While the future looks uncertain across many market sectors, credit recovery might be the most ambiguous and difficult to judge. Lingering concerns around leverage and the increasing number of BBB-rated companies have now been amplified by falling incomes and growing corporate and fiscal debt. How dependent is the current market outlook on continued central bank purchases? And are there specific sectors and regions that offer opportunities, or does the current crisis require an idiosyncratic approach that cannot be narrowed down at a macro level?