Rating activity turned net positive last week, with a decline in downgrades alongside a nearly balanced amount of positive and negative outlook and CreditWatch changes. U.S. entities accounted for most upgrades, while most downgrades came from Europe. Last week saw this year's 12th fallen angel, Luxembourg-based Belron Group S.A. There were also two new risky credits, both consumer product issuers. Defaults doubled to four last week, with two issuers from chemicals, packaging and environmental services. Three of the defaults were the result of distressed exchanges.