In assessing default avoidance, Moody's considers the debtor country's creditworthiness and the structure of the bond buyback offer. In terms of creditworthiness, Moody's uses fundamental credit analysis, examining whether the country is experiencing financial distress as indicated by liquidity pressures or debt service burdens that are untenable. Moody's also takes into account the availability and effectiveness of crisis resolution mechanisms, central bank liquidity lines, international financial support and accompanying conditionality. Additionally, Moody's examines debt maturity and interest payment schedules to understand whether the issuer has the ability and willingness to meet future debt service payments.