Downgrades outnumbered upgrades for the fifth consecutive week despite slower overall rating activity. However, positive outlooks and CreditWatch changes were double those of negative ones. Leading the downgrades was chemicals, packaging, and environmental services with four, followed by financial institutions with three, and Japanese utilities with two. Upgrades included a sovereign, Guatemala, citing economic resilience. There were two defaults last week: U.S.-based home decor retailer At Home Group Inc. was downgraded to ‘SD’ (selective default) due to a missed interest payment; and Brazil-based airline Azul S.A. filed for bankruptcy and was downgraded to ‘D’ (default).