The Credit Qualification Agency S&P Global has improved this Friday the rating from Spain to ‘A+’ For «the strengthening of its external financial position», while the perspective remains ‘stable’, he explained in a statement. The entity emphasizes that the improvement reflects the «strengthening of the external financial position of Spain, promoted by the private sectorsince the high savings rates and the success of exports have benefited the country’s economic resilience. «» Net external debt strictly It stood below 150% of current account income at 2024 and it is expected to be located just below 130% in 2028. This reflects a prolonged reduction in net external debt after the world financial crisis, which accelerated after the pandemic and was confirmed in 2024, «he adds. In the opinion of the agency, «It is unlikely that this trend stopsgiven the limited exhibition of Spain to US tariffsolid perspectives of economic growthbacked by a solid and resilient foreign sector, and a dynamic labor market. « Thanks to some exports of solid and diversified servicesto the demographic growth and the investment activity. Economic growth prospects also reflect a structural tendency towards the export of high value -added services, which gradually reduces the importance of tourism and increases the resilience of the economy in the face of external crises, «he adds. This positive evolution, continues, is occurring» despite the lack of a more determined reduction in budget deficit and, consequently, of a limited reduction of public debt. « which will complicate the approval of the 2026 budgets and will continue to limit the implementation of structural economic and budgetary reforms«, he adds. In this sense, the agency believes that» the strong growth of public income, together with solid economic growth, resulted in the reduction of the budget deficit, although to a much more modest measure than that of its most proactive regional counterparts»
«Public debt levels remain elevated in the context of our sovereign qualification universearound 100% of GDP, «he says.
The agency ensures that it could raise the qualifications «if the public debt/GDP ratio decreases faster than we currently expect, thanks, for example, to a more ambitious budget consolidation«
