Three more defaults last week--in an otherwise relatively quiet week for rating activity--bring this year's default count to nine, versus two over the same period last year. Also, there were three new risky credits, two of which are in the U.S. This week's focus is likely to be on communication rather than actions given Tuesday's BOJ meeting and the ECB one on Thursday. The Fed's blackout period ahead of next week's meeting, the advance estimate of U.S. fourth-quarter GDP (Thursday), and the core PCE numbers (Friday) will also be followed closely. A series of global flash PMIs for January and consumer confidence surveys in Europe will be a preview of the first quarter's economic activity and sentiment.