The country's prolonged exposure to the cost-of-living crisis amid higher geopolitical risk drives the Outlook revision. The economy's resilience and a sound fiscal position support the ratings.

The robust economic performance, stronger external position and robust public finances drive the Outlook change. Adverse demographics, an exposure to external shocks and banking spill-over risks remain credit challenges.

Improvements in economic resilience and the external position drive the ratings upgrade. Adverse demographics, wage-productivity growth imbalances and exposure to external shocks remain credit challenges.

Sustained economic and fiscal performance drive the Outlook change. Adverse demographics, low productivity growth and external vulnerabilities remain rating constraints.