Middle East Credit Gateway Episode 3: The Shift in Emerging Market Credit Conditions

In this episode, Hina Shoeb and Mohamed Ali connect with Zahabia Gupta, Managing Director, Head of Credit Research, Emerging Markets at S&P Global Ratings, to examine how the Middle East war has shifted the outlook for emerging markets in 2026. The shock is increasingly driven by risks to energy supply chains, particularly through the Strait of Hormuz, leading to uneven impacts across regions. We discuss considerations for investors, including tightening financing conditions, evolving energy security strategies, and broader structural shifts that may shape credit differentiation across emerging markets, with a special focus on markets in the Middle East.