During Q3 2024, rating actions were up 52% quarter-on-quarter to 291, driven primarily by a rise in affirmations to 203, compared to 133 in the previous quarter. Downgrades remained consistent with the previous quarter at 18, slightly up from 17, while upgrades increased significantly to 70 from 42. The affected tranches related to 31 transactions, representing 7% of our rated ABS and RMBS universe. Several affirmations related to legacy U.K. nonconforming transactions' senior and mezzanine classes of notes, which have a counterparty rating cap.