Euromoney Country Risk experts believe drastic change is in the pipeline for Argentina — but its newly elected government has a fight on its hands to push through economic reforms.

As sovereigns from Brazil and China to Malaysia and Mexico bomb, the search is on for increased safety for emerging market (EM) investors.

Investors snapped up Angola’s $1.5 billion Eurobond debut this month, and yet the sovereign borrower’s country-risk score has plunged, putting it among the world’s worst default risks.

Access to capital leads to a four-place rise in the rankings for Denmark; improved scores in other economic categories contribute to the shift in Q3 results.

A new government emphasizing Hungarian-style nationalist, unorthodox policies with increased public spending has raised uncertainty over Poland’s risk profile. However, the sovereign borrower is in a strong position and is less indebted than Hungary.

The borrower’s fundamentals are pointing to a downgrade that would chalk up a trio of Brics on junk status based on S&P’s metrics.

Ireland’s triple-B rating is out of line with its improving ranking in Euromoney’s country risk survey. Even Fitch and S&P might need to take action if the trend continues.