The Credit Cycle Global Sovereign Rating Trends Midyear 2021: Recovery Will be Uneven as Pandemic Risks Linger S&P Global Ratings sovereign ratings are showing signs of stabilizing after a wave of negative rating actions last year. S&P Global Ratings expects uneven recovery among regions as pandemic-related risks linger. These risks include slow vaccination rollouts, new virus strains, stimulus considerations, inflation, and social tensions. —Read the full report from S&P Global Ratings Credit Conditions Emerging Markets Q3 2021: Slow Vaccination Prevents A Robust Recovery Credit conditions in emerging markets (EMs) continue improving, supported by sustained economic recovery in developed countries and in many cases improving domestic demand as EM economies are able to resume activities.