The weak economic outlook for 2024 will test banks' business volumes, asset quality, and financing conditions. Positively, earnings for most banks will continue to benefit from high interest rates. "Our outlook for the global banking sector for 2024 is for continuing ratings stability," said S&P Global Ratings credit analyst Gavin Gunning. "We see limited potential for upside ratings momentum but several key risks that could negatively affect bank ratings should a downside scenario emerge outside our base case," Mr. Gunning said.