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This Week In Credit: Ratings Dip: Rising Downgrades And Defaults (May 5, 2025)

Net rating activity turned negative last week, as downgrades outnumbered upgrades and included a fallen angel, U.S.-based consumer producer Whirlpool Corp. On the positive side, we added a rising star, U.S.-based consumer packaging company Berry Global Group Inc.Three quarters of downgrades originated from three sectors: consumer products, forest products and building materials, and real estate. The weekly default count rose to four, up from just one in the previous week, with two issuers each from Luxembourg and the U.S., and three due to distressed exchanges.

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