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Emerging Markets

Emerging markets encompass regions with significantly diverging fundamentals and a broad range of credit challenges—from persistent inflation and tightening financing conditions to sluggish domestic demand and geopolitical tensions.

EM Radar

Leveraging our expansive credit coverage, EM Radar spotlights S&P Global Ratings’ authoritative, forward-looking insights on the largest and most relevant emerging markets across the globe in a monthly newsletter.



Climate Finance In Lower-Income Countries

Low- and lower-middle-income countries are most vulnerable and least ready to adapt to climate change—yet receive the least amount of investment to transition their economies and build resilience to physical climate risks.


Monthly Highlights

U.S. Policy Shifts Dampen Investor Sentiment

High unpredictability in U.S. trade policy and rising concerns over U.S. growth increase downside risks for emerging market (EM) economies. While more tariff announcements are expected in the coming weeks, the uncertainty alone is likely to dampen investment

The macroeconomic impact of U.S. tariffs on aluminum and steel imports starting March 12 on most economies is likely to be limited, although certain sectors and firms will be affected. Aluminum prices rose in February due to pre-tariff stockpiling; however, we expect the rise in prices to be temporary.

Reciprocal tariffs are expected to take effect on April 2. Asian EMs, with trade surpluses and wider tariff differentials with the U.S. face greater risk, while most of Latin America (LatAm) and EM Europe, the Middle East, and Africa (EMEA) are less exposed due to trade deficits and smaller tariff gaps.

Risky credits kept on refinancing their upcoming maturities, buoyed by tight spreads and anticipating potential future market turmoil, given ample U.S. policy uncertainty and the limited space for further monetary easing by local central banks. Rated maturity wall looks manageable, peaking in 2027 with $3.6 billion, mostly in LatAm.

Benchmark yields diverged as financial risk becomes idiosyncratic. Corporate spreads were relatively stable in the month contributing to solid--although decelerating bond issuance--mainly unrated. Market activity was strong in Saudi Arabia, Mexico, and Thailand, and anemic in Brazil. Trade tariffs, in the form of recent impositions and threats, represent the main source of downward risk for financing conditions.

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Credit Research & Insights

We deliver forward-looking, actionable insights on market-moving trends and their effects on credit—leveraging our proprietary data, analytical expertise, and cross-discipline approach. Our research includes ratings analyses, risk assessments, and credit market forecasts.






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Our regional and global Credit Conditions Committees—and the research publications we produce—provide financial market participants around the world with an essential resource for identifying and understanding prevailing and potential credit risks.



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Our economists are responsible for developing the macroeconomic forecasts and risk scenarios used by S&P Global Ratings' analysts during the ratings process, as well as leading key cross-sector and cross-divisional research projects.


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