A wealthy and resilient economy, credible policy framework and favourable debt profile anchor the ratings. Weak demographics and labour shortages are credit challenges.

A wealthy and resilient economy, strong market access and debt profile, and prudent fiscal policy support the ratings. Moderately high public debt, weak demographics, labour market rigidities, and pressure on external competitiveness are challenges.

A wealthy and resilient economy, favourable market access and debt profile, and a prudent fiscal policy support the ratings. Limited energy diversification, high public debt, labour market rigidities and weak demographics are challenges.

Material reduction in public debt and structural improvements in potential growth drive the upgrade; elevated public debt levels, the strong presence of state-owned enterprises and demographic challenges are rating constraints.