Downgrades outnumbered upgrades for the first time since May, albeit in a light week for rating activity. There were two defaults last week--Netherlands-based electricity producer DTEK Renewables B.V. and U.S.-based skincare company Rodan & Fields LLC. We added two risky credits (issuers downgraded into the 'CCC' category) to our list last week--Allen Media, LLC and CMG Media Corporation, both U.S. issuers from the media and entertainment sector. CDS spreads widened across the board, but remain well below five-year averages.