Forbes is reporting that Russia, Romania and South Korea were downgraded in sovereign ratings, Romainia to junk.

Fitch lowered South Africa's ratings outlook as part of a wider review of 17 major investment-grade emerging economies that also resulted in Romania's sovereign ratings downgrade to 'junk' status and ratings cut for Bulgaria, Hungary and Kazakhstan.

The ratings agency, which also lowered its outlook for South Korea and Malaysia, said emerging Europe was the 'most vulnerable' to the deterioration in the global financial and economic environment due to the large current account deficits and high short-term debt levels of the region's countries

Bloomberg notes a sudden spike in insuring Russia's debt and the Ruble is devalued.