The North American midstream energy industry's credit quality continued to strengthen in 2022 and showed its resilience in the face of a volatile year for global commodity markets. Regional conflict and commodity price volatility highlighted the value of the industry's assets and capabilities. Energy security remains top of mind in 2023 and the continent's energy infrastructure will be an important link for global markets in the midst of continued economic uncertainty. Midstream companies are generally well contracted and have solid financial positions, which we believe will enable them to withstand these risks. Capacity constraints in the Permian and Appalachian basins present potential challenges for downstream demand centers and price stability, but also opportunities for midstream growth in the next 12-18 months.