A wealthy and competitive economy, robust public finances, and strong institutions support the ratings. High public debt levels, high dependence on multinational corporations, and exposure to global shocks as a small, open economy are challenges.

Reductions in external risks, enhanced resilience of the banking system and expectation for post-crisis fiscal consolidation support upgrade. Still high public- and private-debt stocks and economic susceptibility to reversal are ratings constraints.

Continued deleveraging, improved budgetary position and robust growth potential support the Positive Outlook. Still high public- and private-debt levels as well as external vulnerabilities are rating constraints.

Euro area membership, strong institutional framework, continued deleveraging, and robust growth potential support the rating. Still high public- and private-debt levels as well as external vulnerabilities constrain rating upside.