There has been no global improvement on average. The average quality of governance worldwide has remained stagnant.

However, the ratings on NTPC are constrained by the weak credit quality of its customers. A substantial improvement in the credit profile of its customers, accompanied by continuity of its current credit protection parameters, may result in an improvement in the outlook or the ratings.

Personally, I can think of no faster path to a worldwide recession than for the twin engines of the global economy - the United States and China - to turn against one another.

Our strong fourth-quarter earnings results reflect the solid growth of our portfolio and the quality of our new investments.

The impact of capital markets wasn't all negative, and they saw solid improvement in credit quality in their commercial business.

'There's been a general improvement in infrastructure, health facilities and elements such as the quality of goods and services and recreation for China overall.