Two FMs, Ethiopia and Suriname, have been downgraded so far this year, while three others saw their Outlooks improve: Iraq and Cameroon to Stable from Negative, and Vietnam to Positive. However, 9 out of 30 Fitch-rated FMs included in JPMorgan’s NEXGEM index are still on Negative Outlook, while 7 are rated below ‘B-’, where no Outlook is assigned. This compares to 8 Negative Outlooks and 3 ratings below ‘B-’ at end-2019, reflecting the fragile state which many FMs still find themselves in. DOWNLOAD
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