Strong economic growth and resilient public finances, including falling government debt, drive the Outlook revision. Elevated public debt, high reliance on multinational corporations and exposure to global shocks as a small, open economy are challenges.

A wealthy and competitive economy, robust public finances, and strong institutions support the ratings. High public debt levels, high dependence on multinational corporations, and exposure to global shocks as a small, open economy are challenges.

Reductions in external risks, enhanced resilience of the banking system and expectation for post-crisis fiscal consolidation support upgrade. Still high public- and private-debt stocks and economic susceptibility to reversal are ratings constraints.