• Upgrades equaled downgrades last week, at eight each, including two sovereign upgrades, on Laos and Nicaragua. Health care also recorded two upgrades, reflecting EssilorLuxottica’s stronger business profile and Convatec’s sustained profitable growth.• Downgrades were led by consumer products, with three, and also included one new fallen angel, Luxembourg-based metals and mining company Nexa Resources S.A. on weaker importance to its new parent.• We recorded one default last week: Getty Images Inc., a U.S.-based visual content creator, was downgraded to ‘D’ after Chapter 11 bankruptcy filing.
