“We believe measures to contain Covid-19 have pushed the global economy into recession and could cause a surge of defaults among non-financial corporate borrowers. As the situation evolves, we will update our assumptions and estimates accordingly, ” S&P said.
PETALING JAYA: The total and permanent income loss for Asia-Pacific stemming from Covid-19 is estimated at US$620bil, according to S&P Global Ratings in an updated estimates report.
The income loss will be distributed across sovereign, bank, corporate and household balance sheets.
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