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.