Government stability, a reinforced commitment to fiscal consolidation, and stronger economic resilience drive the Outlook change. High government debt, weak GDP growth and adverse demographics are challenges.

Extensive European support mechanisms, economic resilience, fiscal prudence and a favourable debt profile anchor the rating. High public debt, low productivity and weak demographics are challenges.

Extensive European support mechanisms, economic resilience, fiscal prudence and a favourable debt profile anchor the rating. High public debt, low productivity, labour market rigidities and weak demographics are challenges.

European monetary and fiscal support, a large, wealthy and diversified economy, and favourable debt profile support the rating. High public debt, low productivity, labour market rigidities, weak demographics, and political uncertainty are challenges.