Material and lasting impact of Covid-19 on fiscal fundamentals and structural economic bottlenecks drive downgrade. A wealthy and diversified economy, strong market access and sturdy debt profile as well as a sound external position are credit strengths.

Increasing fiscal slippage, still-high public debt levels and weakening economic prospects drive the Outlook change; a favourable debt profile and market access, macroeconomic stability, and a strong external position are credit strengths.

A diversified, wealthy economy with strong funding flexibility, sound external position and structural reform efforts support the rating. High debt levels, weak productivity growth, labour market rigidities and housing price vulnerability are constraints.

Euro area membership, a wealthy and diversified economy, a sound external position and reform efforts, support the rating. Slow fiscal consolidation, high debt and labour market rigidities, are constraints.