Negative risks in EM's still - BBH

Analysts at Brown Brothers Harriman noted that the sheer number of downgrades this year suggests that there are still negative risks within EM.

Key Quotes:

"Low commodity prices have had a negative impact on the commodity exporting countries, but those ratings should stabilize if the bounce in oil continues.

We continue to warn investors that EM fundamentals will still diverge across countries.

The investment climate remains challenging, with fundamentals remaining the most important factor for global investors to consider."