Emerging economies' outlook more worrying than China: S&P

The "alarming" outlook for emerging countries hit by collapsing oil prices is more worrying than China's economic slowdown, ratings agency Standard & Poor's said Wednesday.

"We are much more worried about the prospects for emerging countries outside of China, and in particular raw material producing countries", than the Asian giant's economic woes, leading S&P economist Jean-Michel Six told a news conference.

He said falling oil prices that had been a "blessing" for consumers in developed nations had now turned into "bad news" for the world economy.

And he highlighted the risks of falling oil prices that have now slumped close to $30 a barrel for "the growth and geopolitical prospects in the emerging countries" heavily dependent on commodity prices and especially oil.

"We are in a zone of uncertainty and weakness which is becoming alarming," Six, who is chief economist for Europe, the Middle East and Africa, told reporters.