What Does That Mean for Credit Ratings?

There are far-reaching implications, one that we just discussed already on the geopolitical balance here. And the second point, which is really important, is this shift in paradigm around energy. We've seen the increase in energy prices, which we think are going to last in 2024 and remain high day after. So, really that strategy for governments corporate really taking into account these three dimensions. There's also this obviously implication at the macro and financing conditions leverages to make it short,. higher energy prices, fit into higher inflation and push central banks to high cracks.