| Moody's Investors Service | From | To |
| Downgrades | ||
| Dana Corp. Sr. Unscd. | Baa3 | Ba1 |
| Dana Credit Corp. Backed Sr. Unscd. MTN | Baa3 | Ba1 |
| SEMCO Capital Trust II Backed Sr. Scd. | A3 | Baa1 |
| SEMCO Energy Inc. Sr. Unscd. | Baa1 | Baa2 |
| SEMCO Energy Inc. Sr. Unscd. MTN | Baa1 | Baa2 |
| SEMCO Energy Inc. Sub. | Baa2 | Baa3 |
| Baroid Corp. Backed Sr. Unscd. | Aa3 | A1 |
| Dresser Industries Inc. Sr. Unscd. | Aa3 | A1 |
| H.J. Heinz B.V. Backed Sr. Unscd. | A1 | A2 |
| H.J. Heinz Co. Backed Sr. Unscd. | A1 | A2 |
| H.J. Heinz Finance UK PLC Backed Sr. Unscd. | A1 | A2 |
| Halliburton Co. Sr. Unscd. | Aa3 | A1 |
| Halliburton Co. Sr. Unscd. MTN | Aa3 | A1 |
| UAL Corp. Sub. | Ba3 | B1 |
| United Airlines Inc. Sr. Unscd. | Baa3 | Ba1 |
| United Airlines Inc. Sr. Unscd. MTN | Baa3 | Ba1 |
| Motorola Credit Corp. Backed Sr. Unscd. | A2 | A3 |
| Motorola Inc. Sr. Unscd. | A2 | A3 |
| Motorola Inc. Sub. | A3 | Baa1 |
| Motorola Inc. Jr. Sub. | A3 | Baa1 |
| Owens-Illinois Inc. Sr. Unscd. | B1 | B3 |
| Upgrades | ||
| Apria Healthcare Group Inc. Sr. Sub. | B2 | Ba2 |
| FITCH | ||
| Downgrades | ||
| ORIX Financial Services Sr. Debt | BBB+ | BBB |
Rating Game (MAY 25 -- MAY 31)