Rating actions picked up from the previous week and downgrades more than doubled, with 12 out of 15 being on speculative grade issuers. Total rating activity remained net positive thanks to the pickup in outlook revisions to positive and positive CreditWatch placements. There were no fallen angels or rising stars last week. Meanwhile, downgrades included two new risky credits, U.S. radio broadcaster Cumulus Media Inc. and French chemical producer Lune S.a.r.l. There were two defaults last week, both on U.S.-based issuers: Spirit Airlines Inc., an ultra-low-cost airline, defaulted as it filed for bankruptcy, and data and analytics provider Dodge Construction Network LLC was downgraded to ‘SD’ following a distressed exchange.