“Spain's economic strength improves thanks to the more balanced growth model, progress on the labor market and strengthening the banking sector, which increases the resistance of the economy,” Moody's said in a Friday statement that Bloomberg quotes. Fitch expressed a similar position, emphasizing that “the country's economic results exceeded expectations and significantly exceeded other main euro zone economies.”
Increases, which took place only two weeks after the previous decision of the S&P Global Ratings agency, prolong the process of rebuilding the creditworthiness of the state, which in the darkest phase of the debt crisis in the euro area was just one step above the “junk” level in key rating agencies.
Now the situation is reversed – Spain, along with other key countries of southern Europe, such as Greece or Italy, is located on a consistently growing path.
Meanwhile, a week ago, Moody's, one of the “big three” of rating agencies, whose decisions have a colossal impact on the possibilities of debt and the costs of this indebtedness for countries and companies made a new decision. The rating was maintained at level A2, but its perspective was changed to negative, as was the case with Fitch agency recently.
