Deteriorating economic prospects amid weaker policy predictability and governance challenges drive the downgrade. High investment and a resilient debt profile against external shocks are key credit strengths.

A weakening growth outlook due to external risks and ongoing institutional challenges drive the Outlook revision. High investment and a resilient debt profile against external shocks support the rating.

The ratings are supported by robust growth, high investment and increased resilience against external shocks. High public debt, long-term risks to competitiveness and political headwinds with the EU are challenges.

Sustained public debt reduction, increasing resilience against external shocks, and strong investment drive the upgrade. High public debt, competitiveness issues, and uncertainties in the regulatory environment remain constraints.

Robust economic performance, reduced external imbalances, fiscal consolidation and an improving debt structure underpin the Positive Outlook; high public debt, poor non-price competitiveness and weakening institutional credibility remain constraints.

Robust economic performance, reduced external imbalances, a commitment to fiscal consolidation and improving debt structure support the rating; high public debt, poor non-price competitiveness and weakening institutional credibility remain constraints.