During Q1 2024, rating actions were up 10% quarter-on-quarter to 161, comprising 81 affirmations, 49 upgrades, and 31 downgrades. The affected tranches related to 33 transactions, representing 6.9% of rated ABS and RMBS. Stable credit performance and transaction deleveraging triggered most upgrades. We reviewed 18 ABS and 119 RMBS transactions--26% of our total rated ABS and RMBS universe--through rating actions and annual review surveillance process.