A number of emerging markets' sovereign CDS spreads have tightened to the pre-crisis levels. The recession has been discounted completely. Part of the reason is that numerous investors bought sovereign protection in late 2008/early 2009. Recently they have all been getting out, forcing a sharp tightening.
Here is Brazil and Colombia (two of the stronger emerging market names):
Philippines, Indonesia, and Turkey:
The oil producing nations Mexico and Russia are still at elevated levels relative to the pre-crisis period, although Mexico is barely above. A jump in oil prices may tighten these some more.
Argentina and the Ukraine continue to trade at distressed levels.
As a comparison, here is the US sovereign CDS spread - protection against the default in Treasury bonds. Interestingly enough it still trades above the pre-crisis levels.