Extensive European support mechanisms, economic resilience, fiscal prudence and a favourable debt profile anchor the rating. High public debt, low productivity and weak demographics are challenges.

Extensive European support mechanisms, economic resilience, fiscal prudence and a favourable debt profile anchor the rating. High public debt, low productivity, labour market rigidities and weak demographics are challenges.

European monetary and fiscal support, a large, wealthy and diversified economy, and favourable debt profile support the rating. High public debt, low productivity, labour market rigidities, weak demographics, and political uncertainty are challenges.

European institutional support and a credible reform programme drive the Outlook change. High government debt and structural economic bottlenecks are ratings challenges.