Prudent capital and risk management, sustained profitability, excellent asset quality, very strong liquidity and funding profiles, and strong shareholder support are strengths. Relatively high leverage is the main credit challenge.

Strong capitalisation, high liquidity buffers and excellent capital markets access, a very strong mandate and highly rated shareholders support the rating; relatively weak asset quality is the key challenge.

The ratings are supported by a wealthy and diversified economy, moderate public debt and a strong external position. High private sector indebtedness, exposure to global shocks and labour market duality are credit challenges.

High fiscal deficits, rising general government debt, and a modest growth outlook drive the outlook change. A wealthy and diversified economy, sound external position, stable banking sector, and strong debt affordability are credit strengths.

The periodic review has resulted in no rating action.

The ratings are supported by a wealthy, large, diversified economy, sound public finances and a strong external position. Global geopolitical and trade risks, transition risks related to carbon neutrality targets and an ageing population are challenges.

A robust institutional set up, low indebtedness and sound medium-term growth prospects support the ratings. Exposure to external shocks and longer-run demographic pressures remain key challenges.

The periodic review has resulted in no rating action.

Solid medium-term growth prospects and sound fiscal fundamentals are key rating strengths. Exposure to external shocks and longer-run demographic pressures remain key challenges.

Sustained economic growth, improved external resilience and a sound fiscal outlook drive the upgrade. Exposure to external shocks, high geopolitical tensions and longer-run demographic pressures remain key credit constraints.