Emerging markets are being downgraded by the US credit rating firms.

https://sg.finance.yahoo.com/news/coronavirus-puts-clutch-countries-junk-150422794.html

There are serious consequences to the credit rating downgrades.  The downgrades will make fundraising more difficult for these emerging markets, especially during a crisis, when they need to dole out stimulus packages to support their economies and citizens.

We've warned about these impending massive downgrades (countries and companies) in early March 2020.

http://sg-stock.blogspot.com/2020/03/weve-correctly-predicted-end-of-good-us.html

If these emerging market countries had the foresight or read our post, they would have prepared for such circumstances in advance.