Last week's positive and negative rating actions and outlook changes were roughly equal, marking an easing of the credit-improvement momentum of the past two months. There were six defaults last week, equal to the prior week’s year-to-date high. Distressed exchanges and bankruptcy filings each accounted for half the defaults. The addition of a new fallen angel last week, Chinese real estate developer China Vanke Co. Ltd., brought this year’s count to five, compared to 10 rising stars for the year-to-date. It was a mixed week for credit pricing as benchmark yields increased at the longer end, CDS spreads widened, but corporate bond spreads dipped.