There were fewer rating actions last week due to a dip in the number of downgrades compared to the prior week. U.S. consumer product issuers accounted for three downgrades, while upgrades were distributed across eight different sectors and primarily affected U.S. and European issuers. The downgrades included two fallen angels, both from Europe, which increased 2025’s total count to four. The fallen angels were Finland-based homebuilder/real estate issuer Citycon Oyj, and Estonia-based vertically integrated energy company Eesti Energia AS. There were four defaults last week, including one confidential issuer. Of the public defaults, two were in the U.S. and due to missed payments, while the third was in the U.K. and due to bankruptcy.