We have updated our assessment of the global Q2 2023 results season for rated nonfinancial corporates. which is now 90% complete. Quarterly EBITDA year-over-year growth has fallen sharply, declining 9%, and is down 2% at an annual rate. Revenues are growing annually, but also experienced a quarterly decline. Margins continue to compress and interest cover ratios continue to weaken. Cash interest payments continue to surge, rising 22% annually, up from 15% in Q1. Median effective interest rates for single 'B' category rated entities are nearing 6% in North America and Europe.