A large and diversified economy, favourable debt profile and euro area membership support the ratings. High public debt, elevated structural unemployment, weak productivity gains and structural budget pressures are constraints.

A resilient economic recovery and a strong institutional environment support the ratings. High public debt levels and elevated unemployment are constraints.

The improving economic outlook, reform momentum, EU monetary and fiscal support and relative government stability drive the Outlook change. High public and external debt and weak demographics, curbing growth and fiscal consolidation, are challenges.

Deteriorating public finances and declining growth potential drive the Outlook change. Forceful European monetary and fiscal policies, and resilient debt profile support near-term debt sustainability and the rating.