The sustained reduction in the public debt-to-GDP ratio along with improved resilience of the banking sector drive the upgrade. The small, open economy, large external imbalances and still elevated level of NPLs are key challenges.

Strong fiscal outlook, robust economic growth, and reduced vulnerabilities in the banking system drive the outlook change. The small, open economy, large external imbalances and legacy vulnerabilities in the banking sector are key challenges.

Strong fiscal outlook, robust economic growth, and reduction in financial system risks drive the upgrade. The small, open economy, and large external imbalances anchor the ratings.

Solid economic fundamentals, a very favourable fiscal outlook and debt trajectory, and reduction in banking sector vulnerabilities drive the upgrade. A small, open economy, large non-performing exposures and high indebtedness are challenges.