In our inaugural triple-net lease ABS newsletter, we discuss rating performance and credit trends, as well as our 2024 outlook. Throughout 2023, we took various rating actions on our rated North American triple-net lease ABS transactions, including 14 upgrades, 19 downgrades, and 60 affirmations. Delinquencies/vacancies increased in 2023 in some portfolios, which we partially attribute to tenant bankruptcies and consumers cutting back on discretionary spending. We expect the trend to continue into 2024.