Fitch Downgrades Bulgaria, Hungary, Kazakhstan, Romania

It also revised its outlook to "negative" for the long-term foreign currency ratings of South Korea, Mexico, Russia, and South Africa. From the FT:

David Riley, head of Fitch’s global sovereign ratings group, said: “The profound deterioration in the global economic and financial outlook poses significant threats to the emerging markets. The developed economies are heading for the biggest slowdown in 25 years and this will have a big impact on trade with emerging markets.

“Capital and financial flows to the emerging markets are going to be restricted and more expensive, with those countries with high current account deficits and large external funding needs most exposed.”

It is incredible how silly all the talk of "decoupling" looks now.