On external funding, Moody's noted that the current constraints come at a time the government's foreign currency debt service is contained, limiting immediate liquidity risks. However, over the medium term, Moody's highlights that the external liquidity profile will likely erode unless the government can improve its access to external borrowing sources. This, in turn, will rely on the ability of the government to demonstrate a track record of delivering on fiscal reforms. Overall, Moody's noted that the trifecta of (1) a brightening oil production outlook, (2) indications that subsidy reform is being implemented, and (3) non10.04 11.24 12.63 oil revenue improving faster than nominal GDP would signal that the fiscal deterioration is reversing course. The preceding would induce the rating agency to upgrade the country's sovereign credit rating.