Rate constants for molecules excited to well defined states can vary, in an erratic fashion, over even narrow energy intervals. The theory of such fluctuations is discussed with special reference to the transition from regular to chaotic motion. It is argued that the distribution of the fluctuations with respect to the local average rate constant k(E) is that known as “chi square with v degrees of freedom”. In particular, the width of the fluctuations is (2/v)1/2 k (E). In the statistical limit the parameter v equals the number of channels (≡ number of decay modes) accessible to an energy rich molecule in a given state. In this limit the distribution of fluctuations is universal and is independent of the dynamics. In general, v < number of channels, with v decreasing (i.e., the fluctuations are increasing), the more restricted is the intramolecular vibrational energy exchange.