A worsening fiscal position and challenges for the macro-economic outlook drive the downgrade. Membership in the EU and euro area, a competitive, export-oriented industrial base remain credit strengths.

An uncertain policy framework, unfinished energy supply diversification and fragile external demand anchor the Negative Outlook. Membership in the EU and euro area, strong fiscal discipline and moderate public debt support the ratings.

Rising energy supply risks, weakening macroeconomic prospects amid higher political uncertainty drive the Outlook change. EU fund inflows, strong fiscal discipline, and moderate public debt are key credit strengths.