• Despite a balanced week for rating actions, of the top seven by rated debt amount six were downgrades. Notably, we downgraded Intel Corp. for the third time this year. • Downgrades included one fallen angel, U.S. financial institution Prospect Capital Corp. One issuer became a new risky credit, consumer products issuer IM Group. • All but one of this week's upgrades were to speculative-grade rated companies, primarily from issuers rated 'B' or below. There were no new rising stars. • We lowered to 'SD' our ratings on U.S.-based retail/restaurants firm Empire Today LLC, due to a distressed exchange. One issuer with a confidential rating also defaulted.