In this episode of Moody’s Talks – Emerging Markets Decoded, Ariane Ortiz-Bollin of the Global Emerging Markets team joins host Scott Phillips to discuss the 2023 outlook for emerging market credit conditions, with a focus on governments, companies and banks.

Related research:

• 2023 Outlook - Negative credit conditions leave weaker debt issuers exposed

In this episode of Moody’s Talks – Emerging Markets Decoded, Ana Rayes of the ESG team joins host Shirin Mohammadi to discuss the potential social ramifications of climate action, and explore the relative readiness of emerging market sovereigns for a socially just carbon transition. 

Related research:

• Sovereigns' readiness for a “just transition” varies, as does associated credit impact
• Governments have made policy progress toward net zero, but energy crisis will complicate implementation

In this episode of Moody’s Talks – Emerging Markets Decoded, Samar Maziad of the Sovereign team joins host Ariane Ortiz-Bollin to discuss the credit implications of Brazil’s recent presidential elections for the sovereign, banks and companies.

In this episode of Moody’s Talks – Emerging Markets Decoded, Thaddeus Best of the Emerging Markets team joins host Scott Phillips to discuss how tight financial conditions and capital outflows from emerging markets are affecting lower-rated issuers’ ability to refinance maturing international bonds.

In this episode of Moody’s Talks – Emerging Markets Decoded, Christian Fang of the Sovereign team joins host Shirin Mohammadi to discuss the fiscal and social implications of a sustained period of high inflation and interest rates globally for non-investment-grade emerging market sovereigns.

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

• Non-Investment-Grade Sovereigns – Global Headwinds raise credit pressures
• Currency depreciation highlights a range of risks across the rating spectrum

In this episode of Moody’s Talks – Emerging Markets Decoded, Olivier Chemla and Petter Bryman of the Sovereign team join host Ariane Ortiz-Bollin to discuss which Central and Eastern European countries are most at risk of stagflation and how such a scenario would impact sovereign credit profiles.

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

• Credit-negative stagflation scenario now more likely in the EU, but country-specific exposures vary
• Looming gas crisis intensifies credit pressures for Europe’s most exposed sovereigns
• Government of Romania – Baa3 stable Regular update 
• Government of Hungary – Baa2 stable Regular update
• Government of Poland – A2 stable Update following rating affirmation, outlook unchange
• Government of Slovakia – A2 negative: Update following outlook change to negative, rating affirmation

In this episode of Moody’s Talks – Emerging Markets Decoded, Madhavi Bokil of the Credit Strategy and Research team joins host Shirin Mohammadi to discuss the latest update to Moody’s global macroeconomic outlook, with a focus on G20 emerging markets. Plus, Kathrin Muehlbronner and Gabriel Torres of the Sovereign team do a deep dive into Turkiye and Argentina – two of the largest emerging markets facing extraordinarily high levels of inflation. 

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

• Global growth slackens as tighter financial conditions permeate the economy
• FAQ on external position, and economic and fiscal outlook
• Unorthodox monetary policy fuels high inflation in Argentina and Turkiye, but key differences remain
• Economic outlook dampens as financial conditions deteriorate

In this episode of Moody’s Talks - Emerging Markets Decoded, Thaddeus Best of the Global Emerging Markets team and Anushka Shah of the Sovereign team join host Ariane Ortiz-Bollin to discuss the resilience of most emerging markets to tightening financial conditions, as well as the implications for reform prospects in lower-income countries.

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

• Most EMs will avert debt crisis but frontier markets are exposed to turning credit cycle
• Some lower-income economies have strengthened their credit quality through a range of policies

In this episode of Emerging Markets Decoded, Ada Li and Roxana Munoz of the Infrastructure and Project Finance team join host Thaddeus Best to discuss how climate change is undermining green and conventional power generation.

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

• APAC power utilities’ credit quality under pressure from rising physical climate risks
• Hydropower development will peak in 2022; environmental risks limit expansion

In this episode of Emerging Markets Decoded, Leroy Terrelonge of the Cyber Risk team and Gabriel Torres of the Sovereign team join host Shirin Mohammadi to discuss rising cyber risks for emerging markets and recent attacks on Costa Rica’s government.

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

• Government of Costa Rica: FAQ on the sovereign credit implications of recent cyberattacks
• Government of Costa Rica: Cyberattack disabling key government services is credit negative 
• Cyber Risk – Global: Broad sanctions against Russia raise risks of financially motivated cyberattacks 
• Global – Cyber Risk: Russia-Ukraine tensions increase cyber risks across regions, asset classes
• Cyber Risk – Global: Cyber risk survey of issuers finds growing investments, but gaps in preparedness