Exposures to physical climate risks in many companies' value chains can lead to--and possibly compound--vulnerability to operational and financial risks, if unaddressed. Companies may be underestimating their exposures to physical climate risks if they fail to consider value-chain exposures in their risk analyses. In turn, they may also be underestimating potential operational and financial impacts. Sectors such as agribusiness, consumer (food), and autos, which rely heavily on more climate sensitive upstream sectors, exhibit the highest value-chain exposures, under a slow climate transition scenario (SSP3-7.0). However, all sectors inherit at least some physical climate risk exposures from their value chains. We consider evolving climate risks in our credit analysis. Intensifying climate hazards, such as rising sea levels and changes in rainfall patterns, may transform industries and business processes.