Irrespective of the duration of military hostilities, sanctions and related political risks are likely to remain in place for some time. Potential effects could include dislocated commodities markets--notably for oil and gas--supply chain disruptions, inflationary pressures, weaker growth, and capital market volatility. As the situation evolves, we will update our assumptions and estimates accordingly. See our macroeconomic and credit updates here: Russia-Ukraine Macro, Market,&Credit Risks. Note that the timing of publication for rating decisions on European issuers is subject to European regulatory requirements. Our stable outlook on SFHT's core members reflects our view that the German savings banks (to which SFHT itself is a core member) are well placed to withstand our base-case assumptions of adverse economic effects,
