It added: "The coronavirus shock continues to pressure Namibia's revenue generation capacity, a trend exacerbated by Namibia's weak growth prospects, notwithstanding moderate institutional adjustment capacity and external buffers that backstop creditworthiness." The negative outlook reflects risks remaining slanted to the downside, Moody's continued. "Implementation of the government's fiscal consolidation plans will invariably prove challenging in a low growth environment, particularly as the government targets reducing the large but politically challenging public sector wage bill. Moreover, very large gross borrowing requirements, given the sovereign's continued reliance on short-term funding, point to material liquidity risk." Moody's lowered Namibia's long-term local currency bond and bank deposit ceilings to Baa2 from Baa1.