A large and well-diversified economy, strong trend growth, a resilient external sector, and unique capacity for reform anchor the rating. Rising public-sector debt, financial-system imbalances and weakening demographics are credit challenges.

High and rising public debt and large financial imbalances in the context of slowing economic growth, drive the downgrade. A large and diversified economy, high external resilience and effective government control are key credit strengths.

High and rising public debt and large financial imbalances in the context of dampening economic growth, drive the outlook revision. A large and diversified economy, high external resilience and effective government control are credit strengths.