1. Rating agencies (Moody's, S&P and Fitch) have historically reported corporate/sovereign ratings and were used intrinsically by the business community. Are such ratings still valid for the business community to use accordingly within a post-COVID world?
2. The loan recovery rate is the amount of money retrieved upon default, expressed as a per cent of the gross exposure. Over the next five years do you expect recoveries from loan defaults to increase or decrease? Give reasons to support your view.