A favourable track record of sound macroeconomic policies and moderate debt drive the affirmation. Vulnerability to external shocks, labour shortages and rising budget pressure from an ageing population are credit challenges.

Weakened medium-term growth prospects and deteriorated fiscal metrics drive the downgrade. A robust fiscal policy framework and favourable debt profile are key credit strenghts.

Marked deterioration in the growth outlook and high reliance on Russian energy drive the outlook revision. Solid public finances and a competitive industrial base support the rating.

The ratings are supported by robust public finances and a competitive industrial base. Demographic pressures and reliance on external demand remain challenges.

EU membership, resilient public finances and a history of strong income convergence support the ratings. Demographic pressures and reliance on external demand remain challenges.

A broad, diversified economy integrated within the EU, sound public finances, a solid current-account balance and banking system support the rating. Demographic pressures and household financial vulnerability are challenges.

A broad and diversified economy integrated within the EU, sound public finances, and a resilient, healthy banking system support the rating. An ageing population, with skilled-labour shortages and the dependency on capital inflows, are challenges.