Fitch Ratings just slashed Gabon's credit rating deeper into junk status. The story here? Ballooning government deficits paired with cratering demand for the country's debt instruments. This is the kind of macro headwind that matters for risk-on sentiment across all asset classes—crypto included. When sovereign debt becomes toxic, capital flows tighten everywhere. Investors start scrutinizing counterparty risk more carefully, and flight-to-safety plays typically gain traction. For those watching macro cycles and portfolio positioning, moves like this from the big three ratings agencies signal shifting appetite for emerging market exposure. It's a reminder that the broader financial system's health shapes what happens in digital assets too.