Large fiscal deficits, external vulnerabilities and a modest growth outlook drive the outlook change. EU and euro area membership, a competitive industrial base and a favourable debt profile remain credit strengths.

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.