Key Takeaways: • Last week saw the highest number of rating actions since early March. These rating actions were net positive. • There was one default, lower than the year-to-date average of three per week. Sound Inpatient Physicians Inc. completed a distressed exchange, which we consider tantamount to default. • We added one rising star--Masonite International Corp., a Canadian issuer from the forest products sector. There was also a fallen angel--CPI Property Group S.A., a Luxembourg commercial real estate company. • Market pricing was mixed last week. Benchmark yields and CDS spreads dipped but secondary market corporate spreads mostly rose.