Positive rating momentum continued last week although upgrades and downgrades were more balanced. Most rating actions were on speculative-grade issuers. There were four defaults last week (zero the week before), mostly by U.S. issuers. We also downgraded a Mexican financial institution, Operadora de Servicios Mega, S.A. de C.V. SOFOM, E.R., to 'SD' (selective default) on a missed interest payment. We added this year’s 22nd rising star, U.K.-based aircraft lessor Macquarie AirFinance Holdings Ltd. Rising stars have doubled fallen angels so far in 2024.