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S&P revises outlook on Spain

S&P Global Ratings on March 31 revised the outlook on Spain to positive from stable and affirmed the country's long- and short-term foreign- and local-currency sovereign credit ratings at BBB+/A-2.

The outlook revision reflects a possibility of an upgrade of Spain's ratings if the country's strong economic performance and budgetary consolidation continue over the next two years in line with the agency's expectations, or if there are further improvements in the way that the ECB's monetary policy influences financial conditions.

S&P noted that it projects Spanish GDP to grow by 2.5% in 2017 and 2.1% in 2018, and that the budget deficit will narrow to 3.3% of GDP in 2017 from 4.5% of GDP in 2016. It noted, however, that the formation of a minority government in October 2016 suggests a higher-than-normal focus on partisan politics and the potential for challenges to the government's ability to implement budgetary and structural reforms.

S&P Global Ratings and S&P Global Market Intelligence are owned by S&P Global Inc.