With faith slowly restored in Brazil, India and Indonesia this year, there is no longer a fragile five of large EMs, leading risk experts to shift focus to the fragility of borrowers in sub-Saharan Africa.

Experts taking part in Euromoney’s Country Risk Survey were ahead of the game in predicting the increased default risk plaguing peripheral, eurozone sovereigns in the wake of the 2008 crisis, and repeatedly so across a range of issuers.

Asia has succumbed to increased risk during the past year, with experts taking part in Euromoney’s Country Risk Survey downgrading scores for the majority of these sovereigns. South Korea is among a handful bucking the trend.