Sovereign Rating Actions Recap: April 25 - May 4, 2025

S&P Global Ratings
?affirmed Guatemala at 'BB' with the positive outlook.
affirmed Turkey at 'BB-' with the stable outlook.
?affirmed Slovakia at 'A+/A-1' and changed outlook to negative from stable.

The negative outlook reflects the risk that global trade tensions could weigh on projections for Slovakia's medium-term growth, against the backdrop of the high export exposure of its economy. This could hamper the government's fiscal consolidation efforts and keep its debt ratio on an upward trend.

?affirmed Belgium at 'AA/A-1+' and changed outlook to negative from stable.

The negative outlook reflects the heightened risks around Belgium's budgetary consolidation, given the already high government debt of 104% of GDP in 2024. It also signifies that risks stemming from current trade tensions could weigh on Belgium's economic growth prospects, as a key commerce hub in Europe.

?affirmed Finland at 'AA+' with the stable outlook.
?affirmed Singapore at 'AAA' with the stable outlook.

Fitch Ratings
?affirmed Philippines at 'BBB' with the stable outlook.
?affirmed El Salvador at 'B-' with the stable outlook.

Moody's
affirmed Cambodia at 'B2' and changed outlook to negative from stable.

The change in outlook to negative reflects downside risks to Cambodia's growth prospects, given significant uncertainty surrounding US trade policy and sweeping tariffs. Cambodia's export exposure to the US accounts for close to 40%, or close to 20% of GDP in 2024, one of the highest in the Asia-Pacific (APAC) economies.

?affirmed Thailand at 'Baa1' and changed outlook to negative from stable.

The decision to change the outlook to negative from stable captures the risks that Thailand's economic and fiscal strength will weaken further. The already announced US tariffs are likely to weigh significantly on global trade and global economic growth, and which will affect Thailand's open economy.

?affirmed Democratic Republic of the Congo at 'B3' with the stable outlook.