Standard and Poor’s Upgrades Spain’s Rating to “Stable” from “Negative”

teaching spain

 

Standard and Poor’s upgrades Spain’s rating

Things are looking up a little bit for Spain as the New York-based ratings agency, Standard and Poor’s, has upgraded Spain’s debt rating to ‘stable’ from its previous ‘negative’.

Advertising



While still only one step up from junk bond status, it does signal a possible economic recovery for Spain after several years in a deep recession. Spain’s new rating with Standard and Poor’s is now at BBB-/A-3.

Explaining their decision, Standard and Poor’s said “Today’s rating action reflects our view that Spain’s external position is improving as economic growth gradually resumes,” but with only a 0.1 percent growth rate (hardly anything to write home about), it’s still likely to be a while before the average Spaniard sees much improvement.

Particularly as Spain’s unemployment rate is still at more than 26 percent and not looking like it’s changing any time soon.

Advertising