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Ghana - Transfer risk is likely to remain elevated in H1 2021 due to subdued domestic demand; businesses face reduced revenues and banks are extending payment holidays.
Zimbabwe - The short-term economic outlook is benefitting from both an upswing in commodity prices and better rainfall, but business operations continue to face numerous obstacles.
Lebanon - FX risk is still extreme as negotiations with the IMF to address the multiple economic crises remain stalled; a devaluation of the official currency peg is essential.
Saudi Arabia - Market potential is affected as multinationals are told they must establish regional HQs in Riyadh if they want to win state contracts, but incentives are available.
Turkey - FX risk reignites as President Erdogan defends the previous lax monetary policies, raising market concerns that the present policy direction could be reversed.
United Kingdom - We are upgrading the country's rating outlook from 'deteriorating' to now 'stable', due to both the quick rollout of the vaccination programme and the improving short-term economic outlook.
Kyrgyz Republic - The risk rating outlook is upgraded following Sadyr Jarapov's victory in the presidential elections, which paves the way for a period of increased authoritarianism but also more stability.
Poland - The manufacturing sector - and foreign trade in particular - is helping the Polish economy to weather pandemic restrictions.
Japan - Amid strengthening manufacturing activity, the risk rating outlook shifts from 'deteriorating' to 'stable' as the economy emerges from a state of emergency to restrain Covid-19 cases.
Singapore - The outlook for the construction sector remains challenging, but a major infrastructure bond scheme will boost activity.
Brazil - Resilient inflation and faltering consumer confidence underpin the broad-based weakness in retail sales and weigh on near-term market potential.
Colombia - An improvement in Q4 economic activity has led to a shift in the risk rating outlook to 'stable'; however, uncertainty remains as the extractive sector faces increasing environmental pressures.