The rating agency’s upgraded assessments still seem out of line with improving Euromoney Country Risk survey data, market indicators and its own ratings for other sovereigns.

The Asian tiger heads a select group comprising Poland, Israel, Colombia and Uruguay, all resisting the increased investor risks afflicting other EM sovereigns.

Crashing through ECR’s global rankings, the sovereign’s plight underscores the perils of investing on a risky frontier.

The world’s biggest democracy saw its risk score improve in the lead up to the elections, which might be the start of an upward trend.

Focusing on the larger, fragile EMs has deflected attention away from worrying risk trends afflicting other borrowers.