Containment measures to stem the COVID-19 pandemic have pushed the world’s largest economies into near-hibernation. While China shows early signs of re-emerging from this, Europe and the U.S. aren’t yet past the viral peak. We have also yet to see the full impact on vulnerable emerging markets. Combined with historical collapse in oil prices, and record volatility in the markets, this put significant pressure on creditworthiness around the world. Industries most exposed to the dramatic drop in global demand and much tighter financing conditions have experienced the most downgrades so far.