Covid-19 may slow the pace of the transition, but it will continue
The rating agency's downside scenario for the global economy would impact a wide swath of ratings
Banks' balance sheets growing rapidly as Covid-19 response ramps up
The rating agency has cut forecasts due to longer, more painful lockdowns
Weaker, more exposed banks are at greatest risk
Economic disruption comes amid record high debt levels
Recreation, retail and resource sectors look most exposed
The delay gives banks the flexibility to deal with the Covid-19 crisis
The pandemic's impact surpasses the rating agency's previous expectations
GDP forecasts slashed, worldwide contraction possible