Improvement in credit conditions across key emerging markets (EMs) could be plateauing over the coming months, as pre-existing weaknesses and increasing post-pandemic challenges slow economic recovery and hinder business conditions. On the bright side, many EM economies have returned to their pre-pandemic levels and negative rating bias has decreased. Vaccination has accelerated in most key EMs, while recent virus outbreaks haven't been as harmful to economic activity, given that private sector’s consumption and investment patterns have been adapting to the pandemic.