Describe your approach to integrating ESG into traditional financial analysis.
ESG has been added as an assessment criteria as we undertake corporate bond research. We systematically include the information as part of our process in evaluating the risks of a company, and include the result of our assessment in our company notes. The result of our assessment is incorporated into our spread forecast with other risk factors. We take the same approach to ESG integration whether the company is in the financial or non-financial sector.