A positive week for rating activity as the number of positive rating actions and outlook changes was double that of negative ones. That positive picture was bolstered by the addition of one rising star, Canada-based telecommunications provider Videotron Ltee, which brings this year's total to 11. There was only one default, down from four in the prior week. U.S. radio broadcaster Cumulus Media Inc. completed a debt restructuring, which we view as distressed and tantamount to a default. Credit pricing also had a positive week, with bond and CDS spreads tightening across the board and benchmark yields falling.