The sudden decline in oil prices and the rapid spread of the novel coronavirus (COVID-19) will have negative effects on ratings of institutions and countries, Moody’s said in a statement on Monday.

The global rating agency said the rapid spread of the coronavirus around the world has led to a deteriorating economic outlook, low oil prices and upheaval in financial markets worldwide, generating an unprecedented credit shock across many sectors around the world.

Although monetary easing by central banks and associated fiscal policy initiatives are expected to help relieve some of the pressures on liquidity, it is anticipated to

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