Overview

• Moody’s raised Spain’s sovereign rating from Baa1 to A3 and assigned a stable outlook.
• Fitch upgraded Spain from A- to A with a stable outlook, citing better-than-expected performance.
• Fitch pointed to large migration inflows and increasingly diversified services exports as growth supports.
• Moody’s highlighted a stronger labor market and a more resilient banking sector as key to reduced vulnerability.
• S&P’s move last week means Spain now holds an A-level rating across all three major agencies.