Standard & Poor's confirms Spain credit rating

1st February 2011, Comments 0 comments

Standard & Poor's confirmed Spain's credit ratings Tuesday citing Madrid's determination to push reform and fix the budget but it said the outlook remained negative.

The New-York based agency said it believed Spain would pursue its efforts to rein in budget spending and pursue structural reforms.

But economic and finanical weaknesses will likely weigh on the credit rating, it said in a statement.

"The negative outlook reflects the possibility of a downgrade if Spain's fiscal position deviates materially from the government's target and its economic and financial vulnerabilities persist."

The rating on Spain's sovereign long-term debt was left at a very strong 'AA' and short-term debt at a strong A-1-plus.

© 2011 AFP

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