In this complex environment, Coface revised downwards the evaluation of 19 countries, including 16 in Europe - Germany, Spain, France and the United Kingdom in particular - and made only 2 revisions upwards (Brazil and Angola). At the sectoral level, the number of downward revisions (76 in total, as opposed to 9 upward revisions) highlights the spread of these successive shocks across all sectors, both energy-intensive ones (petrochemicals, metallurgy, paper, etc.) and those that are more directly linked to the credit cycle (construction).