Global investment-grade credit continues to "walk the walk" despite a slight deterioration in Q4 as slower growth and higher interest rates bite. A heathy volume of rising stars, coupled with a healthy number of entities on positive outlook/CreditWatch, signals that rating performance should remain relatively strong in 2024. Nonetheless, we are watching key areas of potential stress including U.S. and European homebuilder and real estate companies and Bermuda-based re/insurers amid wider concerns regarding geopolitical tensions.