The EU periphery upgrades continue, with Spain's credit rating upped to BBB+ from BBB by Fitch. The outlook is stable.
"Risks to Spain's creditworthiness have decreased since the sovereign was downgraded to 'BBB' in June 2012. Financing conditions have improved, the economic outlook is more certain, and the risk of Spanish banks posing an additional burden on the sovereign has diminished."
"Spain's fiscal track record over the past two years has been strong, in our opinion. Its headline fiscal deficit (excluding bank support) declined by 2.5% of GDP in 2012-13, despite a 2.2% drop in nominal GDP over the same period."
EWP -1.1% today, up 35% Y/Y.