During Q1 2025, rating actions were down 9% quarter-on-quarter to 144, primarily due to fewer upgrades (49, compared to 64 in the previous quarter). Affirmations increased to 86 from 82 due to new issuances from existing platforms/trusts, which led to the affirmation of the outstanding notes. Downgrades decreased to nine from 13 quarter-on-quarter. The affected tranches related to 29 transactions, representing 6% of our rated ABS and RMBS universe. We reviewed eight ABS and 96 RMBS transactions--23% of our total rated ABS and RMBS universe--through rating actions and our annual review surveillance process.