| Moody's Investors Service | From | To |
| Downgrades | ||
| Dolphin Telecom plc Sr. Unscd. | Caa3 | Ca |
| HMT Technology Corp Backed Sub. | B3 | C |
| The Derby Cycle Corp Backed Sr. Unscd. | Caa3 | C |
| Maytag Corp. Sr. Unscd. | A3 | Baa1 |
| Maytag Corp. Sr. Unscd. MTN | A3 | Baa1 |
| Thermadyne Holdings Corp. Sr. Unscd. | Caa3 | C |
| Thermadyne Mfg. LLC Backed Sr. Sub. | Caa2 | Ca |
| Commercial Net Lease Realty Inc. Sr. Unscd. | Baa2 | Baa3 |
| Grove Holdings LLC Backed Sr. Unscd. | Caa2 | C |
| Grove Worldwide LLC Backed Sr. Sub. | Caa1 | C |
| National Equipment Services Inc. Backed Sr. Sub. | B3 | Caa1 |
| British Telecom Finance Inc. Backed Sr. Unscd. | A2 | Baa1 |
| British Telecommunications plc Sr. Unscd. | A2 | Baa1 |
| British Telecommunications plc Sr. Unscd. MTN | A2 | Baa1 |
| Esat Telecom Group plc Sr. Unscd. | A2 | Baa1 |
| Esat Telecom Holdings Ltd. Sr. Unscd. | A2 | Baa1 |
| Upgrades | ||
| AST Research Inc. Backed Sr. Unscd. | Baa3 | Baa2 |
| Samsung Electronics America Inc. Backed Sr. Unscd. | Baa3 | Baa2 |
| Samsung Electronics Co. Ltd. Sr. Unscd. | Baa3 | Baa2 |
| Telemundo Holdings Inc Sr. Unscd. | Caa1 | B3 |
| CarrAmerica Realty Corp. Backed Sr. Unscd. | Baa3 | Baa2 |
| Liberty Property LP. Sr. Unscd. | Baa3 | Baa2 |
| Liberty Property LP. Sr. Unscd.MTN | Baa3 | Baa2 |
| Liberty Property LP. Backed Sr. Unscd. | Baa3 | Baa2 |
| Liberty Property LP. Backed Sub. | Ba2 | Baa3 |
| FITCH | ||
| Downgrades | ||
| JC Penney Notes and Debentures | BBB- | BB+ |
| Saks Inc Sr. Notes | BBB- | BB+ |
| Cox Enterprises Inc. Sr. Debt | A- | BBB+ |
| Aetna Inc. Sr. Debt | A- | BBB+ |
Rating Game (May 11 - May 18)