Resilient growth since Russia-Ukraine crisis, prudent fiscal policy, strong debt profile and strengthened banking system support ratings. Heightened geopolitical and domestic political risks alongside external vulnerabilities are ratings challenges.

The ratings are supported by a wealthy, diversified economy, low public debt and a strong external position. Financial imbalances and uncertainty around Swiss-EU relations represent credit challenges.

A wealthy economy with solid fundamentals, robust public finances, and a strong external position support the ratings. Exposure to global shocks as a small, open economy, age-related fiscal pressures and rising financial imbalances are challenges.

The downgrade reflects a weaking financial risk profile due to increased leverage and a difficult business environment in France.

Spain can cope with rising borrowing costs and the ECB’s winding down of its purchases of euro area sovereign bonds due to the improved profile of Spanish public debt and the country’s relatively robust economic outlook.

The rating on the Norwegian mortgage-covered bond reflects the issuer's credit quality enhanced by a six-notch governance-support based uplift. The high-quality cover pool with low mismatch risk provides additional rating stability.

A less bleak economic outlook and the prospect that inflation and interest rates will peak in Europe this year have eased capital market conditions as refinancing gets underway, supporting credit quality. However, pockets of corporate distress remain.

No action has been taken on the notes issued by Retiro Mortgage Securities DAC following a monitoring review.

The updated corporate strategy and financial policy are in line with the current rating levels.

No impact expected on existing ratings