| Moody's Investors Service | From | To |
| Downgrades | ||
| CTI Holdings S.A. Sr. Unscd. | B2 | B3 |
| CableVision S.A. Sr. Unscd. | B2 | B3 |
| CableVision S.A. Sr. Unscd. MTN | B2 | B3 |
| Compania de Radiocommunicaciones Moviles S.A. Sr. Unscd. | B2 | B3 |
| Compania de Radiocommunicaciones Moviles S.A. Sr. Unscd. MTN | B2 | B3 |
| Conoco Inc. Sr. Unscd. | A3 | Baa1 |
| Multicanal S.A. Sr. Unscd. | B2 | B3 |
| Multicanal S.A. Sr. Unscd. MTN | B2 | B3 |
| Telecom Argentina STET-France Telecom SA Sr. Unscd. | B2 | B3 |
| Telecom Argentina STET-France Telecom SA Sr. Unscd. MTN | B2 | B3 |
| Advance Agro Capital B.V. Backed Sr. Unscd. | Caa1 | Caa3 |
| Williams Communications Group Inc. Sr. Unscd. | B2 | Caa1 |
| Ziff-Davis Media Inc. Sr. Sub. | B2 | B3 |
| Camuzzi Gas Pampeana S.A. Backed Sr. Unscd. MTN | B2 | B3 |
| Camuzzi Gas Del Sur S.A. Backed Sr. Unscd. | B2 | B3 |
| Camuzzi Gas Del Sur S.A. Backed Sr. Unscd. MTN | B2 | B3 |
| MetroGas S.A. Sr. Unscd. | B2 | B3 |
| MetroGas S.A. Sr. Unscd. MTN | B2 | B3 |
| Pan American Energy LLC Backed Sr. Unscd. | B2 | B3 |
| Pan American Energy LLC Backed Sr. Unscd. MTN | B2 | B3 |
| Pecom Energia S.A. Sr. Secd. MTN | B2 | B3 |
| Pecom Energia S.A. Sr. Unscd. | B2 | B3 |
| Pecom Energia S.A. Sr. Unscd. MTN | B2 | B3 |
| Transportadora de gas del Sur S.A. Sr. Unscd. | B2 | B3 |
| Transportadora de gas del Sur S.A. Sr. Unscd. MTN | B2 | B3 |
| MCMS Inc. Sr. Sub. | Caa3 | C |
| MCMS Inc. Sub. | Caa3 | C |
| DT Industries Inc. Jr. Sub. | Caa1 | Ca |
| Kinross Gold Corp. Sub. | B2 | B3 |
| Mastellone Hermanos S.A. Sr. Unscd. | B2 | B3 |
| Upgrades | ||
| Coca-Cola Embonor S.A. Sr. Unscd. | Ba1 | Baa3 |
| SPI Finance Plc Backed Jr. Sub. | Baa2 | A2 |
| FITCH | ||
| Downgrades | ||
| Scottish Power UK plc Sr. Unscd. Debt | A+ | A |
| Argentina Sovereign Ratings | B+ | B- |
| CRH plc Sr. Unscd. | A | A- |
| Polaroid Corp. Sr. Unscd. Debt | C | D |
| Compaq Computer Corp. Sr. Unscd. Debt | A- | BBB+ |
| Comdisco Inc. Sr. Unscd. Debt | CCC | DD |
| Toys 'R' Us Sr. Notes | A- | BBB |
| Conoco Inc. Unscd. Debt | A- | BBB+ |
| American Express Co. Sr. Debt | A+ | AA- |
| Upgrades | ||
| Western Mass Electric Sr. Unscd. Debt | BBB | BBB+ |
| Spieker Properties Sr. Unscd. Notes | BBB | BBB+ |
| Waste Management Sr. Unscd. Notes | BBB- | BBB |
Rating Game (July 20 - July 26)