In this week's summary of ratings views: Data centers are a bright spot for real estate given soaring AI-related demand. Rates may be falling, but floating-rate debt is still a concern for weaker credits. Negative ESG-related rating actions outweighed positive by four to one in Q3. Also: updated metal price assumptions, how corporate Japan is on a firm footing, EM vulnerability to oil prices, how China's property prices could stabilize in the second half of 2025, and why China's auto sector will be a survival of the fittest.