In 2024 we expect issuance activity to remain high, while mortgage origination stays muted. Stable credit quality will continue to help covered bond programs maintain their current ratings. Our ratings outlook on covered bonds remains stable, despite geopolitical tensions, market turbulence, the economic slowdown, and deteriorating asset performance. Overcollateralization should absorb any increase in losses, and unused notches of uplift in the ratings reduce the risk of covered bond downgrades even if there are downgrades among issuers.