Downgrades increased last week to nearly match the number of upgrades. Rating actions primarily occurred among speculative-grade-rated issuers, accounting for all downgrades and five of the eight upgrades. Downgrades included three new risky credits (issuers in the 'CCC' rating category); health care company ModivCare Inc., financial institution Zeus Bidco Ltd., and media and entertainment issuer Odyssey Europe Holdco S.a r.l. There were two defaults last week: Sweden-based debt collector Intrum AB (publ) due to missed payments and Brazilian airline Azul S.A due to a distressed exchange.