World News

Wednesday 30 July 2014

Spain economy rating revised upward

Published 01/11/2013|19:26

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Fitch said the effort Spain has 'made to date should put the economy on a surer footing'

Fitch Ratings has revised Spain's outlook upwards from negative to stable and affirmed the country's ratings at "BBB."

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The ratings agency said Spain "has improved its policy track record in 2012-13" and that its balance-of-payments adjustment within the eurozone is proceeding "at a faster pace than expected".

In a statement released today, it said the effort Spain has "made to date should put the economy on a surer footing".

Spain's economy grew in the third quarter, confirming the end of a two-year recession that has nevertheless left the country saddled with a staggering 26% unemployment rate.

The government admits that, while the recession may have technically ended, it could take years for Spain to recover from the economic crisis, which began with a real estate sector collapse in 2008.

AP

Press Association

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