Forty-eight (48) countries had their ratings cut by at least one credit ratings agency following COVID-19 outbreak
Fitch is the most active with 45 downgrades, or 26% of the sovereigns it rates.
S&P is next with 37 cuts or 18% of its sovereign ratings.
Moody’s lowered 33, or 20% of the countries it assigns sovereign ratings to.
According to the International Monetary Fund, COVID-19 has seen debt in developed economies collectively surge 20 percentage points to 124% of GDP.
Across emerging markets it has gone up 9 percentage points to a record 61% and is expected to hit 70% of GDP.
Overall, poorer countries have borne the brunt of cuts.
Fitch delivered the most cuts in most places although S&P led in Sub-Saharan Africa where it cut half the countries it rates.
Both firms have said they expect downgrades to remain concentrated in emerging markets again this year.