In a muted week for rating actions, downgrades outnumbered upgrades after a decline in the latter. Downgrades included the first fallen angel of the year, luxury fashion company Capri Holdings Limited. Meanwhile, positive outlook and CreditWatch changes continue to exceed negative ones. Positive revisions were driven by six U.S. regional banks for which we revised the outlooks to stable on their improved ability to handle commercial real estate challenges. There were two defaults last week both due to a distressed exchange. One was financial institution, Altisource Portfolio Solutions S.A., and the other was Norway-based cruise ship operator; Hurtigruten Newco AS.