Emerging market corporate credit quality down but not out

LONDON: The coronavirus pandemic has had a devastating impact on companies around the world, but in poorer emerging economies where balance sheets and credit ratings were already weak, the damage is looking particularly widespread.

Of the almost 1,800 rating cuts or downgrade warnings S&P Global has made since the virus exploded, 420 have been in emerging markets (EMs), nearly half of all the EM issuers the ratings agency monitors.