S&P Global said that "the positive outlook reflects our view that policy stability will continue, economic reforms will be deepened and higher investment in infrastructure will sustain long-term growth prospects".
"With a cautious fiscal and monetary policy that reduces the government's increased debt and interest burden while strengthening the resilience of the economy, the rating agency could achieve a higher rating over the next 24 months," the rating agency said in a statement. "
S&P Global expects cautious fiscal and monetary policies to reduce the government's debt and interest burden, thereby strengthening the economy's resilience.
This could result in a higher rating within the next 24 months.
"If there is a sustained and substantial improvement in the effectiveness and credibility of central bank monetary policy, such that inflation is managed at a fairly low rate over time, we could also raise the rating," S&P Globa said.
However, S&P Global said the outlook could be 'stabilised' if political commitment to sustainable public finances weakens.
The rating agency also affirmed the 'BBB-' long-term and 'A-3' short-term unsecured foreign and local currency sovereign credit ratings.
"We expect strong economic fundamentals to underpin growth over the next two to three years," the ratings firm said.
"With a cautious fiscal and monetary policy that reduces the government's increased debt and interest burden while strengthening the resilience of the economy, the rating agency could achieve a higher rating over the next 24 months," the rating agency said in a statement. "
S&P Global expects cautious fiscal and monetary policies to reduce the government's debt and interest burden, thereby strengthening the economy's resilience.
This could result in a higher rating within the next 24 months.
"If there is a sustained and substantial improvement in the effectiveness and credibility of central bank monetary policy, such that inflation is managed at a fairly low rate over time, we could also raise the rating," S&P Globa said.
However, S&P Global said the outlook could be 'stabilised' if political commitment to sustainable public finances weakens.
The rating agency also affirmed the 'BBB-' long-term and 'A-3' short-term unsecured foreign and local currency sovereign credit ratings.
"We expect strong economic fundamentals to underpin growth over the next two to three years," the ratings firm said.
