In this week's summary of ratings views: We expect U.S. and European default rates to fall to 3.5% and 3.75% by December, respectively. Distressed exchanges are keeping current default rates high. Asia-Pacific economies could face U.S. tariff actions, while the region’s sustainable bond market is poised to rebound. Crypto exchange Bybit suffered the largest heist in crypto history. Also: Positive sovereign rating actions in Africa in 2024 more than doubled, and further updates on the corporate results season.