Credit Currents - Moody's Ratings
Join Moody’s Ratings’ analysts every other Thursday as they break down the biggest stories in credit and why they matter.
Episodes
Why Canada May Rethink Its Global Trade Strategy
A raft of new US tariffs on Canadian goods has come into effect, raising questions about whether Canada can withstand the economic fallout from tensions with its key trading partner. Trade is sure to be top of mind in October, as Canadian Prime Minister Mark Carney prepares to meet with top European Union officials at a summit in Montréal. We speak with Moody’s Ratings’ lead analyst for
Why Patent Cliffs Are Fueling Pharmaceutical M&A
Pharma M&A is on track to exceed $160 billion this year, its highest level since before the pandemic. With $300 billion of revenue exposed to patent expirations over the next five years, drugmakers are turning to acquisitions to replenish pipelines and replace lost revenue. GLP-1 weight-loss drugs, along with oncology and neuroscience, key areas driving deal activity. Host: Chandra
Can the US power grid keep up with data center demand?
Data center growth is accelerating, but access to electricity is becoming a critical constraint. This episode of Credit Currents examines how utilities, developers and policymakers are adapting to unprecedented power demand driven by AI and cloud computing. Host: Patrick Ronk, Vice President, Moody’s Ratings Guest: Ryan Wobbrock, Senior Vice President, Moody’s Ratings Related Resear
AI, Jobs and Productivity: What the Data Is Really Showing
AI adoption is accelerating across businesses and workplaces, but its economic impact remains difficult to measure. In this episode of Credit Currents, we examine the disconnect between rising AI usage and labor market and productivity outcomes. What are the drivers behind the gap, lessons we can use from the dot-com era, and the key metrics investors should watch as AI investment continues to gro
Big Tech’s AI Spending Surge: What It Means for Credit Risk
AI may have begun as a technology race, but it is increasingly becoming a race for capital and infrastructure. As hyperscalers invest at unprecedented levels, a SpaceX IPO and potential offerings from OpenAI and Anthropic, are offering new insights into the financing needs, transparency and credit dynamics shaping the industry's next phase.
Host: Chandra Ghosal, Vice President, Moody’s Ratings
G
Next-Gen Payments and Digital Frontiers: Speed, Risk and Adoption
Instant, low-cost cross-border payments are moving closer to reality as blockchain, stablecoins and tokenization reshape financial infrastructure. This episode explores how distributed ledger technology can enable faster, more transparent transactions while improving liquidity management through automation and smart contracts.
Adoption remains gradual, with regulatory uncertainty, interoperabili
Why the K-Shaped Economy Threatens US Growth
Is the US economy increasingly dependent on high-income consumers?
In this episode of “Credit Currents,” Mark Zandi, Chief Economist at Moody’s Analytics, and Atsi Sheth, Chief Credit Officer at Moody’s Ratings, examine the reality of the K-shaped economy.
They explore how the top 20% of earners now drive roughly 60% of spending, while lower-income households face mounting pressure from rising cos
Private Credit: “Bad Vibes” and the Changing Conversation
Private credit has hit a speed bump in the US, where the market is rapidly pivoting from growth to stricter risk discipline.
At our flagship “Credit Frontiers” event, we sat down with Moody’s leaders to discuss what’s behind these “bad vibes” about private credit and what they’re hearing from market participants about the trajectory of the asset class.
Host: Giulia Calcabrini, Assistant Vice P
An Era of Pragmatic Transition: What’s Next for Energy Markets
What comes next for sustainable finance debt markets?
The energy transition’s momentum has shifted towards more pragmatic rationales, including energy security, sovereignty and critical supply chain resilience.
In this episode, we discuss why, despite headwinds arising from global trade tensions, Asia remains a contributing force for the “pragmatic transition”, the favorable conditions support
Stablecoins, Tokenization and the Future of Finance
Asset tokenization and digital money, including stablecoins, are moving from the margins of finance toward the core of market infrastructure, spurring banks and other market participants to adapt their approach to blockchain technology.
In this episode of Credit Currents, we explore why trust and regulation are central to adoption of tokenized assets, and how a gradual move in this direction co
Banking Rules are Changing: Here’s Why it’s Net Negative for Credit
There could be big changes coming to longstanding bank regulations. With earnings season heating up, the discussion over capital rules is back in focus.
Credit Currents is on the ground in Washington, D.C. as the world's top policymakers and regulators attend meetings with the World Bank, International Monetary Fund (IMF) and Institute of International Finance (IIF).
We unpack what looser ca
US-Iran Ceasefire: The Risks Affecting Credit Markets
A temporary truce between the US and Iran is contingent on the reopening of the Strait of Hormuz, but disruptions to global supply chains, energy markets, oil prices and various sectors are still risks to credit quality.
In our latest episode of Credit Currents, taped hours before the news broke, we discuss the ways geopolitical shocks ripple through sectors, whether there could be an impact on
Why Netflix is Still a Winner After Bidding War with Paramount
Streaming giant Netflix withdrew its bid for Warner Brothers Discovery on the eve of this year’s Oscars, but it doesn’t mean Paramount has won the battle for dominance over the media landscape. Regulators still must approve the deal, and Paramount’s offer comes with huge debt.
In this first episode of Credit Currents, a new video podcast series from Moody’s Ratings, we reveal the stakes at play
Introducing: Credit Currents, a new Moody's Ratings video podcast
Streaming giant Netflix withdrew its bid for Warner Brothers Discovery on the eve of this year’s Oscars, but it doesn’t mean Paramount has won the battle for dominance over the media landscape. Regulators still must approve the deal, and Paramount’s offer comes with huge debt.
In this first episode of Credit Currents, a new video podcast series from Moody’s Ratings launching on April 2, 2026,
Emerging market credit conditions will continue gradual, fragile improvement in 2025
Corporate and sovereign default rates are decreasing as GDP growth, slowing inflation and monetary easing aid debt management. But EMs face a number of credit risks including potential US tariffs.Guest: Vittoria Zoli, Analyst, Credit Strategy & Guidance, Moody’s RatingsHost: Colin Ellis, Managing Director, Credit Strategy & Guidance, Moody’s RatingsRelated Research:Emerging Markets – Global: 2025
How the US election could shape global credit conditions
In this joint Big Picture-Emerging Markets Decoded episode, our regional analysts highlight the key US policy areas to watch in Europe, Asia-Pacific and Latin America -- and discuss which economies and sectors could be at risk if policies were to dramatically change.Guests: Sarah Carlson, Senior Vice President, Sovereign Risk Group, Moody's Ratings; Gong Cheng, Managing Director, Credit Strategy,
Positive credit stories emerging in a handful of Sub-Saharan African countries
Institutional reforms, policy reversals, debt restructurings and the prospect of new hydrocarbon production are leading to gradual improvement in some sovereigns’ creditworthiness from weak levels.Guest: John Walsh, Analyst, Sovereign Risk Group, Moody's RatingsHost: Vittoria Zoli, Analyst, Credit Strategy & Guidance, Moody's RatingsRelated Research:Sovereign – Sub-Saharan Africa: Governance is ke
Geopolitical risk shapes creditworthiness for host of APAC governments
Risk exposure is highest for those directly involved in the region’s three main hotspots. But the knock-on economic effects of the tensions have the potential to hurt, or help, other APAC governments.Guest: Anushka Shah, Vice President - Senior Credit Officer, Sovereign Risk Group, Moody's RatingsHost: Vittoria Zoli, Analyst, Credit Strategy & Guidance, Moody's RatingsRelated Research:Sovereigns –
Corporate credit quality in India, Indonesia remains robust despite sectoral differences
India's large domestic market shields its companies from external shocks, whereas Indonesia's export-dependent commodity sector prompts government efforts to diversify growth.Guests: Rachel Chua, VP-Senior Analyst; Sweta Patodia, AVP-AnalystHost: Vittoria Zoli, Analyst, Credit Strategy & Guidance, Moody's RatingsRelated Research: Nonfinancial Companies – India and Indonesia: Credit quality will re
Latin American national oil companies face hurdles in reducing greenhouse gas emissions
Challenges include the region’s reliance on fossil fuels to meet energy demand amid population growth, the companies’ weak financials and governments’ reliance on revenue from oil and gas producers.Guests: Roxana Munoz and Carolina Chimenti, both Vice President - Senior Analysts, Corporate Finance Group, Moody's RatingsHost: Vittoria Zoli, Analyst, Credit Strategy & Guidance, Moody's RatingsRelate
Central bank push to tame inflation boosts credit quality of Turkish sovereign, companies
Rate hikes in Turkiye have slowed inflation, and confidence in the country’s currency is increasing. The sovereign’s creditworthiness is improving as a result, along with that of Turkish companies.Guests: Kathrin Muehlbronner, Senior Vice President, Sovereign Risk Group, Moody’s Ratings; Iker Ballestero Barrutia, Analyst, Corporate Finance Group, Moody's RatingsHost: Vittoria Zoli, Analyst, Credit
Kenya protests highlight transmission of social risk to sovereign creditworthiness
The opposition to proposed tax hikes impedes the government’s ability to increase revenue and reduce debt. Similar risks exist for other emerging market sovereigns too.Guest: David Rogovic, Vice President - Senior Credit Officer, Sovereign Risk Group, Moody’s RatingsHost: Scott Phillips, Head of Emerging Markets, Credit Strategy and Research, Moody’s RatingsRelated Research:Moody's Ratings downgra
Steady GDP growth continues for emerging markets, with wide variation by country
We have revised our aggregate EM forecast up slightly to 3.9% for 2024-25 to reflect faster-than-expected growth in some of the largest EMs so far this year. Disinflation continues but is slowing.Speaker: Madhavi Bokil, Senior Vice President, Credit Strategy at Moody's RatingsHost: Vittoria Zoli, Analyst, Emerging Markets at Moody’s RatingsRelated Research:Emerging Markets – Global: GDP growth sta
South Africa’s creditworthiness with a new coalition government
The creation of a coalition government following 29 May elections will likely support broad policy continuity and reforms, but the risk of government instability and ineffectiveness is significant.Guest: Aurelien Mali, Vice President-Senior Credit Officer, Sovereign Risk Group, Moody's RatingsHost: Scott Phillips, Associate Managing Director, Credit Strategy & Research, Moody's RatingsRelated rese
Views from Moody’s Global Emerging Markets 2024 virtual event
Moody’s Ratings experts discuss the fragile recovery and new threats in EMs, including macro conditions, default trends, credit risks for sovereigns and corporates, and bright spots.Host: Scott Phillips, Associate Managing Director, Moody’s RatingsRelated Research:Fragile recovery in EM credit conditions will continueEmerging Markets – Global: Local currency bond markets are growing fast, a credit
Frontier markets: higher risk, higher potential returns
Join Scott Phillips, head of EM at Moody’s Ratings, and Maciej Woznica, portfolio manager at asset management firm Coeli, for a tour of the least-developed emerging markets.Guest: Maciej Woznica, Portfolio Manager, CoeliHost: Scott Phillips, Associate Managing Director, Moody’s RatingsRelated Research:Gradual recovery in emerging market credit conditions will continue (infographic)
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Speculative-grade default rate for emerging market companies improves with macro conditions
The default rate will decline to 3.3% by the end of Q1 2025, far below the peak of nearly 15% at the end of 2022 which was driven by the Russia-Ukraine war and China’s property market woes.Guest: Yang Liu, Vice President - Senior Analyst, Moody's RatingsHost: Scott Phillips, Associate Managing Director, Moody’s RatingsRelated Research:Corporates – Emerging Markets: EM corporate default rate will f
Middle East: from geopolitical tensions to Islamic finance
Moody’s analysts discuss the increased risk for sovereigns from escalation of the Israel-Iran conflict, and then shift to the growing demand for Islamic finance.Guests: Christian Fang, Vice President – Senior Analyst, Sovereign Risk Group, Moody’s Ratings; Badis Shubailat, Assistant Vice President – Analyst, Financial Institutions Group, Moody’s RatingsHost: Vittoria Zoli, Analyst, Emerging Market
EM macro conditions are improving unevenly as GDP growth stabilizes and inflation slows
Growth will slow in 2024 then stabilize in 2025 in most emerging markets. We have raised our forecasts for Asia, Central-Eastern Europe, the Middle East and Africa but lowered them for Latin America.Host: Scott Phillips, Head of Emerging Markets, Moody's RatingsSpeaker: Vittoria Zoli, Analyst - Emerging Markets, Moody's Ratings
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China’s push to shift economic growth engines faces hurdles but will benefit some EMs
It will take time and effort for sectors like tech and EVs to drive China’s GDP growth, and geopolitics is a risk. But emerging markets supplying relevant goods and services to China stand to benefit.Guest: Gong Cheng, Managing Director - Credit Strategy, Moody's RatingsHost: Vittoria Zoli, Analyst - Emerging Markets, Moody's Ratings
© 2026 Moody’s Corporation and/or its licensors and affiliates.
Digging into key credit stories for emerging market sovereign investors across the globe
China’s 2024 policy priorities and influence across Asia, the state of European consumers, Romania’s fiscal deficit, Argentina’s economy and Ecuador’s state of emergency are among the top stories.Guests: Lillian Li, Vice President – Senior Credit Officer, Moody’s Ratings; Ruosha Li, Vice President – Senior Analyst, Moody’s Ratings; Ariane Ortiz-Bollin, Vice President – Senior Credit Officer, Moody
A focus on West Africa, where bright spots shine through political, security and climate risks
Positive developments include strong GDP growth in Côte d’Ivoire and Senegal, a lifting of sanctions on Niger, and a few countries tapping international bond markets so far this year.Speaker: Mickaël Gondrand, Assistant Vice President-Analyst, Sovereign Risk Group, Moody’s Investors ServiceHost: Scott Phillips, Associate Managing Director, Emerging Markets, Moody's Investors Service
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State-contingent debt instruments gain traction in restructurings as sovereign defaults rise
These instruments provide flexibility on debt-service payments and can help bridge differences in restructuring talks. Protracted talks delay critical structural reforms and increase default risk. Guest: David Rogovic, Vice President – Senior Credit Officer, Sovereign Risk Group, Moody’s Investors ServiceHost: Scott Phillips, Associate Managing Director, Emerging Markets, Moody’s Investors Servic
Emerging market central banks lower rates while US Fed signals rate cuts are not imminent
Recent interest rate cuts in Brazil, Chile, Colombia and Hungary are among the signs that EM financial conditions are improving. The primary market for EM bond issuance is likely to remain strong.Hosts: Scott Phillips, Associate Managing Director - Emerging Markets at Moody's Investors Service; Vittoria Zoli, Analyst - Emerging Markets at Moody's Investors Service
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Middle East, North Africa credit conditions are stable in 2024 despite elevated geopolitical risks
Conditions are more stable for sovereigns, banks and companies in the Gulf Cooperation Council region than in North Africa and Levant. An escalation of the Israel-Hamas military conflict is main risk.Speakers: Christian Fang, Vice President – Senior Analyst, Sovereign Risk Group at Moody’s Investors Service; Badis Shubailat, Assistant Vice President – Analyst, Financial Institutions Group at Moody
Five top-of-mind credit stories for EM sovereign investors in 2024
Redefault risk in Argentina, general elections in South Africa, financial conditions and debt affordability in Egypt, monetary policy in Turkiye and economic growth in China are top stories this year.Speaker: Marie Diron, Managing Director - Global Sovereign Risk - Moody's Investors ServiceHost: Scott Phillips, Associate Managing Director - Emerging Markets, Moody's Investors Service
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COP28 climate summit highlights carbon transition risks for emerging markets
Carbon transition, adaptation to climate change and climate finance – core topics at COP28 – are crucial for EMs because of their exposure to environmental risks and limited capacity to respond.Speakers: Rebecca Karnovitz, VP-SCO – ESG Research & Outreach at Moody’s Investors Service; Matt Kuchtyak, VP-Sustainable Finance at Moody’s Investors ServiceHost: Natasha Brereton-Fukui, SVP-Global ESG Res
Economic considerations underpin stable emerging market 2024 outlook
EM GDP growth will slow, largely because of China’s slowdown. Export-led EMs will suffer from weak global trade activity, but domestic-focused EMs will fare better. Pockets of inflation risk exist.Speaker: Vittoria Zoli, Analyst - Emerging Markets, Moody's Investors ServiceHost: Scott Phillips, Associate Managing Director - Emerging Markets, Moody's Investors Service
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Emerging market central banks reassess pace of monetary easing as US Fed holds rates for longer
Continued high US interest rates, strong US dollar and possible rise in commodity prices mean EM central banks are likely to recalibrate the pace, if not the depth, of their interest rate cuts.Speaker: Vittoria Zoli, Analyst - Emerging Markets, Moody's Investors ServiceHost: Scott Phillips, Associate Managing Director - Emerging Markets, Moody's Investors ServiceRelated research:Federal Reserve on
A focus on emerging markets as bond yields and oil prices oscillate, plus a deep dive on Egypt
This podcast episode examines the effect of interest-rate and oil-price volatility on EM, inflation in Asia and Central-Eastern Europe, monetary policy in LatAm and Egypt’s weakening credit quality.Speakers: Vittoria Zoli, Analyst - Emerging Markets, Moody's Investors Service and Elisa Parisi-Capone, Vice President - Senior Analyst - Sovereigns, Moody's Investors ServiceHost: Scott Phillips, Assoc
How recent US, UK, euro area monetary policy decisions, US dollar strength affect emerging markets
Moody’s strategists discuss recent central bank decisions, EM financial conditions, US dollar strength and EM currency weakness, Poland’s election and India’s inclusion in an EM government bond index.Speakers: Vittoria Zoli, Analyst -- Emerging Markets, Moody's Investors Service and Steffen Dyck, Senior Vice President -- Sovereigns, Moody's Investors ServiceHost: Scott Phillips, Associate Managing
Disinflation continues in EMs; Mexico’s industrial production rises; Gabon’s outlook turns negative
Moody’s analysts discuss the country-specific reasons inflation is slowing in emerging markets; why Mexico’s industrial production is increasing; and how Gabon’s coup factored into its outlook change.Speakers: Vittoria Zoli, Analyst – Emerging Markets, Moody's Investors Service and Mickaël Gondrand, Analyst – Sovereigns, Moody’s Investors ServiceHost: Scott Phillips, Associate Managing Director –
Stress in China’s property sector has potential knock-on effects across multiple sectors
In this episode, Moody’s analysts discuss the reasons for the current property-sector stress and the potential effects for developers, banks that finance them, local authorities and the economy.Host: Scott Phillips, Associate Managing Director – Emerging Markets, Moody’s Investors Service
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More emerging market sovereigns pursue debt-for-nature swaps to reduce debt burdens
Moody’s analysts discuss the growing use – and credit effect – of these transactions amid some sovereigns’ debt sustainability concerns and a need to invest in climate initiatives.Speakers: Thorsten Nestmann, Senior Vice President - Group Credit Officer, Sovereigns and Christopher Bredholt, Vice President - Senior Credit Officer, Public Project and Infrastructure Finance, Moody's Investors Service
Emerging Markets insights and view ahead with Kojo Amoo-Gottfried
BSI Fund Chief Investment Officer Kojo Amoo-Gottfried joins Emerging Markets Decoded to discuss emerging markets topics including the macro perspective and investor sentiment toward the asset class. Speaker: Kojo Amoo-Gottfried, Chief Investment Officer, BSI FundHosts: Scott Phillips, AMD – Emerging Markets, Moody’s Investor’s Service; Vittoria Zoli, Analyst – Emerging Markets, Moody’s Investors S
China’s soft economic recovery raises contingent liability risks from LGFVs
Moody’s analysts discuss the economic and credit outlook for China, including the role of local government financing vehicles (LGFVs) and their debt burdens, and the latest on the property sector.Speakers: Lillian Li, VP-Senior Credit Officer, Moody’s Investors Service; Jessie Tung, VP-Senior Credit Officer, Moody’s Investors ServiceHost: Vittoria Zoli, Analyst – Emerging Markets, Moody’s Investor
South Africa power cuts dim economic outlook
Moody’s analysts discuss the credit effects of South Africa’s energy crisis, including macro and social implications, as well as the government’s plans to address the crisis.Speakers: Aurelien Mali, Vice President – Senior Credit Officer, Moody’s Investors Service; Neil Griffiths-Lambeth, Associate Managing Director, Moody’s Investors ServiceHost: Vittoria Zoli, Analyst – Emerging Markets, Moody’s
Debt sustainability is at risk for frontier market sovereigns
Moody’s analysts discuss updates to long-term sovereign debt forecasts, accounting for recent market conditions, including higher inflation and interest rates.Speaker: Lucie Villa, Vice President – Senior Credit Officer, Sovereign Risk Group, Moody’s Investors ServiceHost: Scott Phillips, Associate Managing Director – Emerging Markets, Moody’s Investors ServiceRelated Research:Frontier markets' de
Moody’s Global Emerging Markets Summit 2023: High hopes, higher risks?
Special guests Lee C. Buchheit and David Lubin share their insights on emerging market sovereign debt crises, the US dollar’s future as a global reserve currency, China’s evolving economy and more.Speakers: Lee C. Buchheit, Professor, University of Edinburgh; David Lubin, Head of EM Economics, Citi, Associate Fellow at Chatham HouseHost: Scott Phillips, Associate Managing Director – Emerging Marke
Is India the next emerging market powerhouse?
Moody’s analysts discuss India’s growing manufacturing and infrastructure sectors, favorable demographics and potential to achieve significant scale across multiple sectors in the next decade. Speaker: Kaustubh Chaubal, Senior Vice President – Corporate Finance, Moody’s Investors ServiceHost: Scott Phillips, Associate Managing Director – Emerging Markets, Moody’s Investors ServiceRelated research:
Emerging markets with nature-dependent sectors face natural capital depletion risks
Moody’s analysts explore credit risks related to natural capital and biodiversity loss, why emerging markets are more at risk than advanced economies and which sectors are most exposed.Speakers: Lucia Lopez, VP – Senior Credit Officer, Moody’s Investors Service; Rahul Ghosh, MD – Sustainable Finance, Moody’s Investors ServiceHost: Kelvin Dalrymple, VP – Senior Credit Officer, Moody’s Investors Ser
Cost-of-living crisis weakens social contracts across the globe, adding to global economic risks
Moody’s analysts explore credit risks related to the social contract, and how a weakening in the contract is often associated with credit deterioration in the countries where it takes place.Speakers: Elisa Parisi-Capone, VP – Senior Analyst, Moody’s Investors Service; David Rogovic, VP – Senior Credit Officer, Moody’s Investors ServiceHost: Shirin Mohammadi, VP – Senior Research Writer, Moody’s In
Emerging market corporate credit quality better placed to handle next downturn
Moody's analysts explore two downside scenarios to frame the likely impact of a US recession on EM corporates, combining lessons from past downturns with the many changes to the credit landscape in the years since.Speakers: Kelvin Dalrymple, VP – Senior Credit Officer, Moody's Investors Service; Vittoria Zoli, Analyst, Moody's Investors ServiceHost: Scott Phillips, AMD – Global Emerging Markets, M
World Bank-IMF Spring Meetings will cover range of emerging market credit topics
Moody’s analysts explore the key themes and policy issues likely to be at the center of the upcoming World Bank and IMF Spring Meetings, including banking turmoil, tightening credit, ESG and more.Speaker: Marie Diron, Managing Director – Sovereign Risk, Moody’s Investors ServiceHost: Scott Phillips, Associate Managing Director – Emerging Markets, Moody’s Investors Service
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Mark Zandi on Fed rate hike, banking stress, recession risks and implications for emerging markets
The chief economist of Moody’s Analytics joins host Shirin Mohammadi to discuss the US Federal Reserve’s recent rate decision and response to banking stress, recession risks and more. Speaker: Mark Zandi, Chief Economist, Moody’s AnalyticsHost: Shirin Mohammadi, VP – Senior Research Writer, Moody’s Investors Service
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US bank failures have ripple effects worldwide
Moody’s analysts discuss recent developments in the US and European banking systems, the implications for monetary policy and potential spillovers to emerging markets across the globe. Speakers: Donald Robertson, AMD – Financial Institutions, Moody’s Investors Service; Nick Hill, MD – Financial Institutions, Moody’s Investors Service; Eugene Tarzimanov, VP – Senior Credit Officer, Moody’s Investor
Islamic finance set to continue its steady expansion in 2023
In this episode of Moody’s Talks – Emerging Markets Decoded, Nitish Bhojnagarwala of the Financial Institutions team and special guest Sohail Ali of DLA Piper join host Scott Phillips to discuss the outlook for Islamic finance across emerging markets. Plus, they dive into the intersection of ESG and Islamic finance, and the risks associated with “green” sukuk issuance. Related research:Islamic fin
Will Nigeria’s presidential elections affect credit conditions for banks and the sovereign?
In this episode of Moody’s Talks – Emerging Markets Decoded, Ighosime Oyofo and Mik Kabeya of the Financial Institutions team and Lucie Villa of the Sovereign team join host Scott Phillips to discuss the credit implications of Nigeria’s presidential elections, with a focus on the banking system and the sovereign. Related researchGovernment of Nigeria: Election disputes will delay policies to addre
Tight financing conditions will continue to challenge frontier markets' credit strength
In this episode of Moody's Talks – Emerging Markets Decoded, Scott Phillips of the Global Emerging Markets team joins host Shirin Mohammadi to discuss a recent turn of events for emerging market credit conditions, including some easing in financial conditions, with inflation, yields and spreads all lower than at the end of 2022, despite continued volatility. They explore what recent events mean fo
Political unrest adds to credit pressures across Latin America
In this episode of Moody’s Talks – Emerging Markets Decoded, Jaime Reusche of the Sovereign team joins host Ariane Ortiz-Bollin to discuss the credit implications of political unrest in Peru, how it compares to recent events in Brazil and credit distress in Argentina. Plus, Valeria Azconegui of Moody’s Local shares insights from the ground.Related research:Government of Argentina: External market
Despite mixed outlook, Middle East houses one of 2023’s few bright spots
In this episode of Moody’s Talks – Emerging Markets Decoded, Christian Fang and Alex Perjessy of the Sovereign team join host Shirin Mohammadi to discuss the outlook for sovereigns across the Middle East and North Africa. Plus, they explore how recent developments in Iran could affect the rest of the region.Related research:2023 outlook negative as inflation, high interest rates broadly raise cred
Will China’s zero-covid policy reversal provide a boon to emerging markets in 2023?
In this episode of Moody’s Talks – Emerging Markets Decoded, Gene Fang of the Sovereign team joins host Scott Phillips to discuss the outlook for credit conditions in China as it lifts Covid restrictions and reopens its economy, with a special focus on regional and local governments, the property sector, as well as potential implications for other emerging markets. Related research:2023 outlook ne
Lower growth and higher rates will weigh on African issuers
In this episode of Moody’s Talks – Emerging Markets Decoded, David Rogovic of the Sovereign team and Mik Kabeya of the Financial Institutions team join host Scott Phillips to discuss credit dynamics in Africa amid the US-Africa Leaders Summit in Washington DC. Plus, Matt Pirnie, Head of Ratings at GCR Ratings joins as a special guest to discuss the biggest risks and potential bright spots facing c
Sustained growth slowdown in China would spill over to Asia-Pacific region and beyond
In this episode of Moody’s Talks – Emerging Markets Decoded, Deborah Tan of the Credit Strategy & Research team joins host Shirin Mohammadi to discuss what a sustained economic growth slowdown in China implies for the rest of the world, particularly the Asia-Pacific region and lower-income countries that rely on Chinese investment flows.
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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
© 2026 Moody’s Corporation and/or its licensors
Emerging markets with stronger governance, diversified economies best placed to achieve a socially “just transition”
In this episode of Moody’s Talks – Emerging Markets Decoded, Ana Rayes of the ESG team joins host Shirin Mohammadi to discuss the potential social ramifications of climate action, and explore the relative readiness of emerging market sovereigns for a socially just carbon transition. Related research:Sovereigns' readiness for a “just transition” varies, as does associated credit impactGovernments h
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.
© 2026 Moody’s Corporation and/or its licensors and affiliates. All rights reserved. Go to www.moodys.com/pages/globaldisclaimer.aspx for complete legal te
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.
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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-Investme
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-
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
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
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 climat
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
Mexico and Pemex downgraded on lower economic growth prospects and increasing fiscal rigidities
In this episode of Emerging Markets Decoded, Renzo Merino of the Sovereign team and Nymia Almeida of the Corporates team join host Ariane Ortiz-Bollin to discuss the recent rating downgrades of the Mexican sovereign and state-owned oil company.
© 2026 Moody’s Corporation and/or its licensors and affiliates. All rights reserved. Go to www.moodys.com/pages/globaldisclaimer.aspx for complete legal
China’s zero-covid policy and property sector challenges weigh on growth, with global spillovers
In this episode of Emerging Markets Decoded, Martin Petch of the Sovereign team and Franco Leung of the Corporates team join host Thaddeus Best to discuss the implications of China’s property sector stress and economic slowdown for global growth.
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Policy shifts loom as Colombia’s presidential election heads to a run-off
Analysts Renzo Merino and Nymia Almeida join host Ariane Ortiz-Bollin to discuss the policy proposals of the candidates vying to be Colombia’s next president and how rising social risks may lead to policy changes with important credit implications.Related content on Moodys.com (some content only available to registered users or subscribers): https://www.moodys.com/researchdocumentcontentpage.aspx
Gloomy outlook for emerging market credit conditions, with some bright spots
In this episode of Moody’s Talks – Emerging Markets Decoded, Ariane Ortiz-Bollin of the Global Emerging Markets team joins host Thaddeus Best to discuss key takeaways from Moody’s recent Global Emerging Markets Summit. Plus, Rachel Chua of the Corporates team reveals which emerging market companies are most exposed to spillovers from the Russia-Ukraine military conflict, and which stand to benefit
Africa, Middle East at heightened risk of social unrest; Turkey’s inflation soars
In this episode of Moody’s Talks – Emerging Markets Decoded, Aurelien Mali and Kathrin Muehlbronner of the Sovereign team join host Shirin Mohammadi to discuss the sociopolitical ramifications of the Russia-Ukraine crisis for the Middle East and Africa by drawing lessons from a similar global food and energy price shock in 2008. Plus, they discuss how the conflict is exacerbating an already precar
Frontier markets most exposed to heightened risk aversion; CIS credit quality at risk
In this episode of Moody’s Talks – Emerging Markets Decoded, Christian de Guzman and Elisa Parisi-Capone from the Sovereign team join host Thaddeus Best to discuss how Russia’s military conflict with Ukraine is affecting Commonwealth of Independent States (CIS) sovereigns, as well as what stress tests on borrowing costs, exchange rates and capital flows tell us about the sovereigns most exposed to
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