India (BBB-/Stable), Indonesia (BBB/Stable), Malaysia (BBB+/Stable) and the Philippines (BBB/Stable) all have strong external buffers relative to peers from other regions and solid medium-term growth prospects, says Fitch Ratings. Thailand’s (BBB+/Negative) growth is likely to be weaker, in part reflecting a lagging tourism recovery, but its external finances are stronger. The sovereigns generally have weaker governance and public finance metrics, with low revenue ratios constraining credit profiles. Fiscal room to respond to shocks has fallen over the past decade, even as four of the five sovereigns retain Stable Outlooks. [....]