The HFI captures the degree to which people are free to enjoy important rights such as freedom of speech, religion, association, and assembly, and measures freedom of movement, women’s freedoms, crime and violence, and legal discrimination against same-sex relationships. While economic freedom around the world has increased slightly since 2008, the report finds that of the 12 major categories that make up the index, all but five have seen some deterioration, with Religion, Identity and Relationships, and Rule of Law seeing the largest decreases since 2008.

For most speculative-grade sovereigns, limited financing options either constrain fiscal stimulus or heighten liquidity and macroeconomic risks where it is enacted. All are on Negative Outlook except Jamaica (B+), Paraguay (BB+), Guatemala (BB-) and Nicaragua (B-), which all have a Stable Outlook.