Georgia’s overall ECR score has been rising steadily throughout 2016. It improved by more than one point in the third quarter of the year, scoring 44.97, up from 43.88 in the previous quarter.

The fall in the currency could have repercussions for investor safety, extending the downward trend in its country risk score.

After a change of administration and the continuity of a four-year IMF package, which includes much-needed reforms and austerity measures, the country seems to be on the right track.

Political turmoil is heightening investor risk and will likely narrow the risk score differential with Japan, but a strong macro-fiscal situation should not be overlooked.

Mexico has climbed two positions in Euromoney’s latest quarter results, ranking 37th out of 186 monitored countries, but the new US presidency has analysts worried.

Investor risk has been rising this year with fears over Brexit, China, the oil price slump, eurozone debts and global conflict weighing heavily on portfolio decision-making. The shock impact of the Republican victory has made the picture even murkier and sent assets into a tailspin.

The October elections did not deliver the shock investors were bracing themselves for when anti-government protests took place earlier in the year – easing the risks and endorsing Iceland’s credentials for a credit rating upgrade based on its improving macro-fiscal profile.

The political chaos, which left the country without a government for 10 months after two election rounds, seems to be finally contained as a new minority government is in the making.

Although the CIS is learning to adjust to low oil prices, the recovery is slow, the political risks complex, and with fiscal deficits widening living standards are failing to keep pace with other emerging markets.

The country is gradually improving its position in the ECR rankings – unlike several of its neighbours.

The calming of the political shock of Brexit, with oil prices now receiving Opec support, is preventing global risks from worsening, yet with a referendum looming in Italy, elections in the US and Europe to come, not to mention frail banks and several countries mired in difficulties, it might be the calm before another global storm.

The sovereign borrower still struggles to convince the experts as the elections draw near.

The decision to reassign Hungary’s investment grade will bring delight to Budapest, bringing the sovereign borrower correctly in line with Romania, but S&P needs to take note – Euromoney’s country risk survey is shining the spotlight on another country that is closely aligned.

Continuing engagement with the IMF is a positive sign, but it’s a long way back as the economic, political and security risks are still sky-high.

Poland’s declining risk score trend in Euromoney’s survey signals the rating agency is lagging experts in the field.

The borrower will not challenge Indian safety for the foreseeable future, but faith in the emerging market (EM) is justified by its improving risk score.

The southern African country’s reliance on copper and recent disorderly elections have seen increased instability in the region, potentially adding to the deterioration in its ECR scores.

There is no need to panic, but the government’s new budget strategy puts the fiscal consolidation plans out of kilter and is signalling there might be trouble ahead.

While the focus has been on how Italy must resolve its banking sector problems, investors should also be keeping an eye on the risks lurking elsewhere in Europe.

Uncertainty is increasing for peso assets as the fight for the White House heats up. Even a victory for Hillary Clinton comes with reservations attached, demonstrating how it is not just the possibility of Donald Trump winning that is ringing alarm bells.

Country-by-country assessments of Europe’s banking sector show that risks are at new highs, as the financial services industry struggles to cope with the aftershocks of the 2007/08 crisis. Resolving the Italian bank crisis is key to how it will all pan out.

The swift formation of a new government and the opportunities created by the pound’s fall have quietened the doomsayers. But risk experts have downgraded their views on the economic outlook and government stability after the referendum, with so much that is still unknown.

The signing of a ceasefire agreement ending five decades of civil war is nothing short of monumental, but laying down the weapons will not fully resolve the issues and will most likely lead to fiscal repercussions with the economy already under pressure.

Three years on from securing a bailout, the island nation is still addressing the fallout. Yet the economy is growing, political continuity is assured and credit rating agencies are playing catch-up.

The UK’s economic and structural ECR scores are holding up well despite the possibility that its people will vote to leave the European Union (EU) next week. The strength of the sovereign’s outlook means that if the UK did vote to leave, it could quickly recover from the ensuing drop in its risk score, claim several experts this week.

The borrower’s prospects are still failing to improve, despite decent GDP growth, as political and structural concerns preoccupy the risk experts.

Four months after a new coalition was formed, the economy is brightening, but Croatia remains mired in a political crisis weighing on its country risk rating.

The borrower is on a trend decline amid uncertainty about the outcome of early elections in July. It means New Zealand is looking the safer bet, despite its slightly lower ECR score and inferior credit rating.

Euromoney’s country risk survey shows the safety of sub-Saharan Africa (SSA) issuers is once again in question, as economies flounder, debts spiral and capital access tightens.

It seems an appropriate time for the Asian borrower to regain its full complement of investment-grade ratings as it becomes safer in Euromoney’s country risk survey.