Fitch Ratings said Friday it was upgrading the outlook on Spain's investment-grade "BBB" rating to "stable" thanks to progress in reforms and improved export performance. "Spain has improved its policy track record," said Fitch in a statement, adding that significant reforms made in the labour market, pension system and financial sector "should put the economy on a surer footing."
The improved outlook, which reduces the immediate risk that Spain will lose its investment-grade rating, came days after the eurozone country confirmed it had crawled out of a two-year recession with 0.1 percent growth in the third quarter. That growth was due in no small measure to improved export performance and Spanish firms having improved their competitiveness by trimming wages.