Europe's heavy reliance on energy imports is creating a stark divide in the global credit market, with the prolonged Iran conflict exacerbating financial strains. Companies with robust energy supplies or alternative suppliers are gaining credit advantages, while energy-import-dependent firms face rising borrowing costs and tighter lending terms. European utilities and manufacturers are particularly vulnerable, as volatile energy prices disrupt cash flows and investment plans. This divergence reflects a broader risk shift where energy security becomes a critical credit rating factor, forcing investors to reassess exposure to energy-dependent economies.