• Positive outlook and CreditWatch changes more than doubled and negative ones nearly halved, with all but two of the negative changes to investment-grade issuers. • All but one of this week’s upgrades were to speculative-grade issuers with no new rising stars. Three of the upgrades were to telecommunication issuers, with two in Eastern Europe, the Middle East, and Africa; and one in the U.S. • Downgrades primarily occurred in the U.S. and included two fallen angels; this increases the number of fallen angels year-to-date above the number from last year for the first time since March. Fallen angels included consumer products issuer VF Corp.; and chemicals, packaging, and environmental services issuer Celanese Corp. • There were two defaults last week, both in the U.S., because of a distressed exchange; capital goods issuer Sensience Inc., and telecommunications issuer Dish Network Corp.