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���������ֳ�’ 2024 sector outlook for North American finance and leasing companies (FLCs) is deteriorating as the challenged macroeconomic backdrop impacts negatively on credit performance and weighs on growth opportunities. For commercial- focused FLCs, demand for leasing products is expected to remain sound, driven by a continued scarcity of lease assets (notably in the aircraft and automotive sectors) as well as sustained inflationary cost pressures, which make asset ownership comparatively less attractive. While geopolitical tensions may lead to capital markets volatility, the direct business impact is typically limited to sub-sectors with global fleets, including container and aircraft leasing, and also varies by issuer based on underlying portfolio mix.