Getting a debt relief organised without credit ratings downgrades is like making an omelette without breaking any eggs, says Patrick Bolton (Columbia Business School & CEPR). Even without a debt standstill, rating downgrades are to be expected, so they should not be a deciding factor in negotiations. Recorded during a CEPR / LSE IGA / SPP webinar on: Born Out of Necessity: A Debt Standstill for COVID-19, 7 May 2020