The wealthy and diversified economy, prudent fiscal policy management and robust external position are key credit strengths. High levels of private sector debt and the risk of a severe housing market correction represent challenges.

The ratings are supported by a wealthy and diversified economy, a robust fiscal framework and low public debt, a strong external position and a strong institutional framework. Financial stability risks and high private debt are challenges.

A wealthy and diversified economy, current account and budget surpluses, low public debt, and a strong institutional framework support the ratings. Financial stability risks, high private debt and the growth slowdown are challenges.