Credit rating actions related to environmental, social, and governance (ESG) factors fell 44% in 2023 versus 2022, largely due to the ongoing decline in COVID-19-related risks. The corporates and infrastructure sector and U.S. public finance retained their leads in ESG-related positive and negative rating actions, respectively. The dominant factor in both positive and negative ESG-related rating actions was health and safety, overtaking risk management, culture, and oversight as the top factor behind negative rating actions by a slight margin (48 versus 44 in 2023). Governance factors continued to play a meaningful role, accounting for over 40% of ESG-related rating actions, while climate transition risk remains a limited, albeit growing, rating action factor.