The number of upgrades and that of downgrades were roughly balanced last week. Most rating activity was on speculative-grade issuers, but there was one new rising star, Bank of Cyprus Public Co. Ltd.--the fifth this year. Positive outlook revisions and CreditWatch placements doubled the negative ones, with consumer products leading among the corporate issuers. There were no defaults last week. Meanwhile, we added four new risky credits, from four different corporate sectors and countries.