Strong capital base, excellent asset quality, very high liquidity buffers, growing strategic importance, and highly rated shareholders support the rating. High leverage is the key credit challenge.

Renegotiation of the IMF programme and strong commitment to reform drive the Outlook change. Weak debt affordability and high government debt remain credit challenges.

The periodic review has resulted in no rating action.

The periodic review has resulted in no rating action.

The periodic review has resulted in no rating action.

The periodic review has resulted in no rating action.

The periodic review has resulted in no rating action.

The periodic review has resulted in no rating action.

Monitoring review announcement.

Improvement of the inflation outlook and constructive effects for debt sustainability underpin change of the Outlook. Very-high gross government debt, comparatively weak nominal growth potential and rising ageing costs remain rating constraints.