The exposure of U.K. rated nonfinancial corporates to domestic economic woes is modest, with only 23% of revenues sourced at home. The U.S. alone accounts for 22%. Nevertheless, should political and market volatility persist, concerns for financial stability may grow and U.K. risk premiums may see a structural rise. In the near-term, ratings pressure is most likely to be felt in domestic consumer-focused sectors such as retail, consumer products, and real estate. Financing conditions remain difficult, with debt more expensive and less accessible. Even so, nonfinancial corporate refinancing needs are modest through 2023.