S&P Global Ratings believes there is a high degree of unpredictability around policy implementation by the U.S. administration and possible responses--specifically with regard to tariffs--and the potential effect on economies, supply chains, and credit conditions around the world. As a result, our baseline forecasts carry a significant amount of uncertainty. As situations evolve, we will gauge the macro and credit materiality of potential and actual policy shifts and reassess our guidance accordingly (see our research here: spglobal.com/ratings). We believe U.S.-based novelty gift and Halloween retailer SSH Holdings Inc. ?s (Spencer Spirit) exposure to tariff risk is elevated due to its significant product sourcing from China and other international countries as well as the highly discretionary nature of its business. Although
