The strong institutional framework, committment to fiscal discipline, its financing flexibility and a robust debt profile support the ratings. A weaker fiscal and economic outlook, a weak external position and post-Brexit uncertainties are challenges.

A large, wealthy and diversified economy, a strong institutional environment and a favourable debt profile support the ratings. High public debt, a weak external position and uncertainties regarding the post-Brexit UK-EU trade agreement are challenges.

Agreement around EU trade deal and economic resilience, favourable debt profile and reserve-currency status drive Outlook change, while rising debt levels, ongoing Brexit risks and external vulnerabilities remain challenges.

A large, diverse economy, institutional strengths, favourable debt structure and reserve currency status support the rating. Adverse economic and institutional impact of Brexit, and deteriorating fiscal dynamics underscore Negative Outlook.