There were 36 rating actions related to environmental, social, and governance (ESG) factors in the third quarter, with negative actions materially outweighing positive ones by four to one. Governance factors remained the primary driver in the quarter, representing 89% of ESG-related rating actions. Risk management, culture, and oversight was also still the main underlying factor with 17 actions. U.S. public finance continued to be the sector with the most ESG-related rating actions, although decreasing to 21 from 24 in the second quarter for a year-to-date total of 66 (or 58% of ESG-related rating activity for all practices this year). S&P Global Ratings is currently reviewing information from issuers affected by hurricanes Helene and Milton, which hit the Southeastern U.S. in recent weeks, to assess any related rating impacts.