Fitch Ratings published heatmaps on 20 March illustrating potential exposures by sector of rated issuers to an adverse macroeconomic case featuring average 2026 Brent crude oil prices of USD100/bbl, lower global growth, increased inflation, tighter financial conditions and lower equity markets compared to our USD70/bbl base case. Even with the prospect of US-Iran negotiations, the adverse scenario is sufficiently material and the risk of it occurring is now sufficiently high for us to signal, via rating Outlook revisions or Rating Watches, credits that would be downgraded under this scenario. [....]