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Standard & Poor’s raises Spain’s rating for economic strength, improved accounts

MADRID, Standard and Poor’s has raised Spain’s grade one step, from notable low (A-) to notable medium (A), with a stable outlook, because the economy continues to grow faster than the European average, due to the downward trajectory of the level of public debt and for the progress in fiscal consolidation.

The risk rating agency, which did not raise the note to Spain since March 2018, highlights in its report the “resilience” of the Spanish economy despite the prolonged political stagnation and the deceleration of the euro area, according to the Spanish television.

In addition, it considers that Spain is better positioned to face external risks such as Brexit or European economic weakness.

Regarding the repetition of the general elections, it pointed out that it is possible that the next Government lacks a parliamentary majority, which will make it difficult to adopt measures such as a new labor reform that helps combat the high unemployment rate or that budget problems are faced Structural as the Social Security deficit.

Source: Kuwait News Agency