...The rating outlook for western Europe is stable. Of the 22 rated countries, three are on Positive Outlook: Cyprus (following an upgrade in June), Portugal (in place since September) and San Marino (since December 2023), reflecting ongoing improvement in fiscal and macro metrics. Belgium's Outlook remains Negative (in part due to fiscal and policy challenges), as does that of Finland (in place since August) reflecting challenging debt and macro dynamics. We also revised the Outlook on France to Negative in October due to heightened fiscal and political risks. Fitch Ratings upgraded Cyprus and Ireland in 1H24 to `BBB+' and `AA', respectively, due primarily to their progress in reducing public debt/GDP and macro imbalances, and Fitch's projections of further improvement in fiscal metrics. We revised the Outlook of the UK (from Negative to Stable) reflecting reduced policy uncertainty and fiscal risks....
