Global defaults surpassed 2019 levels in the first five months of 2020
Pandemic pressure on provincial finances drives the shift
Economists say Fitch's rating was driven by forces affecting most economies, not just Canada
How countries and companies cope is increasingly important to investors
Covid-19's massive effects on government finances drive the rating cut
Tougher government requirements could upend the economics of P3 projects
A slow recovery could drive credit losses that pressure insurers
Government supports due to Covid-19 will erode finances worldwide, rating agency says
Long-term effects depend on whether governments address underlying social trends
The rating agency's downside scenario for the global economy would impact a wide swath of ratings