S&P increases Spain's rating

|By:, SA News Editor

S&P has upgraded Spain's credit rating for the first time since stripping the country of its AAA grade in 2009, increasing its assessment to BBB from BBB- and saying the outlook is stable.

"The upgrade reflects our view of improving economic growth and competitiveness as a result of Spain’s structural reform efforts since 2010," S&P said.

The agency also increased its 2014-2016 GDP growth outlook for Spain to 1.6% from 1.2%.

S&P's upgrade follows similar action from Fitch and Moody's over recent months.