The immediate impact was managed through our existing emergency response plans and was led by our top emergency response team, the Diamond Group, formed of members of the Executive Committee and core functional heads and facilitated by the Group Safety Director and Group Security Director. On 1 April 2020 Fitch Ratings confirmed that it had maintained its long-term Issuer Default Rating (IDR) for the Group at BBB- while changing its outlook to negative from stable. All of our businesses benefited, and continue to benefit, from contractual (First Student and First Transit), or direct fiscal support from governments. The Group has a diversified funding structure with average debt duration at 31 March 2020 of 3.3 years (2019: 4.3 years) which is largely represented by medium-term unsecured committed bank facilities and long-term unsecured bond and private placement debt. Includes discontinued activities
Of particular relevance, the UK Government is exploring how to implement mandatory climate-related financial disclosures by 2022, based on recommendations from the Task Force on Climate-related Financial Disclosures (TCFD). It also includes a £250m undrawn bridging loan entered into in March 2020 for the redemption of the £350m bond that matures in April 2021. We followed our usual risk management process throughout the year (as explained on page 62) and the key principal risks and uncertainties (including how they have evolved since last year) are set out on pages 63 to 68. The Group has developed a risk appetite framework which informs the business on the Board's appetite for certain risks and informs risk assessment. The risks listed are not all of those highlighted by our risk management processes and are not set out in any order of priority.
The Directors are responsible for preparing the Annual Report and the Group and parent company financial statements in accordance with applicable law and regulations. The Directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company's website. Most Recent Annual Report 2019 Annual Report Firstgroup plc has reached its limit for free report views. 25 September 2020. Form of Proxy and Notice of Availability for the 2019 AGM. Under company law, the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.
e. Includes borrowings. Enquiries:Faisal Tabbah, Head of Investor RelationsStuart Butchers, Group Head of CommunicationsSilvana Glibota-Vigo, Deputy Company SecretaryTel: +44 (0) 20 7291 0505, Legal Entity Identifier (LEI): 549300DEJZCPWA4HKM93. Further details of the Directors’ review and assessment of those risks and their determination regarding going concern are set out on pages 72 to 73.
In the US, a federal stimulus package signed into law on 27 March 2020 (‘CARES Act’) provided substantial funding to the states, municipal and local authorities (including school boards) to sustain critical transportation and educational services and support businesses and their employees.