Strong fiscal fundamentals and steadily declining debt trajectory drive ratings upgrade; moderate growth potential and a high debt stock pose challenges.

Sustained fiscal improvements backed by sound long-term growth prospects drive the outlook revision. An elevated stock of public debt and exposure to global shocks as a small, open economy are challenges.

A prudent fiscal policy, sustained public debt reduction, a resilient debt profile and the gradual unwinding of economic imbalances drive the upgrade; a modest growth potential, high external debt and implicit liabilities are constraints.

Sustained public debt reduction, a resilient debt profile, and the gradual unwinding of economic imbalances drive the outlook change; high public, private and external debt levels, elevated implicit liabilities and low growth potential are constraints.

The economic recovery, reduction of economic, fiscal and external imbalances and a favourable debt structure support the rating; high public, private and external debt levels, elevated implicit liabilities and low growth potential are constraints.

Euro area membership, improving fiscal performance, commitment to structural reforms, and a favourable public-debt profile support the rating; high private and public debt, structural rigidities and challenges in the banking system are constraints.