In tackling a solvency and liquidity analysis across various global industries affected by COVID-19 shutdowns, PGIM Fixed Income’s credit research team of more than 100 analysts conducted a scenario analysis that segmented the respective industries into one of three buckets: minimal impact, material impact, or severe impact. The paper concludes with a sample, summary analysis of industries at the wings of the impact—U.S. energy and retail from the severely-impacted bucket as well as U.S. money center banks and U.S. and European telecom from the minimally impacted segment.