The country's prolonged exposure to the cost-of-living crisis amid higher geopolitical risk drives the Outlook revision. The economy's resilience and a sound fiscal position support the ratings.

Improvements in economic resilience and the external position drive the ratings upgrade. Adverse demographics, wage-productivity growth imbalances and exposure to external shocks remain credit challenges.

Sustained economic and fiscal performance drive the Outlook change. Adverse demographics, low productivity growth and external vulnerabilities remain rating constraints.