Strong fiscal outlook, robust economic growth, and reduced vulnerabilities in the banking system drive the outlook change. The small, open economy, large external imbalances and legacy vulnerabilities in the banking sector are key challenges.

Strong fiscal outlook, robust economic growth, and reduction in financial system risks drive the upgrade. The small, open economy, and large external imbalances anchor the ratings.

Solid economic fundamentals, a very favourable fiscal outlook and debt trajectory, and reduction in banking sector vulnerabilities drive the upgrade. A small, open economy, large non-performing exposures and high indebtedness are challenges.

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.