| Fitch | ||
| Upgrade | From | To |
| R.J. Reynolds Tobacco Holdings Sr. Notes | BBB | BBB+ |
| R.J. Reynolds Tobacco Holdings Sr. Unsec'd Notes | BBB- | BBB |
| Viacom Sr. Unsec'd | BBB+ | A- |
| Downgrade | ||
| Louisville Gas & Electric Co, Sr. Secd. Debt | AA- | A+ |
| Louisville Gas & Electric Co, Sr. Unsecd. Debt | A+ | A |
| Polaroid Corp. Sr. Unsecd. Debt | BB- | B- |
| LG&E Energy Sr. Secd.Debt | A+ | BBB+ |
| Farmland Industries Sr. Notes | BB+ | BB- |
| HSBC Republic Holdings Sr. Debt | AA | AA- |
| Sophia Inc. Sr. Nts. | A | BBB+ |
| Southern California Edison Cie Sr. Secd. Debt | B- | CCC |
| Comdisco Sr. Debt | BBB | B |
| Pacific Gas & Electric Cie Sr. Notes | B- | DDD |
| Moodys | ||
| Upgrade | ||
| Security Capital U.S. Realty Sr. Unsecd. | Baa3 | A3 |
| Old Kent Bank Sr. Unsecd. Bank Note Program | A1 | Aa2 |
| Old Kent Bank Jr. Sub. | A3 | A1 |
| Housing New Zealand Ltd. Sr. Unsec. | Aa3 | Aa2 |
| Mitchell Energy&Development Sr. Unsec | Baa3 | Baa2 |
| Downgrade | From | To |
| Supervalu, Inc. Sr. Unsecd. | Baa1 | Baa3 |
| Supervalu, Inc. Sr. Unsecd., MTN | Baa1 | Baa3 |
| Shoppers Food Warehouse Sr. Unsec'd | Baa2 | Ba1 |
| American Commercial Lines LLC Sr. Unsec'd | B1 | B3 |
| ML CBO IV Sr. Struc. Nts. Class A | Aa2 | Aa3 |
| ML CBO IV Sr. Struc. Nts. Class B | Ba2 | Ba3 |
Rating Game (April 4 - April 11)