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The year has started positively for emerging-market (EM) sovereign rating actions, with four upgrades: Costa Rica, Jamaica, Qatar and Turkiye – outnumbering the two downgrades – Bolivia and Panama. ���������ֳ� has revised the Outlooks of four sovereigns in a positive direction: Aruba (Positive from Stable), Gabon (Stable from Rating Watch Negative), Seychelles (Positive from Stable) and Turkiye (Positive from Stable); compared with only one in a negative direction: China (Negative from Stable). Net positive rating Outlooks are now +5, the highest level since October 2011. The rating actions largely reflect idiosyncratic country-specific developments. Nevertheless, significant risks remain, including the impact of persistently higher interest rates on public finances and financial conditions, a slowdown in China and heightened geopolitical risks. The report covers responses to topical questions from investors