"A quarter of the sovereigns are on a negative outlook, which is the highest proportion we've had since 2012," the peak of the euro crisis, Alastair Wilson, Moody's managing director of sovereign risk told Reuters in an interview. The immediate pressure may not be quite so "acute" but the geographic spread of the negative ratings is now much wider, he said, adding: "I think in some ways (that) is more concerning." Top names on the watch list include Britain, which Moody's rates a notch below triple-A at Aa1 and euro zone heavyweight Baa2 Italy as well as Aa3 China, Baa2 South Africa, A3 Mexico and Ba2 Brazil.