Economic disruption comes amid record high debt levels
Recreation, retail and resource sectors look most exposed
The delay gives banks the flexibility to deal with the Covid-19 crisis
The pandemic's impact surpasses the rating agency's previous expectations
GDP forecasts slashed, worldwide contraction possible
Covid-19 effects dragging down revenues, raising credit loss expectations
Outbreak effects that were absent in Q1 will dictate banks' performance in 2020
Efforts to combat the economic fallout are likely to weaken government finances
Extraordinary policy actions give banks and markets time to adjust to the pandemic's effects
The outbreak is hurting the global economy — and oil prices in particular