There were 31 ESG-related credit rating actions in June, including seven downgrades and six upgrades. Social factors drove 55% of last month’s ESG-related credit rating actions, and 30% and 15% were driven by governmental and environmental factors, respectively. This year through June, about half of the close to 320 ESG-related rating changes were health and safety related (social), with one quarter driven by governance and the other quarter by environmental considerations.