Moody’s upgrades Spain

Moody’s Investors Service said it upgraded Spain's long-term issuer and senior unsecured ratings to Baa1 from Baa2 and the senior unsecured medium-term note program ratings to provisional Baa1 from provisional Baa2.

The short-term rating of provisional P-2 is affirmed.

The outlook remains stable.

Moody’s said the key driver for the action is a view that improvements in Spain's credit profile that have emerged recently.

“In particular, enhanced economic resiliency due to an increasingly balanced growth profile and improved banking sector fundamentals now outweigh the drag from political/institutional factors,” the agency said in a news release.

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