Improvement of the inflation outlook and constructive effects for debt sustainability underpin change of the Outlook. Very-high gross government debt, comparatively weak nominal growth potential and rising ageing costs remain rating constraints.

High and rising public debt amid long-term fiscal and economic pressures due to adverse demographics anchors the Negative Outlook. A wealthy and diversified economy, strong funding flexibility, and a sound external position are credit strengths.

Sustained and material increase in debt and long-term fiscal and economic pressures due to adverse demographics drive the outlook revision. A wealthy and diversified economy, strong funding flexibility, and a sound external position are credit strengths.

Continued fiscal deterioration, exacerbated due to the Covid-19 crisis, and a weak demographic and economic outlook drive downgrade. A wealthy and diversified economy, strong funding flexibility, and a sound external position are credit strengths.

A continuously deteriorating fiscal outlook and very low growth potential, both exacerbated by the Covid-19 shock, drive the Negative Outlook. A diversified and competitive economy, strong funding flexibility, and sound external position are strengths.

A diversified and wealthy economy, strong funding flexibility, and a sound external position are credit strengths. Adverse demographics, a low growth potential, and very weak public finances are credit constraints.

A diversified and wealthy economy, strong funding flexibility, and a sound external position are credit strengths. Very high debt levels, challenging debt dynamics, and relatively weak growth potential are rating challenges.

Very high debt levels, challenging debt dynamics, and relatively weak growth drive the rating downgrade. A diversified and wealthy economy, exceptional funding flexibility, and a strong external position are credit strengths.