About encoding quality in HLS

In the context of HLS, content is encoded into multiple resolutions following Adaptive Bitrate (ABR) principles. I am interested in understanding the specifications regarding the resolutions, bitrates, and overall quality at which these files are encoded, with a particular focus on bitrate. In other words, I would like to know to what extent there might be a degradation in quality from the original video, specifically in terms of bitrate. Could you please provide insights into the approach to encoding quality in HLS within Cloudflare Stream?