I am downgrading BlackRock Debt Strategies Fund to a 'Sell' as worsening debt markets and unsustainable payouts erode its value proposition. DSU trades at a small premium to NAV, but its 12.1% yield is unsupported by earnings, risking a significant dividend cut by 2027. With 86% of assets below investment grade and 15.7% leverage, the fund faces heightened default and NAV erosion risks if rates rise.