I think your first point is an accurate one, that the ratings agencies really aren't concerned about why a borrower gets into a situation; they're just looking at the end result.
We've already seen that during the worst of the pandemic, some ratings have already come under question. There actually have already been some sovereign downgrades in the last month or so. Certainly, Canada's not immune on this front. I'm sure the ratings agencies will take a long look at every sovereign borrower because of the dramatic changes we've seen in fiscal policies.
The one thing I would point out is that we have seen significant deteriorations in government finances right around the world as a result of this.