Depends on how you look at it.
If we're talking for 2013, it's a D+ at best. They got worse for 2013 by losing Span, Revere, Baker, Pavano, etc..., thus even a C-grade is too high if we call that "average". Worley is a good addition, though that doesn't offset the other loses, and Pelfrey/Correia don't improve a single thing in the rotation in my opinion. More potential innings of poor-level pitching doesn't strike me as the improvement Terry Ryan is spinning it as.
If we're talking organizationally, I might give them as high as a B. They brought in some SP prospects who are more highly regarded than any others they had, so they improved a weakness with a strength. But the moves still weren't blockbuster-organization-transforming trades, so an A is out of the question.

