As the U.S. heads into a now-guaranteed recession, several global markets, though saddened and awestruck by the terrorist attacks on America, are fearful of yet another severe blow to their economies.

Although emerging markets have been experiencing a decline in creditworthiness over the past few years, Fitch said that its sovereign credit index has fallen sharply this year, as downgrades have outweighed upgrades by nearly 29 notches on the rating scale, mainly caused by Argentina, Turkey and Lebanon.

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