Industries, LLC Backed Sr. Sub. | B2 | B3 |
| USA Mobile Communications Inc. II Sr. Unscd. | B3 | Caa3 |
| Kellstrom Industries Inc. Sub. | Caa2 | Ca |
| Polaroid Corp. Sr. Unscd. | Caa3 | Ca |
| U.S. Industries Inc. Backed Sr. Unscd. | Ba2 | B3 |
| USI American Holdings Inc. Backed Sr. Unscd. | Ba2 | B3 |
| Upgrades | ||
| Spieker Properties L.P. Sr. Unscd. | Baa2 | Baa1 |
| Spieker Properties L.P. Backed Sr. Unscd. | Baa2 | Baa1 |
| Christiania Bank of Kreditkasse ASA Sr. Unscd. | A1 | Aa3 |
| Christiania Bank of Kreditkasse ASA Sr. Unscd. MTN | A1 | Aa3 |
| Christiania Bank of Kreditkasse ASA Sub. | A2 | A1 |
| Christiania Bank of Kreditkasse ASA Sub. MTN | A2 | A1 |
| Norgeskreditt AS Sr. Unscd. | A2 | A1 |
| Norgeskreditt AS Sr. Unscd. MTN | A2 | A1 |
| Norgeskreditt AS Sub. | A3 | A2 |
| Norgeskreditt AS Sub. MTN | A3 | A2 |
| The Sports Authority Inc. Sub. | Caa2 | Caa1 |
| NUI Utilties Inc. Sr. Unscd. | Baa1 | A3 |
| NUI Utilties Inc. Sr. Unscd. MTN | Baa1 | A3 |
| FP Finance plc Backed Sub. | Baa1 | A2 |
| FITCH | ||
| Downgrades | ||
| Scottish Power UK plc Sr. Unscd. | A+ | A |
| CRH plc Sr. Unscd. | A | A- |
| Polaroid Corp. Sr. Unscd. | CCC- | C |
| Upgrades | ||
| Western Mass Electric Sr. Unscd. Debt | BBB | BBB+ |
| Spieker Properties Sr. Debt | BBB | BBB+ |
| Waste Management Sr. Unscd. Notes | BBB- | BBB |
Rating Game (July 6 - July 12)