Downgrades outnumbered upgrades last week, with all five downgrades affecting speculative-grade issuers--three from the media and entertainment sector. Among the downgrades, three issuers became risky credits (entered the 'CCC' rating category): Alvogen Pharma US, Inc. (Alvogen Lux Holdings S.a.r.l.) in healthcare, College Parent LP in media and entertainment, and JOANN Inc., a specialty retailer that subsequently defaulted on January 16 due to bankruptcy. There were two other defaults, both involving consumer product companies undergoing distressed exchanges: Blue Ribbon, LLC (Blue Ribbon Holdings LLC) and Packers Holdings, LLC.