Madrid - XINHUA
The ratings agency Standard & Poor's (S&P) raised on Friday Spain's sovereign debt rating from BBB- to BBB with a stable outlook. According to S&P, the rating means Spain has an "adequate capacity to meet financial commitments, but (it is) more subject to adverse economic conditions." S&P said that "the outlook is stable, reflecting our current view that risks to the ratings on Spain will remain balanced over the next two years." According to S&P, Spain is expected to improve its economic situation, as showed by the government revising up the country's economic growth predictions for 2014, 2015 and 2016. The agency predicted a 1.6 percent growth for Spain's economy between 2014 and 2016, which meant a 0.4 percent more than in its previous forecast. Meanwhile, Spanish government predicted a 1.2 percent growth for 2014, 1.8 percent in 2015 and 2.3 percent in 2016. Other ratings agencies such as Fitch and Moody's had previously improved their ratings. Fitch had raised Spain's sovereign credit rating by one notch from BBB to BBB+, three steps above junk, on April 25, while Moody's raised Spain's rating from Baa3 to Baa2 in February.