Robust economic performance, stronger public finances and receding external vulnerabilities drive the Outlook change. High public debt, structural unemployment, ageing-related fiscal pressures and parliamentary fragmentation are challenges.

EU membership, a still-moderate public debt burden, and strong growth support the rating. High fiscal deficits and budgetary rigidities, elevated political polarisation, and vulnerability to external shocks are challenges.

The periodic review has resulted in no rating action.

The ratings are supported by moderate debt levels, effective debt management, solid liquidity and adequate reserves. Challenges relate to high operating expenditure, limited revenue flexibility and demographic pressures.

Strong liquidity and ample reserves, moderate debt levels and a resilient debt structure support the ratings. Challenges relate to operating pressures coupled with high investment needs and limited budgetary flexibility.

The periodic review has resulted in no rating action.

The rating reflects the group’s well diversified business model, solid fundamentals, and capital optimisation in line with the adjusted CET1 ratio target.

The rating reflects sustained and improved earnings capacity, and solid and stable financial metrics. Continued weak economic performance in Germany represents the main challenge, although the group has navigated this challenge well so far.

Strong integration with its owning counties, high strategic importance in regional development, a strong market position, and resilient toll revenue are strengths. High leverage and substantial capital expenditure are challenges.

The rating on Hypo-Bank Burgenland AG’s Austrian mortgage covered bonds (Hypothekenpfandbriefe) reflects the issuer's A- rating enhanced by six notches from governance and cover pool support. Two notches provide a buffer against an issuer downgrade.