Investor-placed securitization issuance for September 2023 was €14.9 billion--up more than 75% on the same month in 2022 and one of the largest monthly totals since the financial crisis. Overall year-to-date issuance of €66 billion was still down at end-September, but now by less than 5%. European benchmark covered bond issuance has been robust throughout the year, reaching €147 billion year-to-date by the end of September 2023. In September 2023, we raised 18 of our ratings on European securitization tranches across a wide mix of sectors, including auto ABS, RMBS, CMBS, and SME CLOs. There were only two downgrades in a single U.K. buy-to-let RMBS transaction.