Approximately 10% of total rating actions across U.S. public finance were associated with ESG factors from April 2020 through September 2024. Health and safety accounted for 62% of the ESG-related rating activity, which is no surprise given the influence of COVID-19-related risks. Of the total rating actions related to social risks, health and safety factors were cited in 94% of cases. Health and safety factors--most often cited due to COVID-19 lockdown measures and mobility limitations around the world--affected the transportation and higher education sectors most in U.S. public finance, with 96% and 92% of ESG-related rating actions, respectively.