New Delhi, May 20 -- The series of tariffs announced by the US will have negative credit implications for debt issuers across emerging markets, particularly export-reliant companies, with broader trade uncertainty set to weigh on consumer, business and financial activities, Moody's Ratings said in a report on Tuesday.

Companies with significant exposure to US-bound tariffed goods face the most direct risks, the rating agency said in a report on tariffs in emerging markets.

However, Moody's warned that a much larger pool of debt issuers will suffer indirectly through slowing economic growth, declining commodity prices, depreciating currencies and rising investor risk aversion.

Also read | Trump tariffs promise a horror show for Indian m...