| Moody's Investors Service | From | To |
| Downgrades | ||
| Intl. Utility Structures Inc. Sr. Sub. | Caa1 | Ca |
| Brokat Technologies AG Sr. Unscd. | B3 | Ca |
| IBP Finance Company of Canada backed Sr. Unscd. | Baa2 | B |
| IBP Inc. Sr. Unscd. | Baa2 | Baa3 |
| IBP Inc. Sr. Unscd. MTN | Baa2 | Baa3 |
| Tyson Foods Inc. Sr. Unscd. | Baa2 | Baa3 |
| Tyson Foods Inc. Sr. Unscd. MTN | Baa2 | Baa3 |
| Vattenfall AB Sr. Unscd. MTN | A1 | A3 |
| Vattenfall AB Sub. MTN | A2 | Baa1 |
| Vattenfall Treasury AB Backed Sr. Unscd. | A1 | A3 |
| Vattenfall Treasury AB Backed Sr. Unscd. MTN | A1 | A3 |
| Vattenfall Treasury AB Backed Sub. MTN | A2 | Baa1 |
| Province of Buenos Aires Sr. Scd. | B3 | Caa1 |
| Province of Buenos Aires Sr. Unscd. | B3 | Caa1 |
| Province of Buenos Aires Sr. Unscd. MTN | B3 | Caa1 |
| BGB Finance (Ireland) plc Backed Sr. Unscd. | Aa2 | Aa3 |
| BGB Finance (Ireland) plc Backed Sr. Unscd. MTN | Aa2 | Aa3 |
| Primus Telecommunications Group Inc. Sr. Unscd. | B3 | Caa2 |
| Primus Telecommunications Group Inc. Sub. | Caa2 | Caa3 |
| Upgrades | ||
| Banque Hervet S.S. Sr. Unscd. | Baa1 | A1 |
| Hynix Semiconductor Manufacturing America Inc. Backed Sr. Scd. | B3 | B2 |
| Intermedia Communications Inc. Sr. Unscd. | B2 | Baa2 |
| Intermedia Communications Inc. Sub. | B3 | Baa3 |
| Packaging Corp of America Sr. Sub. | B1 | Ba2 |
| McMillin Companies Sr. Unscd. | B3 | B2 |
| Petroliam Nasional Berhad Sr. Unscd. | Baa2 | Baa1 |
| Acetex Corp Backed Sr. Scd. | B3 | B2 |
| Beazer Homes USA Inc. Sr. Unscd. | Ba3 | Ba2 |
| Beazer Homes USA Inc. Backed Sr. Unscd. | Ba3 | Ba2 |
| FITCH | ||
| Downgrades | ||
| Kamps AG Sr. Unscd. | BBB- | BB+ |
| Interpool Inc. Sr. Unscd. Debt | BBB | BBB- |
| John Laing plc Sr. Unscd. | BBB- | BB+ |
| Brokat AG Sr. Unscd. | B- | CCC |
| Dow Jones & Company Sr. Unscd. Debt | AA | AA- |
| Upgrades | ||
| Southwest Airlines Co. Sr. Unscd. Debt | A- | A |
| STANDARD & POOR'S | ||
| UPGRADES | ||
| Anheuser-Busch Cos. Inc. Euro. notes | A | A+ |
| Aracruz Celulose S.A. notes | B+ | BB- |
| Banco Citibank S.A. sr. unsec. Brazil-related MTNs | B+ | BB- |
| Banco Nacional de Desenvolvimento Economico e Social notes,var. rate notes | B+ | BB- |
| Banco do Nordeste do Brasil S.A. (BNB) notes | B+ | BB- |
| Brazil (Federative Republic of) local currency | BB | BB+ |
| foreign currency, bonds, brady bonds, global bonds, notes | B+ | BB- |
| ClimaChem, Inc. sr. notes | D | C |
| Eletrobras - Centrais Eletricas Brasileiras S.A. bonds | B+ | BB- |
| Espirito Santo Centrais Eletricas S.A. notes | B+ | BB- |
| HSBC Bank Brasil S.A. Euro MTNs, sr. Euro MTNs, sub. Euro MTNs | B+ | BB- |
| LIR Energy Ltd. global gtd. notes | B+ | BB- |
| Penhall International Inc. sr. notes | B- | B |
| Unibanco-Uniao de Bancos Brasileiros, S.A. MTNs, sr. unsec. MTNs | B+ | BB- |
| DOWNGRADES | ||
| EES Coke Battery Co. Inc. sr. sec. notes | B | B- |
| EV International, Inc. sr. sub. notes | CCC+ | CCC- |
| Telex Communications, Inc. sr. sub. notes | CCC+ | CCC- |
| WHX Corp. conv. pfd. stock | C | D |
| Vlasic Foods International Inc. sub. notes | C | D |
Rating Game (July 19 - July 26)