Rating activity slowed last week, led by a dip in the number of upgrades that left them trailing downgrades for the first time in a month. There were three new risky credits (issuers in the 'CCC' rating category) last week. While most rating performance metrics have improved year-on-year, the number of risky credit additions has notably increased so far this year to 22, from 16 over the same period in 2024. There was one default last week, U.S.-based veterinary practice management company Pathway Vet Alliance LLC, which was downgraded to 'SD' following a distressed debt transaction.