We use an integration approach. The fixed interest team has found that while the financials of a company give an indication of current credit quality, other factors need to be taken into account in order to determine its sustainability. Governance considerations are important, and environmental and social considerations are starting to play a bigger role in our credit assessment process. We therefore incorporate ESG considerations as inputs into determining a borrower assessment rating. Both qualitative and quantitative measures are considered in our Moody's Risk Analyst tool. ESG considerations affect the qualitative measures used as inputs. By incorporating ESG scoring and using it as a risk-management tool, we believe we are in a better position to invest in issuers where current credit quality is more sustainable. Inclusion of ESG factors also highlights certain risks that are not traditionally considered. We now focus specifically on ESG related risk factors when we meet with management teams.