The rating agency considers that the risks to the outlook are balanced, despite downward pressure from external events. The economy continues to grow above the EU average and is supported by funds (NGEU). Weaknesses include the lack of a budget approval since 2023, comparatively low levels of per capita income and a high, albeit declining, public debt ratio.
Analysis team’s view: unsurprisingly, the DBRS rating is in line with that of other major rating agencies such as S&P (A+ with a stable outlook, since September 2025). In that same month of September 2025, Moody’s and Fitch revised their ratings to A3 with a stable outlook and A with a stable outlook, respectively.
