| Moody's Investors Service | From | To |
| Downgrades | ||
| 360networks Inc Sr. Unscd. | Caa3 | Ca |
| CSK Auto Inc Backed Sr. Sub. | B2 | B3 |
| Intl. Specialty Products Inc Sr. Unscd. | Ba3 | B2 |
| Scottish Power UK plc Sr. Unscd. | A1 | A2 |
| Scottish Power UK plc Sr. Unscd. MTN | A1 | A2 |
| Comdisco Finance (Nederland) B.V. Backed Sr. Unscd. MTN | B2 | Caa1 |
| Comdisco Inc. Sr. Unscd. | B2 | Caa1 |
| Comdisco Inc. Sr. Unscd. MTN | B2 | Caa1 |
| GATX Rail Corp. Sr. Scd. | A3 | Baa1 |
| GATX Rail Corp. Sr. Unscd. | Baa1 | Baa2 |
| GATX Rail Corp. Sr. Unscd. MTN | Baa1 | Baa2 |
| MTS Inc. Sr. Sub. | Caa3 | Ca |
| The Dial Corp. Sr. Unscd. | Baa2 | Baa3 |
| ACINDAR Industria Argentina de Aceros S.A. Sr. Unscd. | B2 | B3 |
| Burke Industries Inc. Sr. Unscd. | Caa1 | Ca |
| Westpoint Stevens Inc. Sr. Unscd. | Caa2 | Ca |
| Avnet Inc. Sr. Unscd. | A3 | Baa1 |
| Baan Company N.V. Sub. | Baa1 | Baa2 |
| Color Spot Nurseries Inc. Sr. Sub. | Caa2 | Ca |
| Intl. Knife & Saw, Inc. Sr. Sub. | Caa1 | Ca |
| Invensys plc Sr. Unscd. | A3 | Baa1 |
| Invensys plc Sr. Unscd. MTN | A3 | Baa1 |
| Precision Partners Inc. Sr. Sub. | B3 | Caa2 |
| Upgrades | ||
| BB&T Corp. Sub. | A3 | A2 |
| Branch Banking and Trust Co. of S.C. Sr. Unscd. | A1 | Aa3 |
| Branch Banking and Trust Co. Sr. Unscd. | A1 | Aa3 |
| PSEG Energy Holdings Inc. Sr. Unscd. | Ba1 | Baa3 |
| Rite Aid Corp. Sr. Scd. | Caa1 | B3 |
| Rite Aid Corp. Sr. Unscd. | Caa3 | Caa2 |
| Kommunalkredit Austria AG Sr. Unscd. MTN | A1 | Aa3 |
| Kommunalkredit Austria AG Sub. MTN | A2 | A1 |
| Colgate-Palmolive Co. Sr. Unscd. | A1 | Aa3 |
| FITCH | ||
| Downgrades | ||
| France Telecom Sr. Unscd. | A | A- |
| Polaroid Corp. Sr. Unscd. Debt | B- | CCC- |
Rating Game (June 13 - June 20)