After a brief pause, net positive rating developments picked up again last week, with positive rating actions or outlook revisions outnumbering the negative ones, 20 to 15. There were no defaults for the first time in four weeks, after two straight weeks with year-to-date highs of six each. The addition of a fallen angel (property and real estate company Longfor Group Holdings Ltd.) and two risky credits highlight persisting risks to generally positive rating trends since February. Credit pricing rose across the board as benchmark interest rates, bond spreads, and CDS spreads increased week on week, underscoring risks to credit performance.