The borrower is beginning to shine with the presidential race guaranteeing a pro-market candidate winning and the economy improving due to increased copper-mining capacity.

Euromoney’s risk survey successfully predicted the move to investment grade for the Philippines in 2013, and it is once again highlighting other sovereign borrowers – in particular Hungary and Paraguay – with prospects for a similar upgrade.

A plunging country risk score illustrates how the problems are still mounting for Africa’s largest economy.

They’re cheering in Bratislava as changing country-risk perceptions make Slovakia the safer option.

Country risk scores for many of the large emerging markets (EMs) continued to fall in the first months of the year. Risk scores have now reached levels that do not preclude another global shock if China hits the skids.

Malaysia has been hit by political scandal and economic woes, but ECR experts believe it should begin to recover this year.

The sovereign is still high risk, but is improving in Euromoney’s country risk survey, underpinned by the recent election results.

The sovereign improved last year, but experts have doubts over its economic prospects, and there are political risks from possible snap elections in the summer.

Ljubljana is a happier place these days, overcoming the banking and political crisis weighing on its prospects. Investors should take note: Slovenia is one of several smaller European countries making a comeback.

Political tension and violence have marred Côte d'Ivoire for decades, but peaceful elections and an improving economy have raised expectations.

Moody’s has followed S&P’s lead by downgrading the borrower to junk status in line with its Euromoney country risk score. Other oil producers are at risk, the survey predicts.

Ukraine finished 2015 with a slightly improved score year-on-year, despite seeing turbulence on all fronts in the ECR scoring categories throughout the year. Its score dipped in the fourth quarter of 2015, but ECR experts see some reasons for hope amid the gloom.

Against the backdrop of China’s economic troubles, US Federal Reserve interest-rate hikes, depressed commodity prices and the refugee crisis affecting Europe, political risks increased for numerous sovereign borrowers in 2015.

The Baltic state leapfrogged both sovereigns in the global ratings last year, making its credit ratings outdated.

Poland’s sovereign bond spreads are in turmoil, after a shock downgrade by Standard & Poor’s (S&P). The move follows a sharp drop in its political risk score in the latest Euromoney Country Risk (ECR) survey.

Political instability, falling commodity prices, central-bank policy uncertainties and conflict were the principal negative risk factors for investors to contemplate at the turn of the year, as China’s troubles were brought into focus by another round of financial volatility.

Why is Fitch so reticent to upgrade the sovereign when country risk experts and other credit rating agencies say it is overdue?

Of all the frontier markets competing for inward investment, the one-party state is still one of the more attractive prospects.

The likelihood of fresh elections is delaying the structural reforms necessary to prevent the debt burden from snowballing.

Depressed oil prices are sending shockwaves through the Kingdom as it looks at ways to mitigate the macro-fiscal implications.

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.

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.

The sovereign has climbed another three places in the global rankings compiled by Euromoney Country Risk, and is keeping pace with Bulgaria and Romania.

China’s risk score fell 1.5 points, to below 60 out of 100, for the first time in almost two years in Q3 2015. With Brazil in freefall and a US interest-rate hike on the cards, investor risk is rising for many – but not all – emerging markets (EMs), complicating portfolio selection.

Reforms are expected to gather pace in 2016, boosting the country’s investment prospects.

Further falls in the sovereign’s risk score signal the possibility of a credit rating downgrade.