Positive rating actions exceeded negative ones for the first week since the end of April--albeit by a narrow margin. Upgrades included one new rising star: HA Sustainable Infrastructure Capital Inc. While just over half of upgrades were to investment-grade issuers, downgrades remained concentrated on the speculative-grade level, with nine downgrades to ‘B+’ and below. There were three new risky credits (issuers in the ‘CCC’ category), all based in the U.S. and two from the consumer products sector. There were three defaults last week, with the two public defaults due to distressed exchanges. The largest default by debt volume last week was France-based telecommunications operator, Altice France S.A.