A Worthy Diversification Play

March 2007 | Sovereign Risk Rating

EM correction? What EM correction? Investors in Middle Eastern and African (MEA) credits can be forgiven for downplaying the February global correction that dented developed and developing economy markets. Key MEA assets were largely stable, thanks equally to markedly robust fundamentals and the generally held depiction of regional markets as frontier destinations, which has limited volatile speculative capital investment. The latter interpretation is increasingly outdated, in our view, and we are of the mind that the region has counter-intuitively emerged as a prime diversification opportunity for global investors. Traditional boom and bust commodity cycles are certainly still significant drivers, both

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