FITCH says emerging-market issuers showed resilience in Q3 but could come under
pressure if the Fed turns more hawkish and developed-market sovereign yields
rise. FITCH’s base case is financing conditions will be looser in most EMs by
2027 as global inflation eases and central-bank policy pressures recede, but it
warns of significant downside risks. FITCH forecasts EM ex-China GDP growth of
3.3% in 2027, below its upward-revised 2026 forecast of 3.6%.