Upgrades jumped last week, led by nine Italian financial institutions and one transportation issuer, following a similar action on the sovereign on April 11. Last week's other upgrades spanned five sectors, including two sovereigns. Downgrades mainly affected speculative-grade issuers and included one new fallen angel--the fifth this year--Huntsman Corp., a differentiated chemical products producer. There was one default last week--Ascend Performance Materials Operations LLC, a U.S.-based chemicals, packaging, and environmental services issuer, filed for Chapter 11 bankruptcy protection.