Emerging markets have faced a pandemic, trade disputes and geopolitical conflict, yet many have proven surprisingly resilient. In this episode of "The Big Picture", Bill Foster speaks with Moody’s experts Atsi Sheth and Ariane Ortiz‑Bollin about what’s changed: stronger policy frameworks, deeper local markets, better buffers and sharper investor differentiation. We also discuss China’s slowdown, global fragmentation, rising debt and where credit risks — and opportunities — may emerge next. Host: William Foster, Senior Vice President, Sovereign Risk, Moody's Ratings Guests: Atsi Sheth, Chief Credit Officer, Moody’s Ratings; Ariane Ortiz-Bollin, Associate Managing Director, Sovereign Risk, Moody's Ratings Related Research: - Nonfinancial Companies – Emerging Markets Financial policy is key differentiator of credit quality amid global shocks (https://www.moodys.com/research/doc--PBC_1476605?cid=web-ntrnlbnnr-20051), 07 May 2026 - Sovereigns – Emerging Markets Low-rated sovereigns' credit quality is recovering but is weaker than a decade ago (https://www.moodys.com/research/Sovereigns-Emerging-Markets-Low-rated-sovereigns-credit-quality-is-recovering-but-Sector-In-Depth--PBC_1475682?cid=web-ntrnlbnnr-20051), 06 May 2026 - Sovereigns – Emerging Markets Early policy reform and strong buffers support resilience to global shocks (https://www.moodys.com/research/Sovereigns-Emerging-Markets-Early-policy-reform-and-strong-buffers-support-Sector-In-Depth--PBC_1476968?cid=web-ntrnlbnnr-19994), 05 May 2026 - Middle East Conflict – India Energy shock fuels external, inflationary and sectoral risks (https://www.moodys.com/research/Middle-East-Conflict-India-Energy-shock-fuels-external-inflationary-and-Sector-In-Depth--PBC_1478794), 20 April 2026 - Corporates – Indonesia Policy uncertainty will constrain credit strength as regulatory intervention rises (https://www.moodys.com/research/Corporates-Indonesia-Policy-uncertainty-will-constrain-credit-strength-as-regulatory-Sector-In-Depth--PBC_1474730), 16 April 2026 - Sovereigns – Global Middle East shock will test sovereigns with limited credit buffers (https://www.moodys.com/research/Sovereigns-Global-Middle-East-shock-will-test-sovereigns-with-limited-Sector-In-Depth--PBC_1478936), 7 April 2026 - Sovereigns – Sub-Saharan Africa Sub-Saharan Africa Macro Monitor: Financing needs will remain broadly stable in 2026 (https://www.moodys.com/research/Sovereigns-Sub-Saharan-Africa-Sub-Saharan-Africa-Macro-Monitor-Financing-needs-will-Sector-In-Depth--PBC_1474873#2315a644713819472f6069ff15891fa9), 31 March 2026 - Global Emerging Markets Live 2026: https://events.moodys.com/2026-mie26191-global-emerging-markets-live © 2026 Moody’s Corporation and/or its licensors and affiliates. All rights reserved. Go to www.moodys.com/pages/globaldisclaimer.aspx for complete legal terms and conditions governing use of Moody’s information made available in this video.

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