The number of rating actions related to environmental, social, and governance (ESG) credit factors decreased by nearly two-thirds to 13 in April, down from 38 the previous month. Furthermore, positive rating actions outweighed negative actions for the first time since June 2022. Governance factors led, with six rating actions, followed by social factors with five, and environmental factors with two. Transparency and reporting was the reason for half of all rating actions related to governance factors in April. The majority of April's ESG-related rating actions came from the corporates and infrastructure sector, of which three quarters were positive.