Moderate debt and a favourable track record of sound macro-economic policies support the rating. Challenges relate to a concentrated economic structure exposed to external shocks and rising budgetary pressure, including from an ageing population.

A favourable track record of sound macroeconomic policies and moderate debt drive the affirmation. Vulnerability to external shocks, labour shortages and rising budget pressure from an ageing population are credit challenges.

Weakened medium-term growth prospects and deteriorated fiscal metrics drive the downgrade. A robust fiscal policy framework and favourable debt profile are key credit strenghts.