Emerging Markets Monthly Highlights: Long Road Ahead, Despite the Year's Promising Start, June 10, 2021

Emerging Markets Credit Research Economic Research Jose Perez Gorozpe Tatiana Lysenko Monthly Highlights Xu Han Elijah Oliveros Vincent Conti Vishrut Rana Valerijs Rezvijs Delta Variant Causes The Summer To End On A Bleak Note August 12, 2021 Contents

Key Takeaways Economic And Credit Conditions Highlights Macro-Credit Dashboards GDP Summary Monetary Policy/FX

Financing Conditions Highlights Ratings Summary

This document does not constitute a rating action.

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The rapid spread of the Delta variant is triggering new travel restrictions across the globe, posing another setback to the tourism sector, which is key for many emerging markets (EMs). In some cases, year-to-date tourism flows are even weaker

several countries battle with record-high daily COVID- disrupt tourism in other EMs outside Asia, as more travel restrictions could be imposed by the source countries of tourists. Furthermore, fresh lockdowns in several EMs threaten to derail the economic recovery once again, even if the impact of mobility restrictions on GDP has become less severe during recent COVID-19 waves than in earlier ones.

Monetary policy normalization is still progressing but concerns over a potential setback in growth and subsiding inflationary pressures in certain cases could reduce pressure on some EM central banks. Four out of the 16 major EMs we cover in this report increased interest rates last month (Brazil, Chile, Mexico, and Russia). In Latin America we expect

Colombia, to start doing so as early as the upcoming August 30 meeting. However, the story is different in other EMs. In Russia, for example, signs that inflation momentum is easing, and data that shows a potential slowing in growth, could mean that the end of the tightening cycle is in sight. In several EM Asian economies, there is even speculation of potential monetary easing, as the Delta variant takes a severe toll on activity, and inflation expectations are generally under control.

Financing conditions remain supportive, as spreads on EM credits remain broadly stable, with some exceptions, having to do with recent pandemic developments and inflationary pressures. An abrupt repricing in both domestic and U.S. monetary policy, in response to higher-than-expected inflation, remains a main risk to financing conditions in EMs.

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New Daily COVID-19 Cases Per Million Population* Malaysia and Thailand have the highest new daily COVID-19 cases among major EMs, as the Brazil Indonesia Malaysia Mexico Delta strain continues to spread across the Russia South Africa Thailand EM Median region. Vaccination rates have been ramped up in 700 recent weeks, but infections rates have not yet slowed down in most of EM Asia. New daily 600 COVID-19 related deaths are also at all-time

500 highs in Malaysia and Thailand, which will likely keep pressure for lockdowns high.

400 In most of Latin America, new cases are falling, 300 with the exception of Mexico, where the Delta

200 strain is spreading rapidly as well.

100 In EM EMEA the picture is mixed; in some countries new cases have been trending up 0

(Turkey), in other they are high but have started

Jul-20 Jul-20 Jul-21 Jul-21

Apr-20 Oct-20 Oct-20 Apr-21 Apr-21

Apr-20 to stabilize in recent weeks (Russia). In other

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May-20 May-20 May-21 May-21 May-21 *Seven-day moving average. Source: OWID. countries within the region, such as Poland, cases are low.

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Tourism Flows Have Dried Up Even In Economies With Significant Tourism Revenues* Global tourism flows remain weak, in some cases even weaker than in 2020. Asia-Pacific 2019 2020 is the hardest hit international borders

borders for outbound tourism are still closed 12 as well, while it was a major source of visitor 10 arrivals prior to the pandemic. There are some signs of recovery. 8 International arrivals in June 2021 into Mexico reached 85% of the 2019 level due to visitors

% 6 from the U.S. In Turkey, international arrivals 4 increased to 40% of pre-COVID levels. While this level is low, it compares favorably with 2 those of most other EMs. At the other end of

0 the spectrum, borders remain closed in Asia- Pacific. In Thailand, for example, visitor arrivals were 0.2% of normal levels. The outlook is still challenging. The UN World Tourism Organization estimates that global tourism flows could be 60% below normal if *Travel exports as a share of GDP. Note: Data based on current account travel service exports. Data for China and Turkey is tourist restrictions were to begin easing in September. revenue. Source: CEIC and Haver Analytics

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Tatiana Lysenko, Paris, +33-1-4420-6748, [email protected] Valerijs Rezvijs, London, +49-7929-651386, [email protected] Signs of easing of growth and inflation momentum in Russia. Inflation Rates In EM EMEA Headline monthly inflation declined to 0.3% in July and core inflation to 0.5%, the lowest readings since September and South Africa Core South Africa Headline January, respectively. In annual terms, both headline and core Russia Core Russia Headline inflation are still at five-year highs, and inflation expectations Turkey (right-axis) Core Turkey (right-axis) Headline remain elevated. 8% 20% basis points to 6.5% in July, above its long-term neutral range of 5%-6%. Recent activity indicators point to a softening of 18% 7% economic growth momentum. If incoming data confirm a 16% slowdown in inflation and economic growth, the end of the 6% 14% tightening cycle may be in sight. 5% 12% Upside risks to near-term inflation in South Africa. Inflation

4% 10% eased to 4.9% in June from 5.2% in May, largely driven by a volatile fuel component. The South African Reserve Bank kept 8% 3% its policy rate unchanged in July at 3.5%. Recent riot-induced 6% food and goods shortages in the Kwazulu-Natal region may 2% 4% have pushed up inflation in July. Core inflation should remain 1% contained, owing to subdued demand and moderate wage 2% growth. 0% 0% Inflationary pressures remain in Turkey. Headline inflation jumped to 19% in July amid the rebound in activity, while core inflation eased slightly to 17.2%. Inflation expectations continued to rise. Headline inflation is at the level of the key rate

Note: Core inflation for Turkey does not include price increases for gold. Source: Rosstat, cut rates in the near term. Turkstat, Statistics South Africa and S&P Ratings. 7

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Elijah Oliveros-Rosen, New York, +1-212-438-2228, [email protected] Above-target inflation expectations will keep 12-Month Ahead Inflation, Deviation From Central Bank Target central banks on the hawkish side. Some of the transitory factors that have kept headline inflation high will likely fade in the coming Brazil Chile Colombia Mexico months (commodity prices and supply-side 1.50 bottlenecks). However, core inflation will pick up as economies continue to reopen and services

1.00 prices return to normal levels. This will prompt central banks to continue normalizing policy. Brazil, Chile, and Mexico have started increasing 0.50 rates. We expect Colombia to be next, as early as

0.00

-0.50 monetary conditions. Real interest rates in Brazil (deflated by inflation expectations) are already about 1 percentage point above their -1.00 pre-pandemic level, and the market is pricing in just over 350 basis points in additional hikes in -1.50 the next 12 months. Challenging fiscal and debt

dynamics have pressured the central bank to

Jul-19 Jul-20 Jul-21

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Jan-19 Jun-19 Jan-20 Jun-20 Jan-21 Jun-21

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Feb-19 Feb-20 Feb-21

Aug-19 Sep-19 Nov-19 Dec-19 Aug-20 Sep-20 Nov-20 Dec-20

May-20 May-21 May-19 tighten more aggressively to compensate for the In percentage points. Source: Haver Analytics and S&P Global Ratings. associated higher risk premia. Tighter monetary

growth of about 2% in 2022.

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Latest reading Five-year Country Period 2019 2020 2021f 2022f 2023f (y/y) avg

Argentina 2.5 Q1 -0.2 -2.1 -9.9 6.9 2.1 2.2 Brazil 1.0 Q1 -0.5 1.4 -4.4 4.7 2.1 2.2 Chile 0.3 Q1 2.1 0.9 -6.0 6.9 2.9 3.1 Colombia 1.1 Q1 2.4 3.3 -6.8 7.0 3.0 3.3 Mexico 19.7 Q2 2.0 -0.2 -8.5 5.8 2.9 2.2 China 7.9 Q2 6.7 6.0 2.3 8.3 5.1 5.0 India 1.6 Q1 6.7 4.0 -7.3 9.5 7.8 5.7 Indonesia 7.1 Q2 5.0 5.0 -2.1 4.4 5.2 5.3 Malaysia -0.5 Q1 4.9 4.4 -5.6 4.1 6.3 5.0 Philippines -4.2 Q1 6.6 6.1 -9.6 6.0 7.5 7.3 Thailand -2.6 Q1 3.4 2.3 -6.1 2.8 4.9 4.6 Poland -1.3 Q1 4.4 4.7 -2.7 4.5 5.4 3.3 Russia -0.7 Q1 0.8 2.0 -3.0 3.7 2.5 2.0 Saudi Arabia -3.0 Q1 1.6 0.3 -4.1 2.0 2.7 2.2

South Africa -3.2 Q1 0.8 0.2 -7.0 4.2 2.6 1.5 Turkey 7.0 Q1 4.2 0.9 1.8 6.1 3.3 3.1

Note: Red means GDP growth is below five-year average (2015-2019). Blue means the opposite. F Forecast. Source: Haver Analytics and S&P Global Ratings.

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Latest Latest rate July exchange YTD exchange Country Policy rate Inflation target inflation Next meeting decision rate chg. rate chg. reading Argentina 38.00% No target 50.2% N/A N/A -1.0% -13.0% Brazil 5.25% 3.75% +/-1.5% 9.0% 100 bps hike Sept. 23 -4.7% -0.3% Chile 0.75% 3% +/-1% 4.5% 25 bps hike Sept. 1 -3.2% -6.2% Colombia 1.75% 3% +/-1% 4.0% Hold Aug. 30 -2.1% -10.5% Mexico 4.25% 3% +/-1% 5.8% 25 bps hike Aug. 12 0.4% 0.2% China 2.20% 3% 0.9% N/A N/A -0.1% 1.0% India 4.00% 4% +/-2% 6.3% Hold Oct. 8 -0.1% -1.8% Indonesia 3.50% 3.5% +/-1% 1.5% Hold Aug. 19 0.3% -2.9% Malaysia 1.75% No target 3.4% Hold Sept. 9 -1.7% -4.7% Philippines 2.00% 3% +/-1% 4.1% Hold Aug. 12 -2.4% -4.0% Thailand 0.50% 2.5%+/-1.5% 0.5% Hold Sept. 29 -2.5% -8.9% Poland 0.10% 2.5% +/-1% 4.3% Hold Aug. 24 -0.9% -3.0% Russia 6.50% 4.00% 6.5% 100 bps hike Sept. 10 0.0% 1.7% Saudi Arabia 1.00% 3% +/-1% 6.2% Hold N/A 0.0% 0.0% South Africa 3.50% 3%-6% 5.1% Hold Sept. 23 -2.2% 0.6% Turkey 19.00% 5% +/-2% 19.0% Hold Aug. 12 3.0% -12.0%

Note: Red means inflation is above the target range, policy is tightening, and exchange rate is weakening. Blue means the opposite. A positive number for the exchange-rate change means appreciation. Argentina's central bank no longer targets inflation, nor does it set the policy rate directly (it is set based on monetary aggregates targeting). For China, we use the PBOC's seven-day reverse repo. Source: Bloomberg, Haver Analytics, and S&P Global Ratings.

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10.0

Stronger 5.0

0.0

-5.0

-10.0

-15.0

-20.0

Weaker -25.0

-30.0

INR IDR

BRL CLP PLN

TRY THB ZAR

PHP SAR ARS

RUB CNY

COP

MYR MXN

Percentage change from 10-year average. Note: Data is computed on 10 years of the monthly average data of the J.P. Morgan Real Broad Effective Exchange Rate Index (PPI-deflated). Data as of July 31, 2021. Source: S&P Global Ratings, Haver Analytics, and J.P. Morgan.

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Deviation In Current Real Benchmark Interest Rates From 10-Year Average

TRY

CNY Tighter

IDR

THB

RUB

ZAR

MXN

PHP

INR Looser

MYR

COP

CLP

PLN

SAR

BRL

-700 -600 -500 -400 -300 -200 -100 0 100 200

available data to calculate the average. We exclude Argentina. For China, we use the seven-day reverse repo rate. Data as of July 31. Source: Haver Analytics and S&P Global Ratings.

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Footer : Never change the footer text on individual slides. Change, turn on or off footer by using Insert  Header & Color Coding Sovereign-- h Financial Institutions BICRA--The overall assessment of economic risk and industry risk, which ultimately leads to the classification of banking systems int -grade scale. The points range fro ry 011. Nonfinancial Corporates-- p °We assess return on capital by using the median of our rated corporates in their respective countries, then we adjust for inflation, we then rank it based on our bal debt monitor with data as of March 2020. Source: *-IIF 1Q 2020. t - Source: Bangko Sental NG Pilipinas; Corporate Variables Capital IQ 1Q 2020. S&P Global Ratings. 15

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Change In Local Currency 10-Year Bond Yields Since The End Of 2020

600 July June − As of the end of July, EM 441418 benchmark yields remained 400 263 245 flat with June 2021, but higher 218 173 144 174 131 153 135 than those at the end of 2020. 200 93 90 78 (bps) 70 63 22 43 42 45 51 52 45 38 34 18 0 -29-5 − A combination of central bank (200) actions and further market Turkey Brazil Russia Philippines Colombia Mexico Chile Thailand Indonesia South Malaysia Poland India China C Africa expectations for rate hikes Note: Data pulled at the end of July 2021. Chile July data is as of July 6, 2021. Source: S&P Global Ratings Research and Bloomberg. resulted in the exceptions for Brazil, and Chile. Change In Dollar-Denominated 10-Year Bond Yields Since The End Of 2020

July June − Where available, 10-year 100 85 74 yields for dollar-denominated bonds held relatively steady. 55 54 50 36 37 (bps) 25 18 16 10 0 Turkey Brazil Philippines Mexico Indonesia C Note: Data pulled at the end of July 2021. Source: S&P Global Ratings Research and Bloomberg.

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EM Spreads By Region − EM risk premia saw some regional Covid-19 Worst EM Decade High Beg. of 2021 Beg. of 2020 Recent differentiation. LatAm and EEMEA 1,000 924 saw minimal upticks in corporate 800 spreads compared with that in the 641 652 596 634 615 prior month. 600 518 536 346 340 332 400 283 298 312 257 261 224 264 236 232 200 − In contrast, EM Asia saw an increase of nearly 50 bps due to 0 further uncertainty over Chinese EM Corp EM Corp Asia EM Corp LatAm EM Corp EEMEA C asset management company, Note: bps levels. Data as of July 30, 2021. Source: S&P Global Ratings Research, Thomson Reuters, ICE Data Indices, and Federal Reserve Bank of St. Louis. Huarong, in early July. Further U.S. And EM Spreads upward pressure came from lower investor appetite for Chinese Covid-19 Worst EM Decade High Beg. of 2021 Beg. of 2020 Recent property, and some difficulties in 1,500 1308 1161 1058 controlling the pandemic in 1,000 830 Southeast Asia. 604 448 520 488 366 430 351 378 386 500 230 136 141 116 162 151 151 0 − U.S. corporate spreads remain US IG US HY EM Corp IG EM Corp HY lower than the pre-pandemic C levels and continued to narrow, even as U.S. government Note: bps levels. Data as of July 30, 2021. HY High Yield; IG Investment Grade. Source: S&P Global Ratings Research, Thomson Reuters, ICE Data Indices, and benchmark yields increased. Federal Reserve Bank of St. Louis.

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EM Cumulative Corporate Bond Issuances EM Regional Bond Issuances

EMEA (LHS) Emerging Asia (ex. GC) (LHS) 2016 2017 2018 2019 2020 2021 YTD Latin America (LHS) Greater China (RHS)

300 120 1800 250 1600 100 1400 200

80 1200 (US$ Bil.)

150 (US$ Bil.) 1000 60 800 (US$ Bil.) 100 40 600 400 50 20 200 0 0 0 2016 2017 2018 2019 2020 2021 YTD

C C

Excluding Greater China. Data as of July 30, 2021. Data includes not rated and both financial and non- Data as of July 30, 2021, and full year data for 2006-2020, for both financial and non-financial entities. financial entities. Source: S&P Global Ratings Research and Thomson Reuters. Left Hand Side (LHS), Right Hand Side (RHS). Source: S&P Global Ratings Research and Thomson Reuters.

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− The pace of EM issuance (except 2016 2017 2018 2019 2020 2021 YTD for Greater China) has begun to 140 catch up with the 2020 rate. The 124 123 stabilization of benchmark yields 118 118 120 over the past few months, both for 120 112 106 local and dollar-denominated 101 bonds, has eased financing 100 pressures somewhat. 82 80 (US$ Bil.) 70 71 − As we have shown earlier, some 60 54 EMs continue to experience significant inflation pressures, which have led their central banks 40 to tighten policy. So far, this has not been a widespread 20 phenomenon, but if it causes tighter financing conditions more 0 broadly, the issuance pace could C Domestic Foreign slow again.

Excluding Greater China. Data as of July 30, 2021, and full year data for 2016-2020. Source: S&P Global Ratings Research and Thomson Reuters.

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S&P sovereign rating (as of Issuance (mil. Issue date Issuer Economy Market place S&P issue rating July 30, 2021) Security description Currency $) 15-Jun-21 Turkey Turkey EURO/144A NR B+ 5.125% Islamic Finance due '26 USD 2,500 28-Jun-21 Philippines Philippines U.S. public BBB+ BBB+ 3.200% global notes due '46 USD 2,231 30-Jun-21 Chile Chile EURO/144A A+ A 5.000% senior notes due '28 CLP 2,132 6-Jul-21 Mexico Mexico Euro public BBB BBB 2.250% sr unsec nts due '36 EUR 1,476 28-Jun-21 Philippines Philippines U.S. public BBB+ BBB+ 1.950% global notes due '32 USD 741 29-Jun-21 Brazil Brazil U.S. public BB- BB- 4.750% global notes due '50 USD 730 21-May-21 Indonesia Indonesia Foreign public BBB BBB 0.570% fxd/straight bd due '26 JPY 430 21-May-21 Indonesia Indonesia Foreign public BBB BBB 0.330% fxd/straight bd due '24 JPY 266 21-May-21 Indonesia Indonesia Foreign public BBB BBB 0.890% fxd/straight bd due '31 JPY 167 21-May-21 Indonesia Indonesia Foreign public BBB BBB 1.170% fxd/straight bd due '36 JPY 23 21-May-21 Indonesia Indonesia Foreign public BBB BBB 1.440% fxd/straight bd due '41 JPY 21 21-May-21 Indonesia Indonesia Foreign public BBB BBB 0.700% fxd/straight bd due '28 JPY 11

Data as of July 30, 2021 (last 90 days); includes local/foreign currencies; EM excludes China. Red means speculative-grade rating , blue means investment-grade rating, and grey means not rated. Source: S&P Global Ratings Research.

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2018 2019 2020 2021 YTD (US $ Bil.)

14 250

12 200 10 150 8

(US$ Bil.) 6 100

4 50 2

0 0

Data as of July 30, 2021; includes local/foreign currencies. China includes mainland China and Hong Kong. Source: Refinitiv and Dealogic.

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Maturity Market S&P Issue - Issue date date Issuer Economy Sector place Rating Security description CurrencyIssuance (mil. $) PT Indofood CBP Euro 3.398% sr unsec nts 2-Jun-21 9-Jun-31 Sukses Makmur Indonesia Consumer products public NR due '31 US 1,150 Euro 7.970% fxd/straight bd 5-May-21 29-Apr-26 Vnesheconombank Russia Banks private NR due '26 RR 1,071 Oi Movel S.A. - In Euro 8.750% gtd sec nts due 27-Jul-21 30-Jul-26 Judicial Brazil Telecommunications public B '26 US 880 ACWA Power Euro 14-Jun-21 16-Jun-28 International Co Saudi ArabiaUtilities private NR Islamic Finance due '28 SR 747 U.S. 4.125% sr sec nts due 10-May-21 18-May-31 JSW Hydro Energy Ltd India Utilities private NR '31 US 707 Euro 1.125% sr mdm-trm nts 20-May-21 27-May-28 PKN ORLEN SA Poland Integrated oil and gas public NR due '28 EUR 608 U.S. 4.375% gtd global nts 15-Jun-21 18-Jun-26 Light Energia SA Brazil Utilities private BB- due '26 US 600 PT Indofood CBP Euro 4.745% sr unsec nts 2-Jun-21 9-Jun-51 Sukses Makmur Indonesia Consumer products public NR due '51 US 600 Euro 2.780% Islamic Finance 4-May-21 11-May-31 Dua Capital Ltd Malaysia Insurance public NR due '31 US 600 Bank Gospodarstwa Euro 0.500% gtd mdm-trm 1-Jul-21 8-Jul-31 Krajowego Poland Banks public NR nts due '31 EUR 586 Euro 1.658% sr mdm-trm nts 22-Jun-21 29-Jun-26 RHB Bank Bhd Malaysia Banks public NR due '26 US 500

Data as of July 30, 2021 (last 90 days); excludes sovereign issuances and China. Red means speculative-grade rating , blue means investment-grade rating, and grey means NR (not rated). Table is for foreign currency only without perpetual. Source: S&P Global Ratings Research.

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Maturity Market S&P issue Issuance (mil. Issue date date Issuer Economy Sector place rating Security description Currency $) 4.314% gtd sr unsec nts 19-Jul-21 23-Jul-27 Eskom Holdings SOC Ltd South Africa Utilities Euro public BB- due '27 US 500

23-Jun-21 28-Jun-31 Nemak SAB de CV Mexico Automotive U.S. private BBB- Sr unsec nts due '31 US 500 Adani Ports & SE Zone 5.000% sr unsec nts due 26-Jul-21 2-Aug-41 Ltd India Transportation U.S. private BBB- '41 US 450 Consumer 3.000% sr unsec nts due 20-May-21 27-May-26 Arcelik AS Turkey products Euro public BB+ '26 EUR 428 1.658% Islamic Finance 4-May-21 11-May-26 Dua Capital Ltd Malaysia Insurance Euro public NR due '26 US 400 Financial 2.750% mdm-term nts due 6-Jul-21 13-Jan-27 Rec Ltd India institution Euro public NR '27 US 400 Consumer 5.750% gtd sr unsec nts 1-Jun-21 8-Jun-26 Grupo Axo SAPI de CV Mexico products U.S. private NR due '26 US 325 Adani Ports & SE Zone 3.828% sr unsec nts due 26-Jul-21 2-Feb-32 Ltd India Transportation U.S. private BBB- '32 US 300 Adani Electricity Mumbai 3.867% secured MTNs due 15-Jul-21 22-Jul-31 Ltd India Utilities U.S. private NR '31 US 300

Data as of July 30, 2021 (last 90 days); excludes sovereign issuances and China. Red means speculative-grade rating , blue means investment-grade rating, and grey means not rated. Table is for foreign currency only without perpetual. Source: S&P Global Ratings Research.

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Maturity S&P issue Issuance (Mil. Issue date date Issuer Economy Sector Market place rating Security description Currency $) 5.625% fxd/straight 25-Jul-11 2-Aug-21 Indian Oil Corp Ltd India Integrated oil and gas Euro private NR bd due '21 US 496 Glenmark 4.500% sr Unsecurd 25-Jul-16 2-Aug-21 Pharmaceuticals Ltd India Healthcare Euro public BB Nts due '21 US 200 7.375% mdm-term 3-Aug-16 10-Aug-21 NTPC Ltd India Utilities Foreign publicBBB- nts due '21 RE 298 7.250% mdm-trm sub 4-Aug-06 12-Aug-21 UTI Bank Ltd India Banks Euro public BB- nts due '21 US 150

24-Jun-14 12-Aug-21 BSM Engenharia SA Brazil Finance company Euro public NR Float rte debs due '21 BR 45 9.640% fxd/atraight 10-Aug-06 15-Aug-21 Sanlam Ltd South Africa Broker Euro private NR bd due '21 SAR 123

26-Jul-11 15-Aug-21 Cia Transener SA Argentina Utilities EURO/144A CCC 9.750% sr nts due '21 US 51 5.250% sr unsec nts 28-Jul-11 15-Aug-21 AES Gener SA Chile Utilities EURO/144A BBB- due '21 US 297 Banco Santander Mdm-trm fl nts due 1-Aug-16 16-Aug-21 Chile SA Chile Banks Euro public NR '21 US 10 Petroleos Mexicanos 2.500% gtd mdm-trm 14-Feb-17 21-Aug-21 SA Mexico Integrated oil and gas Euro public BBB+ nts due '21 EUR 1,850 Russian 14-Sep-18 24-Aug-21 Bank VTB PAO Federation Banks Euro public NR 8.000% bonds due '21 RR 294

Data as of July 30, 2021; excludes sovereign issuances. Red means speculative-grade rating , blue means investment-grade rating, and grey means not rated. Table does not include China deals and for foreign currency only without perpetuals. Source: S&P Global Ratings Research. 25

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Maturity Market S&P issue Currenc Issuance (mil. Issue date date Issuer Economy Sector place rating Security description y $) 3.850% sr unsecurd 16-Feb-17 27-Aug-21 Steel Capital SA Russia Finance company EURO/144A BBB- nts due '21 US 500 3.200% mdm-trm nts 3-Sep-18 7-Sep-21 MayBank Malaysia Banks Euro private NR due '21 HK 13

1-Sep-16 9-Sep-21 Banco de Chile Chile Banks Euro public NR Mdm-trm nts due '21 US 100 3.875% fxd/straight 8-Sep-14 16-Sep-21 Arcelik AS Turkey Consumer products Euro public BB+ bd due '21 EUR 448 PT Ciputra 4.850% mdm-trm nts 13-Sep-17 20-Sep-21 Development Tbk Indonesia Homebuilders/real estate Euro public NR due '21 SG 111 Santander Bank 0.750% mdm-trm nts 11-Sep-18 20-Sep-21 Polska SA Poland Banks Euro public NR due '21 EUR 580 6.625% subord bd 14-Sep-06 22-Sep-21 Bank of India India Banks Euro public BB- due '21 US 239 Saudi Foreign 26-Aug-16 22-Sep-21 APICORP Arabia Finance company private NR Float rate nts due '21 US 300 Export Credit Bank 5.000% sen nts due 16-Sep-14 23-Sep-21 of Turkey Turkey Banks EURO/144A BB+ '21 US 497 Zero cpn Islamic 19-Aug-16 23-Sep-21 Bagan Capital Ltd Malaysia Finance company Euro public NR finance due '21 US 399 Bank of the Zero cpn MTNs due 29-Aug-19 24-Sep-21 Philippine Islands Philippines Banks Euro public NR '21 SFR 101

Data as of July 30, 2021; excludes sovereign. Red means speculative-grade rating , blue means investment-grade rating, and grey means not rated. Table does not include China deals and for foreign currency only without perpetuals. Source: S&P Global Ratings Research. 26

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Market S&P issue Issuance (mil. Issue date Maturity date Issuer Economy Sector place rating Security description Currency $) O1 Properties EURO/144 8.250% Benchmark 20-Sep-16 27-Sep-21 Management ZAO Russia Homebuilders/real estate A B+ Nts due '21 US 346 EURO/144 4.000% Gtd Sr Notes 24-Sep-14 30-Sep-21 Synthos Finance Poland Financial institution A BB due '21 EUR 447 Chemicals, packaging, and EURO/144 4.000% Guaranteed 6-May-15 30-Sep-21 Synthos Finance Poland environmental services A NR Bds due '21 EUR 57

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Economy Rating Outlook Five-year CDS spread Median rating financials Median rating non-financials Argentina CCC+ Stable 1895 CCC+ Brazil BB- Stable 175 BB- Chile A Stable 71 BBB China A+ Stable 40 A BBB Colombia BB+ Stable 146 BB+ India BBB- Stable 89 BBB- Indonesia BBB Negative 82 B Malaysia A- Negative 52 BBB+ Mexico BBB Negative 96 BB+ BBB- Philippines BBB+ Stable 52 BBB+ Poland A- Stable 49 A- BB Russia BBB- Stable 88 BB BB+ Saudi Arabia A- Stable 57 BBB BBB+ South Africa BB- Stable 202 BB- Thailand BBB+ Stable 41 A- BBB+ Turkey B+ Stable 379 B+

Note: Foreign currency ratings. Red means speculative-grade rating, and blue means investment-grade rating. Data and CDS spread are as of July 30, 2021. China median rating includes China, Hong Kong, Macau, Taiwan, and Red Chip companies. Source: S&P Global Ratings Research and S&P Capital IQ.

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Rating date Issuer Economy Sector To From Action type Debt amount (mil. $) 20-May-21 Ecopetrol S.A. Colombia Integrated oil and gas BB+ BBB- Downgrade 9,850 21-Jul-21 Concern Rossium LLC Russia Bank B B- Upgrade 4,399 Credito Real, S.A.B. de C.V., SOFOM, E.N.R. (Futu 13-May-21 Iem, S.A.P.I. de C.V.) Mexico Financial institutions BB- BB Downgrade 1,969 CLISA-Compania Latinoamericana de 15-Jul-21 Infraestructura & Servicios S.A. Argentina Capital goods CC CCC- Downgrade 635 20-May-21 Enel Americas S.A. (Enel SpA) Chile Utilities BBB- BBB Downgrade 600 11-Jun-21 Termocandelaria Power Ltd Colombia Utilities BB- BB Downgrade 596 20-May-21 Grupo de Inversiones Suramericana S.A. Colombia Diversified BB+ BBB- Downgrade 550 28-Jul-21 Movida Participacoes S.A. (JSP Holding S.A.) Brazil Transportation BB- B+ Upgrade 500 1-Jun-21 Guacolda Energia S.A Chile Utilities B+ BB- Downgrade 500 Oil and gas exploration and 31-May-21 Serba Dinamik Holdings Berhad Malaysia production B- B+ Downgrade 500 20-May-21 Financiera de Desarrollo Territorial S.A. FINDETER Colombia Bank BB+ BBB- Downgrade 500 Chemicals, packaging, and 11-Jun-21 Unigel Participacoes S.A. Brazil environmental services BB- B+ Upgrade 420 1-Jul-21 PT Alam Sutera Realty Tbk. Indonesia Homebuilders/real estate CCC+ CCC Upgrade 370 18-Jun-21 Alpha Holding S.A. de C.V. Mexico Financial institutions CC CCC Downgrade 300

Data as of July 30, 2021, excludes sovereigns, Greater China and the Red Chip companies and includes only latest rating changes. Source: S&P Global Ratings Research.

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By Economy

Positive Outlook/CreditWatch Revisions Upgrade Downgrade Negative Outlook/CreditWatch Revisions 40

(10)

(20)

Number Of Issuers Of Number (30)

(40)

(50)

(60) Argentina Chile Greater China Indonesia Mexico Poland Saudi Arabia Thailand

C Note: Data includes sovereigns. Data from Feb. 3, 2020, to July 30, 2021. Greater China includes mainland China, Taiwan, Macao and Hong Kong. Source: S&P Global Ratings.

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By Sector

30 Positive Outlook/CreditWatch Revisions Upgrade Downgrade Negative Outlook/CreditWatch Revisions

(10)

Number Of Issuers Of Number (20)

(30)

(40)

(50)

Note: Data includes sovereigns. Data from Feb. 3, 2020, to July 30, 2021. Greater China includes mainland China, Taiwan, Macao and Hong Kong. Source: S&P Global Ratings.

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− The rating actions slowed Negative Outlook/CreditWatch Revisions Downgrade markedly compared with the Negative Outlook/CreditWatch Revisions Downgrade Upgrade Positive Outlook/CreditWatch Revisions same period last year. For July Upgrade Positive Outlook/CreditWatch Revisions 4040 2021 in EMs, we saw four downgrades, two CreditWatch 2020 listings/outlook revisions to 00 negative, four upgrades, and nine CreditWatch listings/outlook -20-20 revisions to positive. -40-40

-60-60 − The largest number of rating -80 downgrades were in May 2020

-80 (35). Number Of Issuers Of Number

Number Of Issuers Of Number -100 -100 -120 -120 − The most CreditWatch

listings/outlook revisions to

Oct

Jan

Feb Feb

Dec

Aug

Nov

Mar

July July

May May

April April

Sept June

June negative occurred in April 2020 March (94). 2020 2021

Data includes sovereigns. Data from Feb. 3, 2020, to July 30, 2021. EMs consist of Argentina, Brazil, Chile, China, Colombia, Mexico, India, Indonesia, Malaysia, Thailand, the Philippines, Poland, Russia, Saudi Arabia, South Africa, and Turkey. Source: S&P Global Ratings.

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− EM Asia (excluding China). The 10-Year Average 5-Year Average 07/30/2021 July 2021 downgrade potential was 40% 30%, the same as June 2021 (30%), 36% but much higher than the five- and 35% 10-year historical averages. 32% 30% 30% 30% − EEMEA. July downgrade potential 25% 24% (5%) was lower than the prior month of 8% and remains the 20% 20% 18% 19% lowest than in other EMs. 17% 17%

15% Negative Bias (%) Bias Negative 11% − LatAm. Downgrade potential in 10% July (32%) was slightly below its five-year average (36%) but above 5% 5% its 10-year average (30%).

0% EM Asia (ex. China) EEMEA Latin America Greater China − Greater China. The July downgrade C potential (11%) remains the same Region with the prior month, but below Data as of July 30, 2021, and excludes sovereigns. Latin America: Argentina, Brazil, Chile, Colombia, and Mexico. EM Asia: India, Indonesia, Malaysia, both of its historical averages. Thailand, and the Philippines. EEMEA: Poland, Russia, Saudi Arabia, South Africa, and Turkey. Greater China: China, Hong Kong, Macau, Taiwan, and Red Chip companies. Source: S&P Global Ratings Research.

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The Media And Entertainment, And Retail And Restaurants Sectors Lead The Sector Downgrade Potentials In July

Current Negative Bias (July 30, 2021) 5-Year Averages

Media/entert (5) Retail (11) Capital goods (13) Forest (9) Transportation (14) Utilities (67) Financial institutions (144) Automotive (10) CP&ES (16) Home/RE (60) Telecommunications (23) High technology (13) Consumer products (33) Oil & Gas (22)

Sector (# of Issuers) of (# Sector Metals/mining/steel (33) Insurance (21) Health care (5) 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

Data as of July 30, 2021, and includes sectors with more than five issuers only; excludes sovereigns. EMs consist of Argentina, Brazil, Chile, China, Colombia, Mexico, India, Indonesia, Malaysia, Thailand, the Philippines, Poland, Russia, Saudi Arabia, South Africa, and Turkey. Greater China--China, Hong Kong, Macau, Taiwan, and Red Chip companies. Media/entert--Media and entertainment, Retail--Retail/restaurants, CP&ES--Chemicals, packaging, and environmental services, Home/RE--Homebuilders/real estate companies, Forest -- Forest products and building materials. Source: S&P Global Ratings Research.

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8-May-20 YPF S.A Argentina Oil and gas exploration and productionCCC+ B- 1,969 18-Jun-20 Oi S.A. Brazil Telecommunications CC B- 1,654 8-May-20 Pampa Energia S.A. Argentina Utilities CCC+ B- 1,550

27-Apr-20 CAR Inc. Cayman Islands Transportation CCC B- 557 30-Apr-20 PT Alam Sutera Realty Tbk. Indonesia Homebuilders/real estate CCC+ B- 545

8-May-20 Transportadora de Gas del Sur S.A. (TGS) (Compania De Inversiones de Energia S.A.) Argentina Utilities CCC+ B- 500 8-Apr-20 GCL New Energy Holdings Ltd. (GCL-Poly Energy Holdings Ltd.) Bermuda Utilities CCC B- 500 17-Mar-20 IRSA Inversiones y Representaciones S.A. (Cresud S.A.C.I.F. y A.) Argentina Homebuilders/real estate CCC+ B- 431 8-May-20 Telecom Argentina S.A. Argentina Telecommunications CCC+ B- 400 29-Apr-20 Aeropuertos Argentina 2000 S.A. Argentina Utilities CC B- 400 19-Jun-20 PT Modernland Realty Tbk. Indonesia Homebuilders/real estate CCC B- 390 16-Mar-20 Banco Hipotecario S.A. Argentina Bank CCC B- 350 6-Apr-20 Grupo Kaltex, S.A. de C.V. Mexico Consumer products CCC B- 320 13-Jan-20 Empresa Distribuidora Y Comercializadora Norte S.A. Argentina Utilities CCC+ B- 300

8-May-20 Compania General de Combustibles S.A. Argentina Oil and gas exploration and productionCCC+ B- 300 8-May-20 CAPEX S.A. Argentina Utilities CCC+ B- 300 8-May-20 AES Argentina Generacion S.A (AES Corp. (The)) Argentina Utilities CCC+ B- 300 9-Apr-20 PT Gajah Tunggal Tbk. Indonesia Automotive CCC+ B- 250 8-May-20 Banco De Galicia Y Buenos Aires S.A.U. Argentina Bank CCC+ B- 250 19-Mar-20 PT MNC Investama Tbk. Indonesia Media and entertainment CCC B- 231 8-Apr-20 Pearl Holding III Ltd. China Automotive CCC+ B- 175

13-Apr-20 Compania de Transporte de Energia Electrica en Alta Tension TRANSENER S.A. Argentina Utilities CCC+ B- 99 Debt volume includes subsidiaries and excludes zero debt. Note: Red means speculative-grade rating. Data as of Dec. 31, 2020; includes sovereigns and Greater China and Red Chips companies. Source: S&P Global Ratings Research.

Debt amount Rating date Issuer Economy Sector To From (mil. $) 18-Jun-21 Sichuan Languang Development Co., Ltd. China Homebuilders/real estate co. CCC- B- 750 22-Apr-21 Alpha Holding S.A. de C.V. Mexico Financial institution CCC B- 300 Debt volume includes subsidiaries and excludes zero debt. Note: Red means speculative-grade rating. Data as of July 30, 2021; includes sovereigns and Greater China and Red Chips companies. Source: S&P Global Ratings Research.

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Debt amount Rating date Issuer Economy Sector To From (mil. $) 15-Jun-20 Embraer S.A. Brazil Aerospace and defense BB+ BBB- 500 26-Jun-20 Axis Bank Ltd. India Bank BB+ BBB- 1,095 8-Jul-20 Braskem S.A. (Odebrecht S.A.) Brazil Chemicals, packaging and environmental services BB+ BBB- 4,150 14-Jul-20 Zijin Mining Group Co. Ltd. China Metals, mining and steel BB+ BBB- 350 Debt volume includes subsidiaries and excludes zero debt. Note: Red means speculative-grade rating. Data as of Dec. 31, 2020; includes sovereigns and Greater China and Red Chips companies. Source: S&P Global Ratings Research.

Five EM fallen angels so far in 2021 including one sovereign.

Debt amount (mil. Rating date Issuer Economy Sector To From $) 25-Mar-21 Empresa Nacional del Petroleo Chile Utilities BB+ BBB- 2,480 19-May-21 Republic of Colombia Colombia Sovereign BB+ BBB- 30,184 20-May-21 Grupo de Inversiones Suramericana S.A. Colombia Diversified BB+ BBB- 550

20-May-21 Financiera de Desarrollo Territorial S.A. FINDETER Colombia Bank BB+ BBB- 500 20-May-21 Ecopetrol S.A. Colombia Integrated Oil & Gas BB+ BBB- 9,850

Debt volume includes subsidiaries and excludes zero debt. Note: Red means speculative-grade rating. Data as of July 30, 2021; includes sovereigns and Greater China and Red Chips companies. Source: S&P Global Ratings Research.

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Rating date Issuer Economy Sector To From Debt amount (mil. $) Mobile TeleSystems PJSC (Sistema 17-Sep-20 (PJSFC)) Russia Telecommunications BBB- BB+ 1,000 Debt volume includes subsidiaries and excludes zero debt. Note: Red means speculative-grade rating. Data as of Dec. 31, 2020; includes sovereigns and Greater China and Red Chips companies. Source: S&P Global Ratings Research.

Three EM rising stars so far in 2021.

Debt amount Rating date Issuer Economy Sector To From (mil. $) 12-Apr-21 Sovcomflot PAO Russia Transportation BBB- BB+ 750 8-Apr-21 Shimao Group Holdings Ltd. Cayman Islands Homebuilders/real estate company BBB- BB+ 2,100 18-Mar-21 Grupo Cementos de Chihuahua S.A.B. de C.V. Mexico Forest products & building materials BBB- BB+ 260

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Rating date Issuer Economy Sector To From Action type Debt amount (mil. $) 14-Jan-20 Qinghai Provincial Investment Group Co. Ltd. China Metals, mining and steel D CCC- Downgrade 850 21-Jan-20 Panda Green Energy Group Ltd. Bermuda Utilities SD CC Downgrade 350 21-Jan-20 Republic of Argentina Argentina Sovereign SD CCC- Downgrade 137,602 21-Feb-20 Tunghsu Group Co. Ltd., China High technology SD CCC- Downgrade 390 Cayman Homebuilders/real 27-Mar-20 Yida China Holdings Ltd. Islands estate SD CC Downgrade 300 7-Apr-20 Republic of Argentina Argentina Sovereign SD CCC- Downgrade 139,092 10-Apr-20 Vestel Elektronik Sanayi Ve Ticaret A.S. Turkey High technology SD CCC+ Downgrade - Media and 24-Apr-20 Enjoy S.A. Chile entertainment D B- Downgrade 300 11-May-20 Yihua Enterprise (Group) Co. Ltd. China Consumer products SD CCC Downgrade - 19-May-20 Aeropuertos Argentina 2000 S.A. Argentina Utilities SD CC Downgrade 750 27-May-20 Latam Airlines Group S.A. Chile Transportation D CCC- Downgrade 1,800 2-Jun-20 Grupo Famsa, S.A.B. de C.V. Mexico Retail/restaurants SD CCC- Downgrade 81 1-Jul-20 Grupo Aeromexico, S.A.B. de C.V. Mexico Transportation D B- Downgrade 400 Media and 1-Jul-20 Grupo Posadas, S. A. B. de C. V. Mexico entertainment D CC Downgrade 400 Homebuilders/real 8-Jul-20 PT Modernland Realty Tbk. Indonesia estate SD CCC- Downgrade 390 9-Oct-20 Oi S.A. Brazil Telecommunications SD CC Downgrade 1,654

Data is by end of year for 2020, and as of July 30 for 2021. Includes both rated and zero debt defaults. Includes sovereigns, Greater China, and Red Chip companies. Excludes five confidential issuers in 2020 and three in 2021 YTD. D Default; SD Selective Default. Source: S&P Global Ratings Research and S&P Global Market Intelligence's CreditPro®.

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Rating date Issuer Economy Sector To From Action TypeDebt amount (mil. $) 14-Oct-20 Banco Hipotecario S.A. Argentina Bank SD CC Downgrade 350 Corp Group Banking S.A. (Inversiones CorpGroup 16-Oct-20 Interhold, Ltda.) Chile Financial institutions D CC Downgrade 500 28-Oct-20 PT Alam Sutera Realty Tbk. Indonesia Homebuilders/real estate D CC Downgrade 545 IRSA Inversiones y Representaciones S.A. (Cresud 12-Nov-20 S.A.C.I.F. y A.) Argentina Homebuilders/real estate SD CC Downgrade 360 Oil and gas exploration and 26-Feb-21 YPF S.A Argentina production SD CC Downgrade 2,951 Cayman Homebuilders/real estate 2-Mar-21 Sunshine 100 China Holdings Ltd. Islands companies SD CCC- Downgrade - 13-Apr-21 YPF Energia Electrica S.A. (YPF S.A) Argentina Utilities SD CCC- Downgrade 400 27-Apr-21 Maxcom Telecomunicaciones, S.A.B. de C.V. Mexico Telecommunications D CCC- Downgrade 57 28-Apr-21 Future Retail Ltd. India Retail/restaurants SD CCC- Downgrade 500 Homebuilders/real estate 13-Jul-21 Sichuan Languang Development Co. Ltd., China companies D CCC- Downgrade - 20-Jul-21 Alpha Holding S.A. de C.V. Mexico Financial institutions D CC Downgrade -

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Five EM Fallen Angels In 2021 YTD, Potential Fallen Angels Level Decreasing Slowly − Five EM fallen angels. Through July 2021, Chile based Empresa Nacional Fallen Angels Average Potential Fallen Angels 40 del Petroleo and four Colombia-based entities including the sovereign were the 30 fallen angels in EMs.

20 − Among the current EM potential fallen Issuers 10 angels, there were none on CreditWatch, indicating lower immediate downgrade 0 risk, as potential fallen angels with C 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 negative outlooks typically have a one- Data as of July 30, 2021. Parent only. Include Red Chip companies. Source: S&P Global Ratings Research. in-three chance of a downgrade within two years of receiving the negative outlook. EM Potential Fallen Angels By Economy − The number of global potential fallen 6 July 30, 2021 PFAs July 31, 2020 PFAs angels declined. The decrease in potential fallen angels appears to have 4 been broad-based, with negative biases among 'BBB-' issuers falling in the past

Issuers 2 12 months for almost all sectors. PFA Count of of Count PFA 0 − 'BBB' Pulse: Brazil Chile Greater Colombia India Indonesia Mexico Improving Business Conditions Boost C China Rising Star Upgrades Data as of July 30, 2021. Include Red Chip companies. Source: S&P Global Ratings Research. 2021.

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Three EM Rising Stars So Far In 2021, Potential Rising Stars Level Increasing Slowly

Rising Stars Average Potential Rising Stars 20 − Three EM rising stars. Through July 2021, there were one each rising star 15 from Russia, Cayman Islands, and 10 Mexico.

Issuers 5 − Among the current EM potential rising 0 stars, there were none on CreditWatch positive. C 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 − The pipeline of global potential Data as of July 30, 2021. Parent only. Include Red Chip companies. Source: S&P Global Ratings Research. rising stars remain steady. Of the potential rising stars (issuers rated 'BB+' with positive outlooks or ratings EM Potential Rising Stars By Economy on CreditWatch with positive implications), financial institutions, 2 July 30, 2021 PRSs July 30, 2020 PRSs and metals and mining lead among sectors. 1 − 'BBB'

Issuers Pulse: Improving Business Conditions

PRS Count of Count PRS 0 Boost Rising Star Upgrades Mexico South Africa Russia Greater China C published July 29, 2021.

Data as of July 30, 2021. Include Red Chip companies. Source: S&P Global Ratings Research.

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EM Weakest Links Reached Record Highs In 2020 − Weakest links. EM saw 14 Weakest Links Count (left scale) issuers on the weakest links list Weakest Link Share of Speculative-Grade Population (%) (right scale) (nearly 3% of total speculative- 40 20% grade issuers), reflecting default 30 15% prospects for the weakest 20 10% issuers.

10 5% Number of Issuers of Number 0 0% − Default rates. June default rates Jul-18 Jan-19 Jul-19 Jan-20 Jul-20 Jan-21 Jul-21 slightly decreased for all regions Data as of July 30, 2021 (OLCW). Parent only. Source: S&P Global Ratings Research. except for EEMEA (see chart). The June default rate in EEMEA Default Rates At High Levels After Reaching Record Level In 2020 was stable when compared with the prior month. 8 EM Asia (ex. China) EEMEA Latin America Emerging Markets (ex. China) 7 − For more information, see 6 EM Asia (ex. China), 4.17 Global Weakest Links Fall 5 Latin America, 3.94 Despite A Rising Speculative- 4 Grade Population 3 Emerging Markets (ex. Default Rate (%) Rate Default 2 China), 3.04 Aug. 3, 2021. 1 EEMEA, 0.00 0 Jun-18 Jun-19 Jun-20 Jun-21 C CreditPro data as of June 30, 2021. Default rates are trailing 12-month speculative-grade default rates. Source: S&P Global Ratings Research and S&P Global Market Intelligence's CreditPro®.

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Year-End EM 16 Corporate Defaults By Reason Bankruptcy-Related Distressed Exchanges / Out-Of-Court Restructuring Missed principal/interest payments and default on financial obligations Regulatory Intervention Confidential 25 20 15 10 5

Number Of Defaults Of Number 0 2012 2013 2014 2015 2016 Year 2017 2018 2019 2020 2021 YTD

*Data as of July 30, 2021. Data has been updated to reflect confidential issuers. Excludes sovereigns, includes Greater China, and Red Chip companies. Sources: S&P Global Ratings Research and S&P Global Market

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Emerging Market Defaults Inch Up But Remain Well Below Their 2020 Tally, Aug. 5, 2021 Sub-Saharan Africa's Demographic Transition: A Window Of Opportunity For Growth, August 4, 2021 Global Actions On Corporations, Sovereigns, International Public Finance, And Project Finance To Date In 2021, Aug. 3, 2021 Global Weakest Links Fall Despite A Rising Speculative-Grade Population, Aug. 3, 2021 'BBB' Pulse: Improving Business Conditions Boost Rising Star Upgrades, July 29, 2021 Credit Conditions Emerging Markets Q3 2021: Slow Vaccination Prevents A Robust Recovery, June 29, 2021 EMEA Emerging Markets Sovereign Rating Trends Midyear 2021, June 29, 2021 COVID-19 Impact: Key Takeaways From Our Articles, July 28, 2021 Credit Conditions Emerging Markets Q3 2021: Slow Vaccination Prevents A Robust Recovery, June 29, 2021 Economic Outlook Emerging Markets Q3 2021: Despite Rising Resilience, Vaccinations Are The Key To Recovery, June 28 Economic Outlook EMEA Emerging Markets Q3 2021: Faster Recovery, Higher Inflation, June 25, 2021 Economic Outlook Latin America Q3 2021: Despite A Stronger 2021, Long-Term Growth Obstacles Abound, June 24, 2021 Nearly A Quarter Of Weakest Links Have Defaulted Since February 2020, June 23, 2021 An SDR Is Born: The IMF Creates A Reserve Asset For Low-Income Countries, June 22, 2021 - Emerging Markets Monthly Highlights: Long Road Ahead, Despite The Year's Promising Start, June 10, 2021

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Economics Global Paul F Gruenwald, New York, +1-212-438-1710, [email protected]

Asia-Pacific Shaun Roache, Singapore, +65-6597-6137, [email protected]

Emerging Markets Tatiana Lysenko, Paris, +33-1-4420-6748, [email protected]

Europe, Middle-East & Africa Sylvain Broyer, Frankfurt, +49-69-33-999-156, [email protected]

Latin America Elijah Oliveros-Rosen, New York, +1-212-438-2228, [email protected]

North America Beth Ann Bovino, New York, +1-212-438-1652, [email protected]

Research Global Alexandra Dimitrijevic, London, +44-20-7176-3128, [email protected]

Asia-Pacific Terence Chan, Melbourne, +61-3-9631-2174, [email protected]

Credit Market Research Sudeep Kesh, New York, +1-212-438-7982, [email protected]

Digital Research Strategy Gareth Williams, London, +44-20-7176-7226, [email protected]

Emerging Markets Jose Perez-Gorozpe, Mexico City, +52-55-5081-4442, [email protected]

Europe, Middle-East & Africa Paul Watters, London, +44-20-7176-3542, [email protected]

North America David Tesher, New York, +1-212-438-2618, [email protected]

Ratings Performance Analytics Nick Kraemer, New York, +1-212-438-1698, [email protected]

Lyndon Fernandes, [email protected] Research Support Nivritti Mishra, [email protected]

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