• Rating activity picked up last week. There were more downgrades than upgrades, but positive outlooks and CreditWatch changes more than doubled negative ones. • We have added one rising star, the Chilean government owned power company Empresa Nacional del Petróleo. This was the 14th rising star of 2024. • There were three defaults last week, all were in the media and entertainment sector and all were due to distressed exchanges. AMC Entertainment Holdings Inc. had already defaulted this year, and Maverick Gaming LLC defaulted within the last 12 months. • Borrowing costs generally rose. Benchmarks were mostly up across the board outside of China. High-yield spreads and CDS spreads were higher.