The spread of coronavirus is slowing economic growth significantly, affecting a bigger swath of North American companies. More than 60% of North American non-financial companies we rate are highly or moderately exposed to the effects of the outbreak today, compared to 45% in our first heat map published 16 March. Non-food retail is now considered highly exposed, while the homebuilding, steel, real estate, and advertising sectors are now moderately exposed.

The economic and trade disruption caused by the coronavirus outbreak is spreading from the APAC region to the rest of the world.  View Moody's latest analysis on our specially created topic page. 

The two-notch rating downgrade reflects our expectation that private creditors will likely incur substantial losses in the current government debt restructuring process. The economic and financial shock stemming from the coronavirus outbreak has compounded the Argentinean government’s funding stress, forcing it to reduce payments on its debt obligations over the coming years.

Newly passed federal support legislation, including grants and loans, affords a clearer path for US airlines to manage through the current unprecedented operating environment, with its sharp decline in passenger demand. The payroll protection grants will be a relief valve for airlines' monthly cash use, but the size of the benefit will vary by airline based on each airline's payroll as a percentage of total cash use.