| Moody's Investors Service | From | To |
| Downgrades | ||
| Hayes Lemmerz Intl Inc. Sr. Sub. | B2 | Caa1 |
| Hayes Lemmerz Intl Inc. Backed Sr. Sub. | B2 | Caa1 |
| NATG Holdings LLC Backed Sr. Sub. | B3 | Caa2 |
| Polaroid Corp Sr. Unscd. | B3 | Caa3 |
| Deutsche Telekom AG Sr. Unscd. | A2 | A3 |
| Deutsche Telekom AG Sr. Unscd. MTN | A2 | A3 |
| Deutsche Telekom AG Sub. MTN | A2 | A3 |
| Deutsche Telekom Intl Finance B.V. Backed Sr. Unscd. | A2 | A3 |
| Deutsche Telekom Intl Finance B.V. Backed Sr. Unscd. MTN | A2 | A3 |
| Deutsche Telekom Intl Finance B.V.Backed Sub. MTN | A2 | A3 |
| Mail-Well I Corp Backed Sr. Sub. | B1 | B2 |
| Mail-Well Inc Sub. | B2 | B3 |
| Unifi, Inc. Sr. Unscd. | Baa1 | Baa3 |
| Grapes Communications N.V. Sr. Unscd. | Caa3 | Ca |
| American Greetings Corp Sr. Unscd. | Baa3 | Ba1 |
| WHX Corp Sr. Unscd. | Caa1 | Caa3 |
| Wheeling-Pittsburgh Corp Sr. Unscd. | Caa3 | C |
| BWAY Corp Backed Sr. Sub. | B2 | B3 |
| Stewart Enterprises Inc. Sr. Unscd. | Ba3 | B1 |
| Ames Department Stores Inc Sr. Unscd. | Caa1 | Caa3 |
| FleetPride Inc Backed Sr. Sub. | B3 | Caa3 |
| Covad Communications Group Inc Sr. Unscd. | Caa1 | Caa3 |
| Upgrades | ||
| Omnipoint Corp Sr. Unscd. | B2 | Baa1 |
| Powertel Inc Sr. Unscd. | B2 | Baa1 |
| VoiceStream Wireless Corp Backed Sr. Unscd. | B2 | Baa1 |
| K & F Industries Inc Sr. Sub. | B3 | B2 |
| Beckman Coulter Inc Sr. Unscd. | Ba1 | Baa3 |
| Beckman Coulter Inc Backed Sr. Unscd. | Ba1 | Baa3 |
| Teekay Shipping Corp Backed Sr. Scd. | Ba2 | Ba1 |
| Commerce Bacorp Inc Jr. Sub. | Baa3 | Baa1 |
| FITCH | ||
| Downgrades | ||
| British Land Co PLC Sr. Unscd. Debt | BBB+ | BBB |
| Hilton Group PLC Sr. Unscd. Debt | A- | BBB+ |
| Potlatch Sr. Unscd. Long Term Debt | BBB | BBB- |
| Deutsche Telekom AG Sr. Unscd. debt | A | A- |
| Endesa Sr. Unscd. Debt | AA- | A+ |
| BROKAT AG Sr. Unscd. Notes | B | B- |
Rating Game (JUNE 7 -- JUNE 14)