Sustained fall in public debt ratio, declining external vulnerabilities, alongside robust economic growth, drive the Outlook change. Elevated public debt, moderate growth potential and high external vulnerabilities are challenges.

Significant progress in reducing public debt, a strong track record of prudent fiscal policy, and enhanced economic resilience drive the upgrade. Still high public debt, a limited growth potential, and external vulnerabilities are credit constraints.

Sustained debt reduction, prudent fiscal policy, and improvements in the external position drive the Outlook revision. Still high public debt and a limited growth potential are credit constraints.

Enhanced macro-economic stability, a strong record of prudent fiscal policy and debt reduction, and a favourable debt structure anchor the ratings. Still high public debt and a limited growth potential are credit constraints.

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.