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Emerging Markets

Fitch Ratings is the leading provider of Emerging Market research, with its sector dashboards, APAC “Watch” reports, Latin America Corporate Credit Indicators, and “What Investors Want to Know” series providing the latest and most comprehensive analysis and statistics by country/region.

Thinking of Being Rated?Emerging Markets Weekly Recap

01Insights

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China Perspectives

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China Perspectives is a podcast series covering the latest credit market and economic developments from China, featuring a range of experts from both within and outside of Fitch Ratings.

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Emerging Markets Weekly Recap

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The Emerging Markets Weekly Recap newsletter compiles Fitch Ratings’ research and commentary, as well as rating actions, for the Emerging Markets sector.

Emerging Markets

Quarterly Frontier Markets Recap

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At the end of each quarter, Fitch publishes an in-depth recap covering the most important rating actions, commentary and research on Frontier Markets. Sign up to receive the latest analytical insight, commentary, and opinions directly to your inbox.

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Fitch Wins Five Rating Agency of the Year Awards

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Fitch Ratings has been named as the 2022 Investment Grade, Public Finance and Sovereign Rating Agency of the Year in the Asia-Pacific (APAC) region by The Asset. The agency was also recognised as the best rating agency for asset-backed securities in Europe. Sustainable Fitch, a separate ESG ratings and research firm of Fitch Group, won the ESG rating agency of the year award.

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Fitch Wins Two Key 2022 Sustainable Investment Awards

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Fitch Ratings has been named the most transparent credit rating agency (CRA) for ESG for the fourth successive year by key industry publication "Environmental Finance" in its 2022 Sustainable Investment Awards. Fitch has won the award each year since it was established in 2019. At the same time, Sustainable Fitch was also recognized by Environmental Finance with an award for ESG research of the year for fixed income, its first industry award since its launch in 2021.

Outlook 2023

Global Economic Outlook

Global growth is showing near-term resilience but with core inflation remaining stubbornly high, central banks will have to continue tightening policy in the coming months.

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02Webinars

Our Approach

Criteria

Criteria explain our forward-looking ratings approach. Criteria reports identify rating drivers and assumptions, and highlight the scope and limitations of our analysis.

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03Podcasts

04Videos

India’s Bank Operating Environment Boosted as Economic Risks Recede

India’s Bank Operating Environment Boosted as Economic Risks Recede

Nearshoring is a Multi-Year Tailwind for Mexican Corporate Credits

India’s Retail Central Bank Digital Currency Project Makes Headway

Pressure from LGFV Debt Varies Across Chinese Banks

Small Chinese Banks Continue to Face Credit Profile Pressure

2023 Global Mining Sector Outlook Changed to Neutral from Deteriorating

2023 Global Housing and Mortgage Outlook Mid-Year Update

China’s LGFVs May Issue More Infrastructure REITs

Evolving Role of China’s Central SOEs May Influence Credit Profiles

Economic Backdrop Remains Supportive for APAC Banks

APAC Semiconductor Makers Can Ride Out Current Cyclical Downturn

China’s Manufacturing Investment Growth Slows; Infrastructure Stays Strong

APAC Cross-Border Bond Market Size to Contract Further in 2023

Vietnam's Banking Sector Liquidity Crunch Eases

China’s Evolving Financial Holding Companies Regulation Curtails Risks

Growth in Cross-Border E-Tailing to Diversify Revenue for Some Chinese Corporates

Indian NBFIs’ Buoyant Risk Appetites Could Carry Long-Term Risks

Signs of Stabilising in China’s Property Market, but Not All Will Benefit

Higher Rates May Erode Coverage for APAC's Lower-Rated Corporates

China’s Financial Regulatory Overhaul Aims to Bridge Regulatory Gaps

CEE Integrated Utilities Resilient to Volatile Energy Markets, Cost Pressure

China Preserves Fiscal Support to Safeguard Economic Recovery

APAC Banks Resilient to Risks Highlighted by US Bank Failures

Indian Banks' Improving Financial Performance Supports Intrinsic Creditworthiness

Banking Access Key for China's Private Developers Amid Sector’s High Bond Maturities

EMEA Non-Bank Financial Institutions’ Refinancing Risk is Modest in 2023

2023 LATAM Spotlight - Corporates’ Refinancing and Liquidity Risks

China 2023 Growth Forecast Revised Up to 5%

Indonesia’s Annual EV Sales to More than Double to 5% in 2023

China’s New Financial Stability Law to Curb Contagion Risk

Credit Outlook 2023 - Middle East Banks’ Neutral Outlook Reflects Solid Economic Conditions

China’s Reopening Lifts Tourism Recovery Prospects in APAC Economies

ASEAN Bank Asset Quality Risks Mitigated by Economic Growth

Credit Outlook 2023 - Global Mining Sector Outlook Weakens on Reduced Profits, Cashflow

Credit Outlook 2023 - Outlook Improving for EMEA Utilities in 2023

Credit Outlook 2023 - Continued Domestic Growth, Adequate Liquidity Support APAC Emerging-Market Fincos

Credit Outlook 2023 - Deteriorating Outlooks on Half of APAC Corporate Sectors Amid Weaker Macro Backdrop

Credit Outlook 2023 - Chinese LGFVs Carry Local and Regional Governments' Fiscal Pressure

Credit Outlook 2023 - APAC Transportation Infrastructure Remains Resilient Despite Rising Risks

Credit Outlook 2023 - APAC Tech Deteriorating Amidst Global Economy Risks in 2023

Credit Outlook 2023 - Global Oil & Gas Sector’s Profits are High Despite Windfall Taxes

Credit Outlook 2023 - Neutral 2023 Global Autos Outlook Pent Up Demand Offsets Macro Risk

Credit Outlook 2023 - Developed and Emerging Europe Finco Outlook Deteriorating as Rates Rise Funding Tightens

Credit Outlook 2023 - Asia-Pacific Power Demand Growth to Stabilise, Energy Transition to Continue

Credit Outlook 2023 - APAC Sovereigns to Face Risks from Slowing Global Growth in 2023

Recurring Defaults Expose Chinese CMBS Weaknesses

Credit Outlook 2023 - Chinese Auto Loan ABS and RMBS to Largely Withstand Economic and Sector Headwinds

Credit Outlook 2023 - Government Support Key to Restoring Market Confidence in China Property Sector

Credit Outlook 2023 - APAC Banks Broadly Steady Despite Economic Headwinds in 2023

Credit Outlook 2023 - APAC Telcos’ 2023 Leverage to Remain Stable, Despite High 5G Capex

Credit Outlook 2023 - Growth and Funding Costs Weigh on 2023 Sovereign Outlook

EMs Closer than DMs to Restoring Pre-Pandemic Fiscal Positions

Indonesia’s JETP May Accelerate Energy Transition

Vietnam’s Policy Tightening Heightens Property Sector Refinancing Risk

China’s Local Governments Will Resort to Incremental Debt Funding

China’s Support Measures for Property Sector Have Mixed Implications

China’s Large Banks to Maintain Stable Performance Despite Rising Risks

Higher Corporate Renewable Power Purchases in India to Benefit Key Stakeholders

ESG Will Increasingly Influence Insurers’ Strategies

Rapid Unwind of Supply Chain Disruption Cuts Goods Inflation

Fitch on Africa - South Africa ’s Public Finances Explained

Fitch on Africa - South Africa’s Sovereign Rating Update

Fitch on Africa - South Africa’s Sovereign Rating Scenario Analysis

Risk to India’s Sovereign Rating from External Pressures is Limited

China’s Latest Easing Policies May Not Revive New Home Sales

2022 Virtual Investor Series - China RMBS

China’s Population Flows to Pressure Some Local Governments’ Financials

Energy Crisis to Weaken CEE Growth in 2023

OPEC+ Actual Oil Output Fall to be Lower than Production Quota Cuts

Indonesian Homebuilders’ Leverage to Rise on Slowing Presales and Weaker Currency

A Shift to Clean Energy Will Tighten Metals Markets

Key Takeaways from the 2022 International Reinsurance Conference in Monte Carlo

APAC Bank Regulators Lean Towards Conservative Crypto Approaches

Sustained Fall in APAC Sovereign Reserves Could Erode External Buffers for Some

China Provincial Government & SOEs Snapshot Series - Hebei Province and Local SOEs

China Accelerates NPL Resolution to Mitigate Risks at Smaller Banks

China Provincial Government and SOEs Snapshot Series - Zhejiang Province and Local SOEs

Chinese NPL Securitisations’ Performance to Face Economic Headwinds

Rise in Mortgage Defaults in China Raises Risks for Banks and Developers

Global Food Price Inflation Likely to Fall Sharply in 2023

EU Companies Still Face Gas Halt Risk Despite Nord Stream Restart

EM Banks’ Profitability Mitigates Economic Slowdown Risks

Chinese Corporate Credit Polarisation Persists Onshore Despite Liquidity Easing

China Provincial Government & SOEs Snapshot Series - Shanxi Province and Local SOEs

Indian Renewable Issuers Retain Refinancing Flexibility

APAC Sovereigns Vulnerable if China Sees Further Covid-19 Outbreaks

Non-European Emerging Markets Vulnerable to an EU Growth Shock

Apparel, Durable Goods Most Vulnerable to Climate Risk Within Retail

Indian Banks to Weather Near-Term Pressure from Rate Hikes

India Macroeconomic and Sovereign Outlook

High Oil Prices, Relocation Support UAE Real Estate Recovery

Demand and Government Policies Drive Growth of China's Health Insurance Market

China Property - Grey Funding Channels

2022 Mid-Year Outlook - Sovereign Sector Outlook Revised to Neutral from Improving on Ukraine War Impact

Macro Risk May Overtake Regulatory Risk for Chinese Tech Firms

India’s Fintech Regulation Set to Tighten Further

2022 Mid-Year Outlook - APAC Corporate Sector Outlooks Shift Amid Global Shocks

2022 Mid-Year Outlook - Inflation, Rate Rises, Stagflation Undermine Sector Outlooks

2022 Mid-Year Outlook - Global Corporates are Adequately Equipped to Weather Risks in 2022

Chinese Digital Economy’s Industrial Penetration Set to Rise

China’s Property Developers Use JV as a Funding Channel, Including Complex Structures

Indonesian Homebuilders’ Cash Flows to Moderate on Rising Costs, Slower Pre-Sales

China Property Developers’ Grey Funding Channels - Reverse Factoring

China's Consumer-Focused Firms Face Varying Risks as Demand Weakens

EU’s Russian Oil Ban to Redirect Trade Flows, Prop up Prices

Chinese State Sector to Require More Debt to Fund Investment Goals

China Bank Risks to Rise on Covid-Related Disruptions

Supply-Chain ABS - A Unique Funding Source for China‘s Property Developers

Indian Renewable Power Generators Face Modest Gains from Spiking Power Demand

Macro Policy and Performance Key Tests for New Philippine President

China 2022 Growth Forecast Cut Amid Covid-19 Outbreaks

Higher Fuel Costs Could Test Resilience of India ABS Transactions

What Investors Want to Know - Chinese Corporates’ Post-Default Recovery

Russia Sanctions Create Divestment Challenges for EM ETFs

China Provincial Government & SOEs Snapshot Series - Henan Province and Local SOEs

European Airlines’ Recovery Dampened by Russia-Ukraine Conflict

Fitch Expects Significant Economic Shock to CIS+ Region from War in Ukraine

China Loosens Fiscal Policy to Support Slowing Economy

Growing Crypto Mining Could Affect Energy Markets

Russia-Ukraine Conflict Raises Risks for Some Emerging Markets

Chinese Developers’ Funding

Latin American Corporates Top 10 What Investors Want to Know 2022

Stronger Dollar Remains a Risk for Emerging-Market Sovereigns

China’s New Rules for Large MMFs Could Reduce Systemic Risk

Growing Crypto Engagement Carries Risks for SE Asian Banks

2022 Credit Outlook - Economic Recoveries Drive Global Financial Sector Outlooks in 2022

2022 Credit Outlook - Base Metals Demand Growth Supports Global Mining Sector Outlook

2022 Credit Outlook - Financial Discipline Supports Global Oil Gas Sector Outlook

SME and Microfinance Stress to Raise NPLs for Indian NBFIs

2022 Credit Outlook - Policy Tightens but Sovereigns Outlook for 2022 is Improving

2022 Credit Outlook - LatAm Banks See Credit Expansion, Manageable Credit Losses in 2022

China Property Stress Scenario Points to Contagion Risk

2022 Credit Outlook - China LGFVs - Government Policies to be a Key Focus

2022 Credit Outlook - APAC Corps Neutral Outlook Overall, China Property Worsening

2022 Credit Outlook - Return of Confidence Key to Stability for Chinese Property Developers

2022 Credit Outlook - Asia-Pacific Sovereigns - Gradual Turn to Policy Normalisation

2022 Credit Outlook - China Structured Finance Performance May Deteriorate in 2022

2022 Credit Outlook - APAC Banks' Earnings Improvements Continue at a Varying Pace

2022 Credit Outlook - Moderate Recovery, Challenges Remain for APAC Tech in 2022

2022 Credit Outlook - Latin American Corporates Well Positioned for Challenges Ahead

2022 Credit Outlook - APAC Power Demand and Energy Transition to Accelerate

2022 Credit Outlook - Low Headroom for APAC Telco’s Ratings, Improvements Modest

China Provincial Government & SOEs Snapshot Series - Yunnan Province and Local SOEs

Fitch Ratings is the Market Leader in India

China Property Tax May Add to Near-Term LRG Cash-Flow Strains

Chinese Coal, Steel and Cement Firms to See Further Consolidation

Effects of Historic Drought Vary Across Brazilian Corporates

Emerging Markets Central Banks Respond to Inflation Shock

China Provincial Government & SOEs Snapshot Series - Jiangsu Province and Local SOEs

Young Buyers, Online Sales Drive Growth of China’s Local Brands

LatAm Banking Systems Tested by Political and Social Unrest

China Water Sector Blue Book

China’s SOEs to See Greater Differentiation of State Support

Fitch Ratings is the Market Leader in Vietnam

External Liquidity Strains Ease in Some APAC Frontier Economies

Regulatory Risk a Key Factor Influencing Chinese Internet Issuers’ Credit Profiles

Central Bank Digital Currencies May Disrupt Financial Systems

China’s Fintech Evolves on Fast Track, Diversified Applications

Tighter Regulation to Trim China Household Lending Growth

FitchCast Middle East - Regional debt capital market trends and outlook

‘Taper Tantrum Two’ Risk

Awareness and Confidence Key Challenges for Islamic Finance Growth

FitchCast Middle East - Fitch's Insights & Ratings Approach on Regional Infrastructure Credit

LATAM Spotlight Series: New Cross-Border Issuers Span Multiple Sectors and Countries

Latin America Sovereign Rating Pressures Persist into 2021

Fitch Ratings 2021 Outlook - APAC Banks

Coronavirus Dominates Global Sovereigns 2021 Outlook

Indonesia’s Reform Package Boosts Growth Prospects

Coronavirus Not the Only Challenge for Corporate Ratings

Coronavirus Spurs Material Increase in LATAM Corporate Fallen Angels

Fitch Cast Middle East - Fitch’s GRE Methodology and Application in the GCC Corporate Sector

Coronavirus Impact on Asia-Pacific Telecoms and Technology

Coronavirus Derails Home Price Growth

China’s Shift to E-tailing Picks Up After Coronavirus Outbreak

Investors and Corporates Perceive Future ESG Risks Differently

Latin American Corporates Hit Hard by Pandemic Lockdown

Corporates Face USD5 Trillion 2020 Revenue Loss from Crisis

Coronavirus Darkens Fiscal Outlook for MEA Sovereigns

Introducing IPF China Fitch Analytical Comparative Tool (FACT)

LATAM Telecoms May Cut Capex Due to Coronavirus-Related Cash Burn

Extended Production Cuts to Raise LATAM Metal & Mining Rating Risk

China Shadow-Financing Sector Faces Rising Asset Impairment

OPEC+ Deal Reduces Downside Risks, Surplus Not Eliminated

Political Concern and Refinancing Risks – Key Findings from the Fitch Ratings-FinanceAsia 2020 Asia Credit Market Outlook survey

Fitch Ratings – Preview of the Exclusive Interview with Finance Minister of Malaysia Lim Guan Eng

Global Sovereign Outlook 2020: Fitch’s View of the World

Global Sovereign Outlook 2020: Key Risks to Watch in 2020

Global Economic Outlook 2020: Fitch’s View of the World

Comparison between LGFVs in China and India (Part I)

2019 Global Banking Conference HK – Shadow Banking Risks in APAC

Fitch on Vietnam Forum

Fitch Ratings lead in APAC

FT-Fitch Global Banking Conference - The negative outlook across Latin America

Fitch on Indonesia 2019: (1 of 7) Election – A Promise of Reform for Indonesia to Grow Further

Fitch on Indonesia 2019: (2 of 7) Indonesia Economy – In Time of Volatile Global Economy

Fitch on Indonesia 2019: (6 of 7) 2019 Indonesia Budget Theme – HR Development, Competitiveness, Exports & Investment

Fitch on Indonesia 2019: (3 of 7) 2018 Indonesia Resilient Economy – Growth & Stability

Fitch on Indonesia 2019: (7 of 7) Further Reform in 2019 – Optimise Economic Growth Momentum

Fitch on Indonesia 2019: (5 of 7) Tax Reform – Balance Between Collecting Tax Revenue and Improving Investment Climate

Fitch on Indonesia 2019: (4 of 7) Fiscal Policy – Support Robust Economic Growth

Fitch on Indonesia 2019

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Fitch Solutions

Fitch Connect

Excel at managing your credit risk, gain deeper insights into the debt markets and get comprehensive macroeconomic intelligence using the Fitch Connect platform.

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China Blue Books

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These in-depth reports provide insight into key credit aspects of Chinese corporate sectors, including Corporate Bond Markets, Big Five Independent Power Producers, the Power Sector, and Automotive Sector.

05Sector Analysts

Shelly Shetty
Sovereign Ratings
Head of Americas & APAC
+1 212 908 0324 |

Thomas Rookmaaker
Sovereign Ratings – APAC
Senior Director
+852 2263 9891 |

Paul Gamble
Sovereign Ratings - Emerging Europe
Senior Director
+44 20 3530 1623 |

Jan Friederich
Sovereign Ratings
Head of EMEA
+852 2263 9910 |

Todd Martinez
Sovereign Ratings
Co-Head of the Americas
+1 212 908 0897 |

Toby Iles
Sovereign Ratings – Middle East & Africa
Senior Director
+852 2263 9832 |

06Business Contacts

Aymeric Poizot
Global Head of
Investor Development
+33 1 44 29 92 76 |

Frank Laurents
Investors
Senior Director | Global Strategist - Investor Outreach
+1 212 908 9127 |

Helen Wong
Investor Development – APAC
Senior Director
+852 2263 9934 |