In second-quarter 2024, for the first time in a year, upgrades—rather than defaults and withdrawals—accounted for the most removals from the risky credits cohort (issuers rated ‘CCC+’ and below). Specifically, 56% of removals were upgrades to 'B-' due to improved operating performance and credit metrics, compared with 33% in first-quarter 2024 and 63% in second-quarter 2023.