Better-than-expected economic and fiscal outcomes, a favourable public debt trajectory and continued strengthening in the banking sector drive the upgrade. A small, open economy, large non-performing exposures and macroeconomic imbalances are challenges.

Solid growth and consolidation prospects underpinned by structural reform and sustained strengthening of the banking sector drive the Outlook change. An open and concentrated economy, elevated non-performing exposures and high indebtedness are challenges.

Strong growth potential, solid fiscal consolidation prospects, and structural reform momentum support the ratings. An externally dependent and concentrated economy, banking sector fragilities and high public, private and external debt are challenges.

Strong economic recovery, sustained fiscal consolidation, and euro area membership support the rating; a concentrated and externally-dependent economy, vulnerabilities in the banking sector and elevated public, private and external debt are constraints.