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.