Elevated interest rates and higher input costs have already taken a toll on the credit quality of corporate issuers by eroding their liquidity and cash flow. Downgrades continued to outpace upgrades among speculative-grade borrowers by a wide margin in May. While some commodity-driven sectors have exhibited positive trends, health care and high technology credits are facing increasing pressure. Additionally, the health care and high technology sectors experienced the largest increase in weakest links over the past year. Higher interest expense has been a headwind for companies with significant debt burdens across both sectors.