The tests say little about the increased or decreased risks to bank stability, but Euromoney’s country risk survey can help fill in the gaps.

A reform-minded government and resilient economy have instilled confidence in Chile’s prospects among analysts, despite the risks.

With analysts rating Peru a similar risk to China and Malaysia, Euromoney’s survey indicates that Fitch and Standard & Poor’s should upgrade in line with Moody’s.

The country is powering ahead as it seeks to tap $20 billion in foreign-currency borrowings through to 2022, starting with Pandas and Samurais, and a $5 billion Eurobond.

The region contains countries with current-account surpluses that will benefit from trade relocation from China.

The Balkans country has enjoyed the biggest jump in risk score over five years thanks to better economic fortunes and capital access, but structural reforms are key to a higher credit rating.

Euromoney’s latest risk survey has downgraded Poland again – despite its strong economic growth – as the populist-conservative government completes its third of four years in office.

Investor safety has come under close scrutiny since June, resulting in a small but discernible decline in the global average risk score, halting a four-quarter improving trend.

Euromoney’s survey of risk experts shows the sovereign borrower on an improving score trend, which is already warranting a BB credit rating.

Choosing the right path will open up new investment opportunities.

Highly leveraged and discomfited by escalating tariffs, the world’s most populous nation is holding steady in Euromoney’s survey, with a stronger risk profile than other Brics.

The borrower is affected by currency turmoil and has its own problems to solve, but is still a safer prospect than numerous other EMs.

Emerging from the bailout does not mean automatically becoming a safe option, as the huge debt burden makes it vulnerable for years to come.

Analysts warn Italy will be a bigger shock to Europe than anything Turkey has to offer, as potential crises go.

The country is defying global uncertainty and market turmoil in the lead-up to elections in 2019, with the country in a stronger position now to withstand the prospect of BJP falling.

Latin American risk has fallen to its lowest in three years, according to Euromoney’s quarterly survey of economists and other experts, but individual countries are affected by local politics, protectionism and tightening global financial conditions to varying degrees.

The sovereign borrower’s risk profile is more appealing with political uncertainty resolved and macro-fiscal indicators repairing.

The African sovereign is one of the more impressive movers in Euromoney’s country risk survey this year, extending a longer-term upward trend that could see its credit rating upgraded – if it avoids political instability.