In a study note sent to the press, Fitch explained the rationale behind the outlook cut:
“Many of the biggest emerging markets are experiencing strains from spillovers from advanced economies and China, difficult policy tradeoffs, a declining impact from credit growth and structural bottlenecks.”
There are several problems with this forecast.

First and foremost, Fitch has lost its credibility following a big amount of securities rated “triple A” by this agency went to zero throughout the financial crisis. Therefore, any rating distributed by Fitch should be taken with a grain of salt.