<h1>Major agency affirms sovereign Baa3/P-3 ratings, Stable outlook; bond ceilings A2/A3 show multi-notch gaps, fiscal risks persist</h1> A major rating agency affirmed the sovereign's long- and short-term issuer ratings at Baa3 and P-3, with a Stable outlook, citing robust economic growth, a sound external position, and a stable domestic financing base. The agency kept the local- and foreign-currency bond ceilings at A2 and A3, noting a four-notch gap between the local-currency ceiling and the issuer rating and a one-notch gap between local- and foreign-currency ceilings. Credit strengths are offset by persistent fiscal weaknesses, a high government debt burden and weakening revenue from recent consumption-supporting measures, while external policy measures by a large trading partner constrain manufacturing investment.