* Developed economies on path to solvency issues - BlackRock

* AAA rating may no longer exist, fund manager says

* Emerging markets on more stable solvency path - BlackRock (Recasts, adds quotes, background)

By Walter Brandimarte

NEW YORK, April 7 (Reuters) - Investors should perceive more risk in developed economies, which are "on the path to solvency problems," while increasing their exposure to emerging markets, a portfolio manager at influential fund manager BlackRock (BLK.N: Quote, Profile, Research) said on Tuesday.

Imran Hussain, head of the emerging markets debt team at the company, forecast that risk premiums of emerging and developed economies will inevitably converge -- a process that has only been delayed by the fact that the U.S. dollar and the euro stand as the world's reserve currencies.

"If they did not have that status, we would be like Argentina during the default crisis," Hussain told reporters at a round table at the company's headquarters in New York.

"None of us want to be at that stage where you're actually questioning the solvency of nations and you have a series of failed auctions. But you do have the potential for that in this environment," he added.

Emerging markets, on the other hand, remain on a "more stable solvency path," Hussain said, arguing that those countries rely on much less leveraged financial systems, and still have positive average growth and demographics.