Last week, rating activity was still tilted positive with the number of upgrades more than twice that of downgrades. Upgrades included two sovereigns, Albania and Aruba; as well as two Spain-based banks, which were upgraded due to stronger industry dynamics. Upgrades also included a rising star--the seventh of 2025--Italy-based payment services provider Nexi SpA, which was upgraded on its positive deleveraging trajectory. There was one default last week, Canada-based Mountain Province Diamonds Inc. was downgraded to ‘SD’ (selective default) on a refinancing transaction that we consider as distressed and tantamount to a default.