Dollar emerging market credit remained sturdy, with the hike and subsequent rhetoric from the Fed meeting negating external factors such as lower commodity prices and Brazil's cut to Junk status by rating agency Fitch. Brazil's sovereign 5-yr CDS spread saw a 22bps widening to 476bps yesterday, but this negative credit action had limited impact on US dollar denominated Latam corporate debt. The Markit iBoxx USD Emerging Markets Corporates LatAm Index spread remained flat at 626bps, while the Markit iBoxx USD Emerging Markets Corporates Overall Index spread saw a modest 2bps tightening. However, risks stemming from further US dollar appreciation remain.