Credit rating agency Standard & Poor’s (S & P) has raised the credit rating of Spain’s long-term debt to BBB from BBB-. The outlook for the rating is stable, reflecting the view that the risks to the score will remain balanced over the next two years.
S & P has also improved the rating on short-term debt from A-3 to A-2. It appears from a statement.
The increase in the credit rating reflects the vision of improved economic growth and competitiveness as a result of Spain’s structural reforms undertaken since 2010.
The average economic growth forecast for 2014-2016 has been increased from 1.2 percent to 1.6 percent. A recovery in employment is also expected to contribute to improvements in the country’s fiscal position and the stabilization of asset quality in the country’s financial system.
Spanish construction sector rises again
Construction in Spain rose in February by a full 23.9 percent compared with the same month last year, property Marbella.
Admittedly, activity in the construction sector is still weak, but the increase raises hopes for recovery in one of the sectors in Spain most affected by the crisis. The increase was among the largest in the EU, surpassed only by Slovenia (33.1 percent) and Hungary (28.3 percent).
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