Declining public debt, improved banking-system resilience and favourable structural-reform momentum drive Outlook revision. Very elevated government debt and sustained structural economic weaknesses remain credit constraints.

Strengthening of European institutional support, a favourable trajectory of government debt and banking-sector reforms drive rating upgrade. High government debt, policy risks longer run and banking-system fragilities are challenges.

Strengthening of European institutional support, a favourable trajectory of government debt and banking-sector reforms drive Outlook revision. Very high government debt, banking-system fragilities and structural economic bottlenecks remain challenges.

European institutional support, improvements in the profile of government debt and structural reform drive the ratings upgrade. Very elevated government debt levels, banking-system fragilities and structural economic bottlenecks remain ratings challenges.

Reform continuity and improved medium-term public debt sustainability drive the upgrade; high ratio of non-performing loans in Greek banks and weak long-term macroeconomic sustainability are constraints.

Strengthened cash flow profile and debt repayment capacity, improving medium-term public debt sustainability and sustained reforms drive the upgrade; elevated financial stability risks and weak macroeconomic sustainability are constraints.

Compliance with the adjustment programme, improved budgetary performance, economic stabilization and a more favourable policy environment drive the upgrade; fragile public debt sustainability and economic growth prospects are constraints.

Euro area membership, compliance with adjustment programme, improved budgetary performance, and preliminary signs of economic stabilization drive the upgrade; high public debt, fragile recovery prospects and banking sector risks are constraints.