Agencies observed that their most important decision resulting from the risk assessment process was whether to provide export credit cover to a country or not. Every agency was off cover altogether for some countries where the stance of policies, the track record, and the external environment appeared to offer little prospect that the country would be in a position to service new loans on commercial terms. However, almost every agency covered in this study was on cover for political reasons for some countries for which cover would not be made available if the outcome of the risk assessment process had been the only determinant of cover policy.