Some great charts on real economic debt, via IIF, with my highlighting of the BRICS economies:
First off, mapping corporate debt and government debt as a share of GDP:
China is an outlier within the BRICS group when it comes to corporate debt.
Lastly, the chart above showing changes in the US Dollar-denominated debt quality (by corporate ratings). Again, Russia is a positive stand-alone in this, with more positive outlook than negative outlook corporates - a trend strikingly different from both the Emerging Markets overall, and for other BRIC economies.