| Moody's Investors Service | From | To |
| Downgrades | ||
| WKI Holding Inc. Snr. Sub. | Caa1 | Ca |
| Washington Group Intl. Sr. Unscd. | Caa3 | C |
| Harris Corp. Sr. Unscd. | Baa1 | Baa2 |
| Harris Corp. Sr. Unscd. MTN | Baa1 | Baa2 |
| Reliant Energy Resources Corp. Sr. Unscd. | Baa1 | Baa2 |
| Reliant Energy Resources Corp. Sr. Unscd. MTN | Baa1 | Baa2 |
| Reliant Energy Resources Corp. Sub. | Baa2 | Baa3 |
| Briggs & Stratton Corp. Sr. Unscd. | Baa2 | Ba1 |
| Elektrim Finance B.V. Backed Sr. Unscd. | B2 | B3 |
| Mattress Discounters Corp. Sr. Unscd. | B2 | B3 |
| American Greetings Corp. Sr. Unscd. | Baa1 | Baa3 |
| Evercom Inc. Backed Sr. Unscd. | B2 | Caa1 |
| Merrill Corp. Sr. Sub. | B3 | Caa2 |
| Ryerson Tull Inc. Sr. Unscd. | Ba1 | Ba3 |
| Alaris Medical Inc. Sr. Unscd. | Caa1 | Caa2 |
| IMC Global Inc. Sr. Unscd. | Baa3 | Ba1 |
| Sonera Corp. Sr. Unscd. | A2 | Baa2 |
| Sonera Corp. Sr. Unscd. MTN | A2 | Baa2 |
| Upgrades | ||
| Commonwealth Edison First Mrtg. Bonds | Baa1 | A3 |
| Commonwealth Edison Sr. Unscd. | Baa2 | Baa1 |
| Commonwealth Edison Sr. Unscd. MTN | Baa2 | Baa1 |
| Commonwealth Edison Jr. Sub. | Baa3 | Baa2 |
| Cordant Technologies Inc. Sr. Unscd. | A3 | A1 |
| PECO Energy First Mrtg.Bonds | Baa1 | A2 |
| PECO Energy First Sr. Scd. MTN | Baa1 | A2 |
| PECO Energy Sr. Sub. | Baa3 | Baa1 |
| Mesa Operating Backed Sr. Sub. | B1 | Ba3 |
| Parker & Parsley Petroleum Backed Sr. Unscd. | Ba2 | Ba1 |
| Pioneer Natural Resources Sr. Unscd. | Ba2 | Ba1 |
| Corporation Andina de Fomento Sr. Unscd. | A3 | A2 |
| Corporation Andina de Fomento Sr. Unscd. MTN | A3 | A2 |
Rating Game (April 26 -- May 3)