Far too many people hide bad news from their superiors and then don’t share the credit when praise is given. The problem with this is that your manager will never trust you and your team will never respect you.
Instead, share the negative news up the chain and the great news down the chain to your peers and subordinates.
One Moore Thing: If all your team hears is bad news, it will either kill their motivation or force them to see you as a complainer. In case you didn’t know, neither of those are good outcomes.