Analysis-Emerging market credit ratings are finally looking up again

LONDON - From Brazil, Nigeria and Turkey to even some of the riskiest emerging markets such as Egypt and Zambia, evidence is growing that a decade-long deterioration in sovereign credit ratings has finally started to reverse.

Fitch's global head of sovereign research Ed Parker said the turnaround has been down to a combination of factors. Turkey, South Africa, Brazil and Russia all lost coveted investment grade scores during that time, while a deluge of debt almost everywhere apart from the Gulf has left the average EM credit rating more than a notch lower than it used to be.

A few governments, such as Zambia, are getting a natural lift from coming out of debt restructurings while a number of places are making obvious policy improvements.

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