The past week saw equal numbers of upgrades and downgrades, with the latter coming primarily from just two sectors: media and entertainment, and chemicals, packaging, and environmental services. Downgrades included one fallen angel, chemicals producer OCI N.V., and one new risky credit, gaming group Affinity Interactive. All but one of the upgrades involved speculative-grade issuers, which were split across five sectors. Those upgrades included two U.S.-based rising stars, transportation group Delta Air Lines Inc., and utility System Energy Resources Inc. (Entergy Corp). Last week's only default was U.S.-based capital goods issuer Congruex Group LLC, which defaulted as a result of a distressed exchange. Total defaults for the year to Dec. 5 now stand at 136.