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���������ֳ�' outlook change for the water and sewer sector to neutral from deteriorating reflects the stabilization of business conditions over the past 12 months, allowing for greater certainty in 2024 with respect to budgeting capital and operating costs. Although headwinds related to general inflationary pressures have eased, they have led to a “new normal” operating environment whereby utilities sectorwide have had to account for higher costs. Positively, the rates of increase related to chemical, labor and power costs have normalized and are now generally in line with expected revenue rates of increase. The distribution of Rating Outlooks across the portfolio is predominantly Stable and most utilities retain headroom for absorbing higher costs and increased capital spending. ���������ֳ� expects limited rating changes in 2024; however, a narrowing of financial margins is possible as capital programs increase.