WARSAW, Jan 27 (Reuters) - Lower commodity prices and a stronger U.S. dollar are a big challenge for emerging markets and will probably exert downward pressure on credit ratings in the Middle East, Africa and Latin America in 2016, Fitch Ratings’ top sovereign analyst said.
“If you look at the negative outlooks that are in place today there is a disproportionate number of them that are accounted for by emerging markets that are net exporters of commodities,” James McCormack told reporters on Wednesday.
“Regionally that leads to the Middle East and Africa and secondarily to Latin America. So that is where we expect to see continued downward pressure on ratings in 2016,” said McCormack, who is Fitch’s head of sovereigns. (Reporting by Marcin Goettig; Editing by Gareth Jones)