Not sure but instead of -

For Each cell In Ratings
ReDim Preserve Ratings1(3, rw)
Ratings1(0, rw) = Application.VLookup(cell.Value,
Sheets("Portfolio").Range("EK4:EL1200"), 2, False)

Try
REdim Ratings1(lBound(Ratings) to Ubound(Ratings), _
lBound(Ratings, 2) to Ubound(Ratings, 2)

then as I mentioned before

For rw = lBound(Ratings, 2) to Ubound(Ratings, 2)
Ratings1(0, rw) = I don't understand the lookup part
If you need to track the original cell row ref, give Ratings an extra level
in the first dimension and store
the row number in that for later use with the Lookup

and why the rw = rw - 1
maybe Step - 1 ?
Ratings1(1, rw) = Ratings(1, rw)
Ratings1(2, rw) = Ratings(2, rw)
Next

In passing -
Dim Ratings(), rTicker(), Ratings1() As String
is same as
Dim Ratings() As Variant, rTicker() As Variant, Ratings1() As String

perhaps also
Dim rw as Long

Regards,
Peter T

Here i have slimmed down the code and gotten rid of all the file paths
and assumed that the different sheets are all in the same workbook. I
think that it is clearer. Thanks a bunch

Public Sub Updater()
Dim cell As Variant
Dim x, y As Integer
Dim Ratings(), rTicker(), Ratings1() As String
Dim AsDte As Date
Dim iLastRow, i As Long
AsDte = InputBox("What Is the As-of-day?")
'Creates the first array given that the date in that column is greater
then AsDte
i = 2
While (Sheets("All Actions").Cells(i, 9) < "")
If UCase(Trim(Sheets("All Actions").Cells(i, 9))) AsDte Then
ReDim Preserve Ratings(3, rw)
Ratings(0, rw) = Sheets("All Actions").Cells(i, 2).Value
Ratings(1, rw) = Sheets("All Actions").Cells(i,
3).Value
Ratings(2, rw) = Sheets("All Actions").Cells(i, 7).Value
rw = rw + 1
End If
i = i + 1
Wend

'this sheet has 2 columns the first with the contents of Ratings(o,
rw) and the second with another identifier
'that i want in the new array Ratings1 instead of the old identifier

Sheets("Portfolio").Activate
'I realize that there are issues with the vlookup but i really want to
know how to create the new array
'with the old data
For Each cell In Ratings
ReDim Preserve Ratings1(3, rw)
Ratings1(0, rw) = Application.VLookup(cell.Value,
Sheets("Portfolio").Range("EK4:EL1200"), 2, False)
Ratings1(1, rw) = Ratings(1, rw)
Ratings1(2, rw) = Ratings(2, rw)
rw = rw - 1
Next cell

End Sub