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
Weaker, more exposed banks are at greatest risk
Global investment banks' strong capital positions are expected to hold
One-third of ratings actions in 2019 involved ESG considerations
Economic disruption comes amid record high debt levels
Recreation, retail and resource sectors look most exposed
A strong balance sheet provides capacity to absorb a large negative shock
The rating agency predicts a recovery will be seen later in 2020
The pandemic's impact surpasses the rating agency's previous expectations