As emerging markets countries continue to face downward ratings pressure and as economic growth remains muted,creditor concerns about a new wave of emerging markets sovereign defaults have begun to surface.In order to determine if the current global environment could result in more defaults, this report examines their history and associated conditions. Analysis suggest that while sovereign defaults are rare,especially among investment grade issuers,defaulting nations share certain characteristics that can be used to identify future nonpayers.Default events can also create return opportunities, depending on the speed of debt resolution with creditors and the level of market stress on the outstanding bonds[…]