--Rating activity eased last week and remained net negative. Three of the downgrades were to Israeli banks following the same action on the sovereign on Oct. 1. --Serbia was the only rising star last week, while the only fallen angel was Telefonica Moviles Chile S.A. (Telefonica S.A.). --There were three defaults, all U.S.-based issuers, with one because of distressed exchange. Defaults came from three different sectors: health care, automotive, and media and entertainment.