Rating activity was light last week with three upgrades and three downgrades. Outlook and CreditWatch placements started the year on a fairly positive note as positive placements have outnumbered negative ones thus far. Upgrades included a rising star, U.S.-based media and information services company News Corp. was upgraded on lower leverage sustained by a strong operating performance. The first default happened on Jan. 8, 2025, U.S.-based beverage co-manufacturer City Brewing Co. LLC was downgraded to 'SD' (selective default) after it missed a principal payment due at the end of 2024.