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EMEA Emerging Markets Sovereign Rating trends midyear 2021

EMEA Emerging Markets Sovereign Rating trends midyear 2021

Seven of the 53 emerging market (EM) sovereigns we rate in EMEA carry negative outlooks, down from 12 at end-2020. No sovereign rating is on positive outlook.

The average rating in EM EMEA is at a historical low, reflecting pandemic-related effects on reserve adequacy, fiscal fundamentals, and growth. Nevertheless, on a GDP-adjusted basis, rating trends in EM EMEA have stabilized.