We continuously review all our rated European CMBS transactions. In 2024, we took rating actions on 15 CMBS transactions. Rating actions were mainly affirmations (50.9% of the classes reviewed), followed by downgrades (31.9%), and upgrades (17.2%). We downgraded one ‘AAA (sf)’-rated class of notes by one rating category to ‘AA (sf)’ considering that the transaction's credit quality had weakened due to the worsening credit quality of a few of its key office tenants.