
Moody's Talks - Emerging Markets Decoded
Moody’s experts from around the globe and external guests join hosts Scott Phillips and Vittoria Zoli discuss macro, financial and credit trends shaping the world of emerging markets. Published by Moody’s Investors Service.
Latest episodes

Nov 16, 2022 • 18min
Negative global credit conditions will weigh on weaker emerging market debt issuers in 2023
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

Nov 9, 2022 • 11min
Emerging markets with stronger governance, diversified economies best placed to achieve a socially “just transition”
Ana Rayes, a member of the ESG team at Moody's, sheds light on the socioeconomic impact of the carbon transition in emerging markets. She discusses the challenges posed by rising energy prices and the complexities of implementing clean energy solutions. Rayes emphasizes the importance of a 'just transition' that protects vulnerable populations and fosters job creation. Evaluating the readiness of different sovereigns, she highlights that countries like Mauritius and Uruguay are better positioned, while Nigeria and Angola face significant hurdles.

Nov 4, 2022 • 15min
Brazil’s close election outcome will limit Lula’s ability to implement material policy changes
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.

Oct 26, 2022 • 19min
Emerging market companies face high refinancing risk as tight financial conditions persist
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.

Oct 19, 2022 • 15min
Lower-rated emerging markets face social, fiscal risks as credit cycle turns
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 pressuresCurrency depreciation highlights a range of risks across the rating spectrum

Sep 28, 2022 • 15min
Stagflation risks rise for European emerging markets
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 varyLooming gas crisis intensifies credit pressures for Europe’s most exposed sovereignsGovernment of Romania – Baa3 stable Regular update Government of Hungary – Baa2 stable Regular updateGovernment of Poland – A2 stable Update following rating affirmation, outlook unchangeGovernment of Slovakia – A2 negative: Update following outlook change to negative, rating affirmation

Sep 14, 2022 • 18min
G20 emerging market growth outlook dims; Argentina, Turkiye grapple with high inflation, low monetary policy credibility
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 economyFAQ on external position, and economic and fiscal outlookUnorthodox monetary policy fuels high inflation in Argentina and Turkiye, but key differences remainEconomic outlook dampens as financial conditions deteriorate

Aug 31, 2022 • 22min
Most emerging markets will avert debt crisis, but frontier markets exposed to turning credit cycle
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 cycleSome lower-income economies have strengthened their credit quality through a range of policies

Aug 17, 2022 • 14min
Heatwaves undermine renewable energy production, utilities in Asia-Pacific and Latin America
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 risksHydropower development will peak in 2022; environmental risks limit expansion

Aug 3, 2022 • 14min
Costa Rica cyberattacks highlight key risk area as emerging markets move toward digitization
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 cyberattacksGovernment 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 classesCyber Risk – Global: Cyber risk survey of issuers finds growing investments, but gaps in preparedness