Affected by the US-Iran war, Fitch's international credit rating lowered the global sovereign credit outlook for 2026.

Fitch Ratings stated in a mid-year outlook report that due to the impact of the US-Iran war, the global sovereign sector outlook for 2026 has been downgraded from "neutral" to "deteriorating." The agency stated, "We expect this conflict to weaken GDP growth, increase inflation and bond yields, and exacerbate geopolitical risks." However, the agency also noted that the resilience of the global economy and financing conditions in recent times have mitigated these risks. The agency stated that strong AI-related exports are providing support for many sovereign countries in the Asia-Pacific region, but the region's economies have a high energy consumption intensity and rely on oil and gas imports through the Strait of Hormuz.