Last week's top three rating actions by debt amount were all downgrades. This strikes a generally more negative chord, since net outlook bias also deteriorated across all three regions quoted. Rating activity on the cusp of investment grade remains active, though, with three rising stars (highest weekly total since early January) somewhat balancing a rising number of potential fallen angels (issuers rated 'BBB-' with a negative outlook or CreditWatch). Several important U.S. data points will be published this week, notably Tuesday's release of CPI numbers, amid ongoing rating pressure.