Rating activity surged last week, with total upgrades doubling downgrades. Upgrades included four Saudi issuers following the same action on the sovereign, and three Indian finance companies, citing an improved regulatory environment. All but one of the downgrades affected speculative-grade issuers, including three new risky credits (issuers in our 'CCC' rating category). Year-to-date, there have been 20 new risky credits, up from 14 at this time last year. Last week's sole default, U.S.-based staffing provider EmployBridge Holding Co., was due to a distressed exchange.