Strengthened economic sustainability and sustained fiscal consolidation drive the upgrade. Elevated unemployment, structural budget pressures related to ageing expenditures, and still-high public debt are constraints.

Enhanced economic resilience and strengthening fiscal fundamentals drive the Outlook revision. High public debt, elevated unemployment, and structural budget pressure related to ageing expenditure are constraints.

A large and diversified economy, favourable debt profile and euro area membership support the ratings. High public debt, elevated unemployment and structural budget pressure are constraints.

A large and diversified economy, favourable debt profile and euro area membership support the ratings. High public debt, elevated structural unemployment, weak productivity gains and structural budget pressures are constraints.

A resilient economic recovery and a strong institutional environment support the ratings. High public debt levels and elevated unemployment are constraints.

The improving economic outlook, reform momentum, EU monetary and fiscal support and relative government stability drive the Outlook change. High public and external debt and weak demographics, curbing growth and fiscal consolidation, are challenges.

Deteriorating public finances and declining growth potential drive the Outlook change. Forceful European monetary and fiscal policies, and resilient debt profile support near-term debt sustainability and the rating.

A resilient economic recovery and a reduction of economic, fiscal and external imbalances support the rating; high public and external debt, elevated unemployment, limited structural fiscal adjustment, and political fragmentation are constraints.

Euro area membership, large and diversified economy, resilient economic recovery, reform commitment and improving bank sector support ratings. Constraints are high unemployment and external debt, fiscal imbalances coupled with political uncertainties.