Table 5.
Market-based PD under market cap scenarios.
| Manufacturing | Utilities | Mining, Construction, and Chemicals | Wholesale and Retail | Agriculture, Forestry, and Fishing | Services | |
|---|---|---|---|---|---|---|
| Base Case End of 2019 | ||||||
| Max | 0.3181 | 0.2103 | 0.2365 | 0.2598 | 0.2233 | 0.1845 |
| Average | 0.1208 | 0.0601 | 0.1252 | 0.0515 | 0.0315 | 0.0558 |
| Decline in Market Cap by 15% | ||||||
| Max | 0.5003 | 0.4172 | 0.3122 | 0.3384 | 0.3131 | 0.2310 |
| Mean | 0.1572 | 0.0790 | 0.2473 | 0.1252 | 0.0570 | 0.1082 |
| Decline in Market Cap by 30% | ||||||
| Max | 0.8042 | 0.7854 | 0.4353 | 0.5865 | 0.4952 | 0.2421 |
| Mean | 0.2792 | 0.1367 | 0.3872 | 0.1981 | 0.1058 | 0.1524 |
| Decline in Market Cap by 45% | ||||||
| Max | 0.9264 | 0.8641 | 0.6599 | 0.6281 | 0.7786 | 0.3656 |
| Mean | 0.3773 | 0.1969 | 0.5681 | 0.2875 | 0.1608 | 0.1862 |
Authors’ calculation.