<h1>Global agency affirms sovereign Baa3 rating, cites solid growth but high public debt and fiscal weaknesses; risks from protectionism</h1> A global rating agency affirmed the country's long- and short-term sovereign credit ratings at Baa3 with a stable outlook, citing robust growth, a sound external position and a stable domestic financing base, while noting persistent fiscal weaknesses and high public debt that only a gradual consolidation will reduce. The agency kept local- and foreign-currency bond ceilings unchanged and highlighted gaps between issuer and ceiling levels reflecting modest external imbalances and a sizable government role. Risks include protectionist measures by a major trading partner that may limit manufacturing investment. Upward rating pressure would require materially improved debt affordability from durable revenue-raising fiscal reforms and stronger private investment.