A temporary truce between the US and Iran is contingent on the reopening of the Strait of Hormuz, but disruptions to global supply chains, energy markets, oil prices and various sectors are still risks to credit quality. In our latest episode of 'Credit Currents', taped hours before the news broke, we discuss the ways geopolitical shocks ripple through sectors, whether there could be an impact on issuer ratings or outlooks, and why some sectors like defense are less affected. Host: Chandra Ghosal, Vice President, Senior Credit Officer, Moody’s Ratings Guest: Nick Hill, Global Head of Credit Strategy and Guidance, Moody’s Ratings Related Research: - Geopolitical risk – Global – Prolonged disruption in the Middle East would have global credit implications 26 March 2026 (https://www.moodys.com/research/Geopolitical-risk-Global-Prolonged-disruption-in-the-Middle-East-would-Sector-In-Depth--PBC_1477460) - Corporate default rate would likely rise if Middle East conflict is prolonged 26 March 2026 (https://www.moodys.com/web/resources/en/us/insights/data-stories/default-trends-february-2026.html) - Sovereigns – Global: Middle East shock will test sovereigns with limited credit buffers 8 April 2026 (https://www.moodys.com/research/PBC_1478936) Listen: - Apple Podcasts: https://podcasts.apple.com/gb/podcast/credit-currents-moodys-ratings/id1524293080 - Spotify: https://open.spotify.com/show/6zwovuEpg7Q7mDHZMw6UJC © 2026 Moody’s Corporation and/or its licensors and affiliates. All rights reserved. Go to www.moodys.com/pages/globaldisclaimer.aspx for complete legal terms and conditions governing use of Moody’s information made available in this video.

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