Moody's regards the coronavirus outbreak as a social risk under its ESG framework, given the substantial implications for public health and safety. Today's action reflects the impact on the companies of the breadth and severity of the shock, and the broad deterioration in credit quality it has triggered, Moody's said. The review for downgrade decision considers that demand for new vehicles will come down meaningfully over the coming months, especially in the EMEA and North American markets. This is likely to extend through the early summer at least, with a reasonable recovery from the low points commencing then. Our current assumptions are that global demand will shrink by about 14 per cent for all of 2020, and can be down in the range of 30 per cent for the second quarter, Moody's said.