Standard & Poors maintains rating on Spanish debt

11:57, February 02, 2011      

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The risk assessment agency Standard and Poor's (S&P) on Tuesday maintained its credit rating for Spain at AA.

S&P maintained the AA rating, the third highest possible, on the Spanish debt after the country's fiscal consolidation and structural reforms.

However, S&P maintained a negative perspective for Spain, because the country's economic condition with over 4 million people out of work is still not good and the financial weakness has to be taken into consideration as well.

S&P also refused to rule out a further lowering of Spain's rating in the future if the government fails to meet its targets for reducing the debt.

The news comes just as Spain's Secretary of State for the Economy Jose Manuel Campa began a European tour in Paris with the aim of calming the fears of investors and explaining the plans of the Spanish Treasury for the coming year.

Source: Xinhua
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