Disinflation and reserve accumulation drive the upgrade. High inflation and sustained external and financial stability vulnerabilities remain key challenges.

More effective economic policies supporting external rebalancing and liquidity buffers drives the upgrade. Persistently high inflation remains a challenge.

A durably more restrictive policy stance supporting the gradual rebalancing of the economy underpins the revision of the Outlooks. Persistent external and financial vulnerabilities anchor the ratings.

More conventional monetary policy supporting progressive rebalancing of the economy underpins the revision of the Outlooks. Persistent policy uncertainty amid external and financial vulnerabilities anchors the ratings.

Uncertain policy normalisation, vulnerability to deeper balance of payment and financial crises anchor the Negative Outlooks. Moderate levels of public debt, a resilient banking system, a large and diversified economy support the ratings.

Unsustainable economic policies and risk of deeper balance of payment and financial crisis drive the rating downgrade. Moderate levels of sovereign debt, a resilient banking system alongside a large, diversified economy support ratings.

Severe external vulnerabilities and risk of a balance of payment crisis drive the rating downgrade. The Negative Outlooks on long-term ratings reflect an inadequate economic policy framework that accentuates existing macroeconomic imbalances.

External sector risks and a deteriorating economic policy framework drive the rating downgrade. Moderate public and private debt level, a large and diversified economy, and resilient banking system cushions are credit strengths.

External sector risks, a deterioration in institutional strengths and increased macroeconomic imbalances underscore the Negative Outlook. Low public debt, resilience in the banking system and a flexible exchange rate support the rating level.