| Moody's Investors Service | From | To |
| Downgrades | ||
| Piccadilly Cafeterias Inc. Sr. Scd. | B2 | Caa1 |
| Numatics Inc. Sr. Sub. | B3 | Caa2 |
| ABB Asea Brown Boveri Ltd. Sr Unscd. | Aa2 | Aa3 |
| ABB Capital B.V. Backed Sr. Unscd. | Aa2 | Aa3 |
| ABB Capital B.V. Backed Sr. Unscd. MTN | Aa2 | Aa3 |
| ABB Finance Inc. Backed Sr. Unscd. | Aa2 | Aa3 |
| ABB Finance Inc. Backed Sr. Unscd. MTN | Aa2 | Aa3 |
| ABB Financial Services Australia Ltd. Backed Sr. Unscd. MTN | Aa2 | Aa3 |
| ABB Intl. Finance Ltd. Sr. Unscd. | Aa2 | Aa3 |
| ABB Intl. Finance Ltd. Backed Sr. Unscd. | Aa2 | Aa3 |
| ABB Intl. Finance Ltd. Backed Sr. Unscd. MTN | Aa2 | Aa3 |
| LLS Corp. Sr. Sub. | B3 | Caa3 |
| Dade Behring Sr. Sub. | Caa2 | C |
| Holley Performance Products Inc Sr. Unscd. | B3 | Caa2 |
| Casual Male Corp Sub. | Caa1 | Ca |
| Amkor Technology Inc Sr. Sub. | B1 | B2 |
| Classic Cable Inc Sr. Sub. | Caa1 | Ca |
| Nishi-Nippon Bank Ltd. Sr. Unscd. | Baa1 | Baa3 |
| Nishi-Nippon Bank Ltd. Sub. | Baa2 | Ba1 |
| Upgrades | ||
| Enterprise Products Operating L.P. Backed Sr. Unscd. | Baa3 | Baa2 |
| Magellan Health Services Inc Sr. Sub. | Caa1 | B3 |
| Rollins Truck Leasing Corp Sr. Scd. | Aa1 | Aaa |
| EchoStar Communications Corp Sub. | Caa2 | Caa1 |
| EchoStar Broadband Corp Sr. Unscd. | B3 | B1 |
| FITCH | ||
| Downgrades | ||
| Sithe Independence Funding Corp. Scd. Notes and Bonds | BBB | BBB- |
| Sotheby's Holdings Sr. Notes | BBB- | BB+_ |
| Upgrades | ||
| WPP Group plc Sr. Unscd. Debt | BBB+ | A- |
Rating Game (MAY 17 -- MAY 24)