Extensive European support mechanisms, economic resilience, fiscal prudence and a favourable debt profile anchor the rating. High public debt, low productivity and weak demographics are challenges.

Extensive European support mechanisms, economic resilience, fiscal prudence and a favourable debt profile anchor the rating. High public debt, low productivity, labour market rigidities and weak demographics are challenges.

European monetary and fiscal support, a large, wealthy and diversified economy, and favourable debt profile support the rating. High public debt, low productivity, labour market rigidities, weak demographics, and political uncertainty are challenges.

European institutional support and a credible reform programme drive the Outlook change. High government debt and structural economic bottlenecks are ratings challenges.

Deteriorating public finances and weakness in Italy’s medium-run growth prospects drive the Outlook change. European institutional support, including from the ECB, the economy’s systemic importance and a strong external sector support the ratings.

Lack of a coherent reform agenda to address structural weaknesses and debt sustainability concerns drive the downgrade. Moderation of policy objectives, record of primary surpluses, and access to European backstops support the Stable Outlook.

Euro area membership, a large and diversified economy, primary surpluses, and low private debt support the rating. Implications of anti-establishment landscape, the new government’s programme and impact of tensions with Europe drive the Negative Outlook.

Euro area membership, large and diversified economy, track record of primary surpluses and reforms, and resilient debt structure support the rating. High public debt, growth below potential, banking fragilities and political uncertainties are constraints.