Positive rating actions jumped last week with upgrades and positive outlook revisions outnumbering negative rating actions 2:1. Upgrades reached their highest weekly number since the end of August and were diversified across 10 sectors. They included one rising star, PPF Telecom Group B.V. All downgrades happened to speculative-grade issuers, as the investment-grade downgrade ratio hit its lowest level since Q4 2021. Three of the downgrades last week were also new risky credits, all U.S. based issuers in health care, media and entertainment, and high technology. There were three defaults, including one confidential issuer. The two public defaults were by WideOpenWest Finance LLC and American Tire Distributors Inc. in the telecommunications and automotive sectors, respectively.