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.

The periodic review has resulted in no rating action.

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.

The periodic review has resulted in no rating action.

The periodic review has resulted in no rating action.

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.

Monitoring review announcement

Monitoring review announcement

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

Monitoring review announcement.