We continuously review all rated European CMBS transactions. In 2023, we took rating actions on all of the transactions that we rate (excluding credit tenant leases). Rating actions were mainly affirmations (66.0% of the classes reviewed), followed by upgrades (19.6%) and downgrades (14.4%). We downgraded five out of the 24 'AAA' ratings to the 'AA' category. Rating action severities were -1.4 notches and 2.9 notches for downgrades and upgrades, respectively. The U.K. CMBS sector accounted for the most affirmations (111, or 86.7% of all affirmations), reflecting stable credit performance. We rated two new CMBS transactions, and one existing transaction had a tap issuance. The two new transactions have properties in the U.K. and consist of logistics assets. We withdrew ratings on 26 tranches in eight transactions, mainly due to redemption and refinancing.