The negative outlook reflects our view that RBG faces significant downside risks in the coming 12-24 months, mainly due to geopolitical and economic challenges faced by its subsidiaries in Russia and Ukraine, as well as possible spill-over effects on its main markets. Separately, we will continue to look for further efficiency improvements at RBG's domestic operations, which would support its competitive position and loss absorption capacity. We could lower our rating on RBI in the next 12-24 months if the operating environment proves worse than expected, leading to setbacks to RBG's profitability, asset quality, or capitalization that are beyond our base-case expectations. This could happen, for example, if aggregate asset quality problems increased significantly in its main operating markets, and
