The time when international fund managers saw Latin America as a homogenous investment call is gone. The days of differentiation are here. And as many of the region’s leading countries look to make the difficult transition from developing to developed economies, their finance ministers are fully aware of the need to create, and tell, their individual investment cases.

The latest results from the Euromoney Country Risk survey point to an unprecedented rise in risk across almost all geographical regions since June, with emerging markets (EMs) taking the biggest hit as doubts over China, the eurozone and US liquidity support weigh heavily on experts’ evaluations.

Investors should take note: LatAm’s big two have been offering contrasting portfolio options for some time. This year is no exception.

The rating agency is still holding out on awarding the investment grade Fitch and Moody’s are standing by. Euromoney’s Country Risk Survey explains why.