The rating agency Fitch upgraded last Friday the Spain’s sovereign debt rating from BBB to BBB +, which means that “stable” perspective in economy health and investment risk. Fitch considers that Spain is moving away from the so -called junk status as it considers its bonds is three steps away from this type of high-risk investments . Moody’s also upgraded its rating to Spain last February.
Fitch praises the improvement in the productivity of Spain, the progress of its exports and the Government’s commitment to reducing debt. “The risks to the solvency of Spain have fallen since sovereign bonds were downgraded to BBB in June 2012, but financial conditions have improved (since then) and the economic outlook offers more security” stated the agency along with the rating upgrade notification. Fitch believes that the risk of Spanish banks and its burden on sovereign debt has decreased.
Last February, Moody’s became the first agency to improve the rating of the sovereign debt of Spain since the beginning of the crisis.
Moody’s reported that it will revisit the rating of Spain twice this year: on 20 June and 17 October Meanwhile, Fitch will issue a new decision about the Spanish rating next 24 October.