A rise of institutional, geopolitical and external-sector risk drives the Outlook change. Declining and moderate levels of government debt, a strong government debt profile, and robust growth support the ratings.

Strong public-debt profile, declining government-debt ratio and strong medium-run growth prospects support the ratings. Sustained geopolitical and domestic political risks alongside external vulnerabilities are ratings challenges.

Resilient growth since Russia-Ukraine crisis, prudent fiscal policy, strong debt profile and strengthened banking system support ratings. Heightened geopolitical and domestic political risks alongside external vulnerabilities are ratings challenges.

Improved economic outlook and debt trajectory drive the Outlook change. External sector risk remains a core ratings challenge.

The exposure to the Covid-19 shock, tighter financing conditions and elevated exchange rate volatility amid high dollarisation drive the Outlook change. The commitment to structural reforms and fiscal discipline are credit strengths.