Frontier market ratings continued their overall upward momentum during the third quarter, as positive rating actions outnumbered negative actions by a ratio of 3:1, registering the first two upgrades since 4Q19. However, with a worsening of balance sheets due to the pandemic in many countries, new Covid surges and preexisting structural weaknesses, the road ahead is still uncertain, evidenced by the fact that about half of all Fitch-rated frontier markets remain on Negative Outlook or are rated below ‘B-’, where no Outlooks are assigned. READ MORE
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