Geopolitical risk remains the top concern for European fixed-income investors, says Fitch Ratings in a new report.

The rating agency’s latest survey of European investors finds that they continue to see geopolitics as the biggest threat to credit markets over the next 12 months. Tighter monetary policy ranks second.

“Various factors are likely to have kept geopolitics at the forefront of investors’ minds, including Brexit, Europe’s busy election calendar and the support for populist and eurosceptic parties, and concerns about a more protectionist U.S. administration,” the Fitch report says says.

“U.S. policy predictability has diminished under the Trump administration and the potential for disruptive changes to trade relations has increased,” it says. Fitch also notes that while there are elements of the new U.S. agenda that could be positive for growth, “the present balance of risks points toward a less benign global outcome.”

As for the other big political surprise of the past year, the Brexit vote, the report says the investors are “cautiously optimistic” about the negotiations for the U.K. to leave the European Union. It adds that 47% expect a “mutually acceptable” agreement to be reached within the next two years that includes a deal to allow continued access to the single market. Another 29% expect a Brexit deal without a transition agreement; and, 18% see the U.K. leaving without any deal.

The survey reflects the views of investors that manage an estimated €5.8 trillion of fixed-income assets, Fitch says.