Downgrades outnumbered upgrades for the second week in a row, with all downgrades occurring across speculative-grade issuers. Of the seven downgrades, three were into the 'CCC' category, as year to date new risky credits (31) remain elevated compared to the same time last year (26). Upgrades predominantly occurred across speculative-grade issuers and included one new rising star; Finland-based food and consumer products packaging provider, Huhtamaki Oyj. The weekly default count increased to five, up from four last week, with four U.S.-based issuers and one Germany-based issuer, three of the defaults were due to distressed exchanges.