Data and scenario analysis show that almost all subnational regions outside the U.S. could become hotter and drier by 2050, and some may see more frequent extreme flood events. Almost all non-U.S. subnational regions face rising exposure to climate hazards but the magnitude differs by hazard and region. Without adaptation investments, this could increase credit risks for some governments. Climate data can help inform our analysis, but this alone won't necessarily lead to rating actions. Such data may provide a starting point to help inform discussions with management and our forward-looking credit opinions.