OREANDA-NEWS. Expert RA Rating Agency (RAEX) upgraded Spain sovereign rating from BB- ("Sufficient level of creditworthiness") to BBB- ("Acceptable level of creditworthiness") in foreign and national currencies. Credit environment rating of the country was also upgraded from BBB- ("Acceptable quality of credit environment") to BBB+ ("Acceptable quality of credit environment") in foreign and national currencies.

Sovereign rating and credit environment rating of Spain were positively influenced by reserve status of the national currency (Euro), entry into the EC, moderately low level of short-term debt burden, reduction of the budget deficit, growth of foreign trade balance.

The Agency analysts highlighted high debt burden, low debt coverage with gold and foreign exchange reserves, moderately high rate on intermediate government bonds, negative dynamics of the real GDP and high unemployment rate as the rating-restraining factors.

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