A favourable track record of sound macroeconomic policies and moderate debt drive the affirmation. Vulnerability to external shocks, labour shortages and rising budget pressure from an ageing population are credit challenges.

Weakened medium-term growth prospects and deteriorated fiscal metrics drive the downgrade. A robust fiscal policy framework and favourable debt profile are key credit strenghts.

Marked deterioration in the growth outlook and high reliance on Russian energy drive the outlook revision. Solid public finances and a competitive industrial base support the rating.