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• Corporate debt in emerging market economies (EMEs) has significantly risen, outpacing earnings growth. This is raising concerns about corporate creditworthiness given an increasingly challenging economic environment. EMEs shock absorption capacity is stronger than previous periods of global market turbulence, but some sectors remain vulnerable.

• Corporates that are highly leveraged, have borrowed externally in USD or have relatively low buffers are most vulnerable. These corporates are concentrated in Brazil, India, Indonesia, Russia, South Africa and Turkey.

• Corporates operating in the energy, mining, construction (materials) and transport sectors are also exposed. Companies in the real estate sector should be watched as well, as they generally do not hedge their foreign currency exposure.

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