Total rating actions related to environmental, social, and governance (ESG) factors held steady at eight in January--the same as the month before--with negative actions continuing to outpace positive ones. Governance factors remained the primary driver, with all eight citing risk management, culture, and oversight as the primary ESG factor. U.S. public finance was the sector with the most ESG-related rating activity (four actions) in January, all of which were negative. Half of January's ESG-related rating actions cited multiple factors rather than just one factor, which is atypical compared with 2023 trends.