Contagion from emerging markets (EM) is believed to be the biggest risk to U.S. credit markets in the coming year, according to a new survey of U.S. fixed-income investors.

Fitch Ratings released the latest Fitch Ratings/Fixed Income Forum investor survey on Monday. The survey finds that 60% of senior U.S. investors say adverse developments in one or more emerging markets pose a high risk to U.S. credit markets, while 40% say the risk was moderate. None of the investors surveyed say it was low.

Investors see Brazil and China as the two most likely sources of wider contagion, followed by Russia and Turkey, the survey finds.

In addition, nearly three-quarters of those surveyed pick EM corporates as their least favourite investment choice; and, that 93% say they expect fundamental credit conditions for EM corporates to deteriorate over the next year.

Fitch sees EMs as an increasing source of risk to global growth “as the collapse in commodity prices and political shocks exacerbate a secular slowdown,” the company says in a statement.

Emerging market bonds are vulnerable to rising U.S. rates, it says, as they were boosted over the past decade by investors’ search for yield, and increased funding disintermediation in local debt markets.

Fitch’s survey represents the views of 74 senior fixed-income investors.