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May 26, 2014

Standard & Poor’s raised its assessment of Spain

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Standard & Poor’s raised its assessment of Spain

The International evaluation agency Standard & Poor's upgraded the rating of assess of the economic situation in Spain, but at the same time warns about its high public debt . This decision was made based by the qualifying agency on improving the situation on the labor market of the country , the growth of tourism , exports and low inflation rate recorded in recent months. Among the negative elements, the agency Standard & Poor's emphasizes the increase in public debt by more than 90 % of GDP and high private sector debt . Other competent international rating agency Moody's y Fitch has already raised the overall assessment of the economic situation in Spain in its last published review.

The rating agency Standard & Poor (S & P) raised the sovereign debt rating of Spain from stage “BBB-” to stage “BBB”, citing improved expectations for economic development of the country in the near future. “The forecast is stable, reflecting our current understanding of the level of risk in Spain and the risks, that are taken into account for compiling the relevant ratings, will remain balanced over the next two years,” the agency said S & P through an official announcement in the press. In addition, a short-term debt rating improved from a position of A- 3 to position A-2.

Rating agency also raised to 1.6% its forecast for GDP growth in Spain between 2014 and 2016 years, four-tenths higher than the previous forecast , which was a response to structural reforms that have been undertaken in the country at the moment. Improvement in the overall economy Kept Spain, primarily attributed to the reforms , especially regarding the labor market, which according to the agency S & P, will help to restore the creation of jobs in Spain, which in turn will improve the country's budget revenues and help to stabilize the quality of financial system assets.

In its report, the rating agency Standard & Poor also points to the Spanish tourism as engine for job creation, and mentions that the liberalization of schedule in retail trade, promotion of part- time jobs and other factors are the reasons of economic recovery .


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