During Q2 2024, rating actions were up 19% quarter-on-quarter to 192, comprising 133 affirmations, 17 downgrades, and 42 upgrades. While affirmations exceeded last quarter’s total (81), downgrades almost dropped by half (from 31), and upgrades decreased slightly (from 49). We reviewed 34 ABS and 98 RMBS transactions--28% of our total rated ABS and RMBS universe--through rating actions and our annual review surveillance process.