Double upgrade for Athens and Madrid. The Fitch agency raised its debt rating by one notch Greece, which thus passes from B- to B (a speculative category in any case), with a stable outlook. The decision reflects the country's efforts to adjust public finances and confirms the prospect of a consolidation of the Greek economy.
Standard and Poor's, on the other hand, revised its rating positively Spain, which rises from BBB- to BBB, again with a stable outlook. The agency explained that the upgrade is linked to the "improvement of growth and competitiveness, the result of the structural reforms started in 2010".
In particular, S&P cites Eurostat data, which estimate Spanish GDP growth of 1,6% per annum, given that "it could be drastically revised, but which nonetheless seems to be supported by a progressive recovery in employment in a number growing sectors".
