The Impact of the Global Financial Crisis on Emerging Markets

In our second scenario, when we look at a milder recession in the US, it was more akin to 1991. The combination on weekend demand, deteriorating industry conditions coupled with low credit growth had a large and negative impact on property, capital goods, and also commodities-driven corporates. Property and commodity sectors registered the highest ratings drift. For what concerns rating trends, the ratio of downgrades to upgrades almost reached two to one in emerging Europe. On the other hand, issuers in APAC and Latham were relatively more resilient. Do you think the tourian? Well, the short answer is no. I understand that it is tempting to draw polluters between the current period and the