Fitch Ratings has issued a warning regarding the negative impact of the Iran war on emerging market economies, highlighting a shift in the balance of sovereign outlooks from +3 to -1 since the conflict began. The report, released on April 17, emphasizes that the war has led to increased energy import bills, supply-chain disruptions, and rising fiscal subsidy costs. Currently, seven emerging market sovereigns hold Positive Outlooks, while eight are on Negative Outlook or Watch. Notably, Fitch has placed Qatar and Ras Al Khaimah on Rating Watch Negative, and revised the outlooks for Turkey and the Dominican Republic to Stable from Positive, while changing Indonesia's outlook to Negative from Stable. The report indicates that the war's repercussions extend across various regions, affecting economies such as China, Brazil, Hungary, Romania, Bolivia, Nepal, Kenya, and Mozambique, as investors express concerns over oil price volatility and reduced external financing.