Strengthened fiscal outlook, sustained GDP growth, and improved external resilience drive the upgrade. Structural labour supply shortages and adverse demographic trends are challenges.

A wealthy and resilient economy, credible policy framework and favourable debt profile anchor the ratings. Weak demographics and labour shortages are credit challenges.

A wealthy and resilient economy, strong market access and debt profile, and prudent fiscal policy support the ratings. Moderately high public debt, weak demographics, labour market rigidities, and pressure on external competitiveness are challenges.