The resurgence of COVID-19 in Europe over the winter has led governments to further extend and amend most of their emergency support measures, some as far as to the end of December 2021, to minimize structural damage to economies. Credit support alone will not be sufficient to protect credit quality in sectors most disrupted by the pandemic, as our liquidity scores for rated companies illustrate. Official support is therefore shifting from the provision of liquidity toward restoring balance-sheet strength for companies that are able to generate growth and employment over the longer term.