Strong public finances and robust economic growth drive the upgrade. High reliance on multinational corporations and exposure to global shocks as a small, open and financially interconnected economy remain challenges.

Strong economic growth and resilient public finances, including falling government debt, drive the Outlook revision. Elevated public debt, high reliance on multinational corporations and exposure to global shocks as a small, open economy are challenges.

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.