High fiscal deficits, rising general government debt, and a modest growth outlook drive the outlook change. A wealthy and diversified economy, sound external position, stable banking sector, and strong debt affordability are credit strengths.

Growing divergence of the fiscal trajectory from highly-rated peers and a constrained medium-term macro-economic outlook drive the downgrade. A wealthy, diversified economy, strong debt affordability and sound external position are credit strengths.

Continuing dependence on Russian energy imports and persistent divergence of the fiscal trajectory from highly-rated peers drives Outlook revision. A wealthy, diversified economy, favorable debt profile and sound external position are credit strengths.