Credit Currents - Moody's Ratings

In this episode of Moody’s Talks – Emerging Markets Decoded, Christian de Guzman and Elisa Parisi-Capone from the Sovereign team join host Thaddeus Best to discuss how Russia’s military conflict with Ukraine is affecting Commonwealth of Independent States (CIS) sovereigns, as well as what stress tests on borrowing costs, exchange rates and capital flows tell us about the sovereigns most exposed to heightened risk aversion.

Related content on Moodys.com (some content only available to registered users or subscribers): 

• Sovereigns – Commonwealth of Independent States: Sharp recession in Russia poses immediate sustained risks to CIS credit quality
• Sovereigns – Global: Frontier, oil-importing MENA sovereigns are most exposed to an extended funding shock
• Emerging Markets – Global Russia-Ukraine shock amplifies pandemic-led credit deterioration for many sovereigns

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In this episode of Moody’s Talks – Emerging Markets Decoded, Steve Wood from the Corporates team joins host Ariane Ortiz-Bollin to discuss how the Russia-Ukraine conflict is affecting the global oil and gas sector, and what this means for carbon transition. Plus, Adrian Garza from the Project and Infrastructure Finance team discusses how a major policy shift in Mexico’s energy sector will delay the move to cleaner energy, weighing on the sovereign, companies and banks.

Related content on Moodys.com (some content only available to registered users or subscribers): 

• Oil & Gas – Global: FAQ on how ESG considerations affect energy sector credit quality 
• Carbon Transition – Mexico: Policy shift will dampen private investment, delaying country’s path to cleaner energy

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In this episode of Emerging Markets Decoded, Mickael Gondrand of the Sovereign team joins host Shirin Mohammadi to discuss the credit implications of rising food prices for emerging and frontier markets. Plus, Thaddeus Best of the Global Emerging Markets team discusses the reasons why emerging markets are more likely to be able to withstand tightening global financial conditions than in the past.

Related content on Moodys.com (some content only available to registered users or subscribers): 

• Sovereigns – Emerging & Frontier Markets: High food prices will exacerbate macroeconomic challenges, raise social risks; Middle East & Africa most exposed
• Emerging Markets - Global: Financial Conditions Monitor: March 2022 
• Credit Conditions – Global Five areas to watch as the US Federal Reserve embarks on a rate-hike cycle

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In this episode of Emerging Markets Decoded, Olivier Chemla of the Sovereign team joins host Thaddeus Best to discuss the potential credit implications of central bank digital currencies. Plus, Jaime Reusche of the Sovereign team discusses the risks associated with El Salvador's adoption of Bitcoin as legal tender, and its upcoming Bitcoin bond issuance.

Related Reports

Government of El Salvador: Bitcoin bond issuance carries significant risks for potential investors and conventional bondholders

Central bank digital currencies offer sovereigns opportunity to improve policy effectiveness and economic performance

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In this episode of Emerging Markets Decoded, Madhavi Bokil of the Credit Strategy team joins host Ariane Ortiz-Bollin to discuss new risks to the global macroeconomic outlook from the Russia-Ukraine conflict. Plus, David Rogovic of the Sovereign team discusses the credit implications of less economic scarring from the pandemic.

Related content on Moodys.com (some content only available to registered users or subscribers): 

• Russia-Ukraine crisis injects new risks into global economic outlook
• As COVID crisis recedes, global economy downshifts toward trend growth
• Energy ties raise risks, but credit impact from limited Russia-Ukraine conflict is low
• Stronger economic recovery will reduce but not eliminate scarring for most sovereigns

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In this episode of Moody’s Talks – Emerging Markets Decoded, Evan Wohlmann and Petter Bryman of the Sovereign team, and Olga Ulyanova of the Financial Institutions team join host Thaddeus Best to discuss the credit implications of rising tensions between Western countries and Russia over the latter’s military buildup on its border with Ukraine. 

Related content on Moodys.com (some content only available to registered users or subscribers): 

• Sovereign – Russia & Ukraine: FAQ on heightened tensions and an outright conflict between Russia & Ukraine
• Banks – Russia: Russian banks' proprietary investments lose value as geopolitical risks rattle markets
• Sovereigns – Europe: Energy ties raise risks, but credit impact from limited Russia-Ukraine conflict is low
• Banking System Outlook Update – Russia: Outlook changed to stable as economic recovery supports asset quality, profitability

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In this episode of Emerging Markets Decoded, Thaddeus Best from the Credit Strategy and Research team and Alexander Perjessy of the Sovereign team join host Ariane Ortiz-Bollin to discuss the credit implications of the decline in foreign direct investment flows across emerging markets. Plus, they discuss how growing global commitments to carbon transition will increase credit risks for hydrocarbon-reliant sovereigns.

Related content on Moodys.com (some content only available to registered users or subscribers): 

• Emerging Markets – Global FDI flows to emerging markets face structural headwinds, weighing on growth potential
• Sovereigns – Hydrocarbon exporters Strengthening global commitment to carbon transition increases longer-term credit risks

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In this episode of Moody’s Talks – Emerging Markets Decoded, Ruosha Li from the Credit Strategy & Research team, Barbara Mattos from the Corporates team and Ana Rayes from the ESG team join host Thaddeus Best to discuss the gap in emerging markets’ climate financing needs and sources, as well as the rising social and environmental risks that deforestation poses to businesses in Brazil.

Related content on Moodys.com (some content only available to registered users or subscribers): 

• Sovereigns – Emerging markets - Concessional and market-based financing vastly undershoots climate-resilience funding needs 
• Corporates – Latin America & Caribbean - Deforestation intensifies reputational risk for companies operating in Brazil

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In this episode of Moody’s Talks – Emerging Markets Decoded, Lillian Li from the Credit Strategy & Research team and Lina Choi from the Corporates team join host Shirin Mohammadi to discuss how China’s common prosperity framework and new antitrust regulations will shape the credit outlook for the sovereign and businesses. 

Related content on Moodys.com (some content only available to registered users or subscribers): 

• Government Policy – China - 'Common prosperity' agenda will create transition risks, with longer-term benefits if well implemented 
• Technology Services – China - Antitrust regulations limit market-share expansion and reduce earnings growth

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Aurelien Mali of the Sovereign team and Jorge Rodriguez-Valez of the Credit Strategy team discuss the outlook for Sub-Saharan African sovereigns and African banks as they grapple with the pandemic’s lasting effect on the region’s economies. 

Related content on Moodys.com (some content only available to registered users or subscribers): 

• Sovereigns – Sub-Saharan Africa - 2022 outlook negative amid fragile recovery, persistent external risks and limited scope for adjustment
• Banks – Africa - Problem loans will deteriorate moderately with limited impact on capital for most African banks

© 2026 Moody’s Corporation and/or its licensors and affiliates. All rights reserved. Go to www.moodys.com/pages/globaldisclaimer.aspx for complete legal terms and conditions governing use of Moody’s information made available in this video.

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