Agreement around EU trade deal and economic resilience, favourable debt profile and reserve-currency status drive Outlook change, while rising debt levels, ongoing Brexit risks and external vulnerabilities remain challenges.

A large, diverse economy, institutional strengths, favourable debt structure and reserve currency status support the rating. Adverse economic and institutional impact of Brexit, and deteriorating fiscal dynamics underscore Negative Outlook.

A large, diversified economy, historical institutional strengths and reserve currency status support the rating. Heightened Brexit-related uncertainty, a weakening economic outlook, and a less predictable policy framework underscore the Negative Outlook.

A large and diversified economy, monetary and FX flexibility and reserve currency status support the rating. Brexit-related uncertainty, a weakening economic and fiscal outlook, and a less predictable policy framework underscore the Negative Outlook.