The ratings are supported by a robust track record of economic growth driven by substantial investments. Weak governance metrics and high public debt are credit constraints.

Deteriorating economic prospects amid weaker policy predictability and governance challenges drive the downgrade. High investment and a resilient debt profile against external shocks are key credit strengths.

A weakening growth outlook due to external risks and ongoing institutional challenges drive the Outlook revision. High investment and a resilient debt profile against external shocks support the rating.

The ratings are supported by robust growth, high investment and increased resilience against external shocks. High public debt, long-term risks to competitiveness and political headwinds with the EU are challenges.