Total rating actions related to environmental, social, and governance (ESG) factors decreased to 12 in November from 16 in October, with negative actions continuing to outpace positive ones. Governance factors remained the primary driver, with eight rating actions. U.S. public finance was the sector with the most ESG-related rating activity (eight actions) in November, seven of which were negative, with four driven by risk management, culture, and oversight. The first sovereign ESG-related rating action since December 2021 occurred in November, as the Republic of Bulgaria's outlook was revised to positive from stable due to other governance factors; specifically, the country's potential accession to the EU.