Core Insights - Fitch Ratings indicates that the pace of upgrades in emerging market sovereign debt ratings has outstripped downgrades, despite a challenging macroeconomic environment [1] Group 1 - The overall macroeconomic conditions remain severe, yet the credit quality of emerging market sovereigns is showing signs of improvement [1] - The number of upgrades in sovereign ratings has been higher than downgrades, suggesting a positive trend in creditworthiness among emerging markets [1] - Fitch's analysis highlights that this trend may continue if economic conditions stabilize and improve in the future [1]