Credit rating agencies have raised credit ratings on Spain

Dear Members,

As you might know, the three main credit rating agencies (Moody’s, Fitch and Standard&Poor’s) have raised their long and short term sovereign credit ratings on Spain for the first time since the beginning of the crisis.

Please find attached the Standard&Poor’s and Fitch’s reports. (published on the 23rd of May and in April).

The upgrades reflect the upward revision of GDP growth projections for Spain (the consensus average for 2014-2015 is 1.5%) and the view of improving competitiveness as a result of structural reform efforts and commitment with fiscal consolidation.

Fitch (abril 2014)

Standard & Poor’s (mayo 2014)