Tuesday, September 2nd12.8°C
23201
22916

Fitch ratings agency upgrades Spain's credit grade amid improvement in finances, markets

LONDON - The Fitch ratings agency has upgraded Spain's credit grade, citing an improvement in the outlook of the country's finances and economy.

The agency lifted the country's sovereign rating Friday by one notch to BBB+ from BBB.

In a report, Fitch said the "economic reforms of the labour market, pension system, fiscal framework and financial sector that have been enacted by the authorities since the start of the crisis have improved the longer-term outlook."

Spain was among the European countries hardest hit by the financial crisis. The property market's collapse in 2008 pushed the economy into recession and the government needed help from other eurozone countries to rescue its banks.

Spain's government said in a statement that it valued the new rating because it was recognition of the government's commitment to reform.

"These reforms will solidify the economic recovery, which will help to contain the deficit and permit net job creation this year," the statement said.

Although unemployment is still near 26 per cent, Spain's economy is out of recession and government borrowing rates have dropped.

The Canadian Press


Read more Business News

22929


Recent Trending




Today's Market
S&P TSX15619.08-6.65
S&P CDNX1010.88-13.11
DJIA17067.56-30.89
Nasdaq4598.188+17.917
S&P 5002002.28-1.09
CDN Dollar0.9151+0.0003
Gold1268.10+3.10
Oil93.13+0.25
Lumber350.50+0.80
Natural Gas3.946+0.008

 
Okanagan Companies
Pacific Safety0.20+0.005
Knighthawk0.01-0.005
QHR Technologies Inc1.18-0.01
Cantex0.08+0.01
Anavex Life Sciences0.24-0.01
Metalex Ventures0.07-0.005
Russel Metals36.42-0.06
Copper Mountain Mining2.90-0.03
Colorado Resources0.165-0.015
ReliaBrand Inc0.100.00
Sunrise Resources Ltd0.0250.00
Mission Ready Services0.225-0.02

 



20759

FEATURED Property
20606915242 cobble Cresent
5 bedrooms 3 baths
$559,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


Manage your behaviour

You can’t manage what you can’t control! You can’t manage the number of sales you’re going to make but you can manage the behaviour that will help you make those sales. Obvious...


At the Core: Lessons in pricing from Apple

Apple has taught many entrepreneurs the importance of design, how to create buzz when introducing new products to the marketplace, how to pioneer new technology and the importance of superior quality....


New Real Estate Brokerage in town

Move over “big guys” there’s a new brokerage in town featuring local expertise, long standing experience and a fresh boutique approach. Kelowna, August 31 2014 – You may have...

_



22692




Member of BC Press Council