In its rating report, Capital Intelligence considered Covid-19 to represent a temporary but severe shock to most economies and expected that the pandemic to peak during Q2 2020 with restrictions on movement and air travel to be gradually unwound beginning in early Q3 2020. This in turn should allow economic activity and financial conditions to begin to return to normal by Q4 2020. The short- and longer-term impacts on individual economies and on individual companies within these economies will vary considerably.