Rising general government debt and political instability drive the outlook change. Leading role in Europe, economic resilience, robust banking sector, favourable debt profile and excellent market access anchor the ratings.

Sustained deterioration of public finances and challenging political outlook drive the downgrade. Leading role in Europe, economic resilience, favourable debt profile, excellent market access, and robust banking sector anchor the ratings.

Weakening public finances and implementation risks to the reform agenda drive the Outlook change. A large, diversified, and resilient economy; core euro area member status; a favourable debt profile; and excellent capital market access are strengths.