Negative rating actions dominated as downgrades outnumbered upgrades for the fourth consecutive week. Downgrades were overwhelmingly on issuers rated speculative grade, including one fallen angel from the media and entertainment sector, Warner Bros. Discovery Inc. Among the sectors, consumer products saw the most pronounced credit deterioration last week: It led the number of downgrades with four, saw two risky credit additions, and also one default, U.S. beverage manufacturer Naked Juice LLC. There were seven defaults last week--the highest weekly count since May 2023, five of which were due to missed payments.