Fitch Ratings' second annual Emerging Markets conference, held recently in London, started off positively enough. While presenting slide after slide of optimistic news for investors looking for potential opportunities in the sector, the rating agency noted that in 2007 most sovereign ratings of countries with active ABS markets were listed as "positive."

By the end of the conference, however, some market experts turned to warning participants of the pitfalls that menace such ventures. In the final and perhaps most relevant panel, titled "EM Securitizations: Is the Party Over or Is It Just Getting Started?" the three keynote speakers offered words of caution to attendees.

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