LONDON : Credit rating agency Fitch downgraded its view on sovereign debt on Thursday on concerns about the rise in global borrowing costs and the potential for a flurry of new defaults.
"Most exposed are emerging market sovereigns, but some highly indebted developed markets are at risk as well, including in the euro zone." "While modest fiscal deteriorations can be absorbed by the positive effects inflation has on government debt dynamics, such effects depend on the retention of low interest rates, which are now less certain," McCormack said.
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