Connect with us

Hi, what are you looking for?

World

Moody’s upgrades Spain’s credit rating one notch

-

Moody's raised Spain's sovereign credit rating by one notch Friday, citing progress in reforms to put the economy on a more sustainable track.

Moody's Investors Service upgraded the rating to Baa2 from Baa3, and gave the country a "positive outlook", suggesting the potential of a further upgrade.

Spain has made faster-than-expected progress in rebalancing the economy away from real-estate investment, where a 2008 price bubble crash sent the economy reeling, towards exports, the ratings firm said.

Moody's highlighted the authorities' progress in implementing broad structural reforms, especially in the labor market and the public pension system, as well as other measures including the restructuring of the Spanish banking system.

"These efforts support Moody's expectation of stronger, more sustainable economic growth over the medium term and continued improvements in the resilience of government finances."

Moody’s raised Spain’s sovereign credit rating by one notch Friday, citing progress in reforms to put the economy on a more sustainable track.

Moody’s Investors Service upgraded the rating to Baa2 from Baa3, and gave the country a “positive outlook”, suggesting the potential of a further upgrade.

Spain has made faster-than-expected progress in rebalancing the economy away from real-estate investment, where a 2008 price bubble crash sent the economy reeling, towards exports, the ratings firm said.

Moody’s highlighted the authorities’ progress in implementing broad structural reforms, especially in the labor market and the public pension system, as well as other measures including the restructuring of the Spanish banking system.

“These efforts support Moody’s expectation of stronger, more sustainable economic growth over the medium term and continued improvements in the resilience of government finances.”

AFP
Written By

With 2,400 staff representing 100 different nationalities, AFP covers the world as a leading global news agency. AFP provides fast, comprehensive and verified coverage of the issues affecting our daily lives.

You may also like:

Business

The European Central Bank is expected to lower interest rates again this week.

Life

The planned sale of France's best-selling medical drug to US investors has caused the government a splitting headache.

Social Media

Meanwhile, Zoomers, ignore the morons and make lives for yourselves outside this sewer.

Business

The analysis found the U.S. to be the best country for AI startups, boasting the largest total private investment ($335.2 billion).