Topics addressed include the rationale for the several positive rating actions recently taken on certain airlines and airline issue-level ratings, our expectation for continuing favorable industry conditions (namely for the U.S. network carriers), and rating stability expected for aircraft lessors. Outlooks for most North American airlines are stable despite our expectation for further improvement in credit measures in 2024. Airline industry conditions have historically been highly cyclical and booking visibility into next year is limited, but several positive post-pandemic trends could become structural.