Credit fundamentals in emerging market sovereigns have deteriorated markedly over the past seven months, according to an unusually literary* report released on Monday by Standard & Poor’s.
The report - titled “The Race is Run; the Runner Spent” - notes S&P has downgraded 10 of its universe of 43 emerging market sovereigns in the last six months, including one default. The rating agency also “worsened the outlook without a downgrade” on another ten; nearly half the group now has a negative outlook, compared with less than a fifth in late September.
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