Declining public debt, improved banking-system resilience and favourable structural-reform momentum drive Outlook revision. Very elevated government debt and sustained structural economic weaknesses remain credit constraints.

Strengthening of European institutional support, a favourable trajectory of government debt and banking-sector reforms drive rating upgrade. High government debt, policy risks longer run and banking-system fragilities are challenges.

Strengthening of European institutional support, a favourable trajectory of government debt and banking-sector reforms drive Outlook revision. Very high government debt, banking-system fragilities and structural economic bottlenecks remain challenges.

European institutional support, improvements in the profile of government debt and structural reform drive the ratings upgrade. Very elevated government debt levels, banking-system fragilities and structural economic bottlenecks remain ratings challenges.