| Moody's Investors Service | ||
| Downgrades | From | To |
| IMC Global Inc. Sr. Unscd. | Ba1 | Ba2 |
| Navistar Financial Corp. Backed Sr. Unscd. MTN | Baa3 | Ba1 |
| Navistar Intl. Corp Sr. Unscd. | Baa3 | Ba1 |
| Phosphate Resource Partners Sr. Unscd. | Ba1 | Ba2 |
| Sierra Pacific Resources Sr. Unscd. | Baa2 | Baa3 |
| USG Corp Sr. Unscd. | Ba2 | B2 |
| BSN Financing Co. S.A. Backed Sr. Sub. | B1 | B2 |
| Pacific Dunlop Holdings Inc Backed Sr. Unscd. MTN | Baa1 | Baa3 |
| Pacific Dunlop Lmtd. Sr. Unscd. | Baa1 | Baa3 |
| Pacific Dunlop Lmtd. Sr. Unscd. MTN | Baa1 | Baa3 |
| Pacific Dunlop Lmtd. Sub. MTN | Baa2 | Ba1 |
| Pacific Dunlop USA Inc Backed Sr. Unscd. MTN | Baa1 | Baa3 |
| SAFECO Corp Sr. Unscd. | A3 | Baa1 |
| SAFECO Corp Sr. Unscd.MTN | A3 | Baa1 |
| SAFECO Corp Jr. Sub. | Baa1 | Baa2 |
| Safeco Credit Co.Inc Backed Sr.Unscd. MTN | A3 | Baa1 |
| Big City Radio Inc Sr. Unscd. | B3 | Caa3 |
| Westpoint Stevens Inc Sr. Unscd. | B1 | Caa2 |
| Upgrades | ||
| Coast Hotels and Casinos Inc Backed Sr. Sub. | B3 | B2 |
| Atzar Corp Sr. Sub. | B2 | Ba3 |
| L-3 Communications Corp. Sr. Sub. | B2 | B1 |
| L-3 Communications Holdings Inc Backed Sr. Sub. | B2 | B1 |
| LifePoint Hospitals Holdings Inc Sr. Sub. | B3 | B2 |
| El Paso Energy Partners L.P. Backed Sr. Sub. | B2 | B1 |
| FITCH | ||
| Downgrades | ||
| UNOVA Inc Sr. Notes | B+ | CCC |
| Ryder System Inc Sr. Debt | A- | BBB+ |
| Owens-Illinois Sr. Unscd. Notes | BB | B+ |
| Corning Sr. Unscd. Debt | A+ | A |
| Mississippi Chemical Sr. Scd. Debt | BB | BB- |
| Mississippi Chemical Sr. Unscd. Debt | BB- | B+ |
| Upgrades | ||
| Green Mountain Power Corp First Mrtge Bonds | BB+ | BBB |
| Exelon Corp Sr. Unscd. | BBB | BBB+ |
| PECO Energy First Mrtge Bonds | A- | A |
| PECO Energy Sr. Unscd. | BBB+ | A- |
Rating Game (MAY 3 -- MAY 10)