If it applies to individual companies, it must also apply to the industry as a whole, to the sector. You would shift your priority from one company to the next if you found that there was a greater risk incurred as a result of poor financial performance. Given that we now don't do that anymore, let me ask a specific question about the macro look of the industry, of the sector.
If the civil aviation industry is under pressure because of the economic downturn, would it be your assertion that this overall negative economic pressure could affect the risk not just to a particular company, but to the whole civil aviation sector as well, with the tide raising or lowering all boats, as it were?