Political uncertainty and over-reliance on external borrowing make the country more vulnerable than lower-rated sovereigns.

The new government is imminent and is expected to announce policies that will cause financial markets to turn their attentions from the recovering economy to unorthodox populism.

The new president has made the start required to ensure investors take notice, with higher oil prices increasing liquidity, corruption addressed and business regulation improving.

Both countries are facing elections, but the Asian borrower has more convincing risk metrics.