The dominant sentiment across the emerging markets is optimism about credit fundamentals.
As the shocks from Asia, Russia and Brazil recede, the emerging markets are enjoying a return of investor confidence, with ratings upgrades in Mexico, Turkey and Russia, and increasing confidence in Brazil.
“What’s different now compared with other years,” says Iain Hardie, head of emerging markets fixed income at Morgan Stanley Dean Witter, “is that whereas in the past the emerging markets have been the core of investor concern and the core of volatility, this is not presently the case.
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