An upgrade of Spain’s credit rating is pleasing but there is more work to be done, the country’s economy minister told CNBC on Saturday.
Credit rating agency Moody’s Investors Service on Friday raised Spain’s sovereign debt rating one notch to Baa2 with a “positive” outlook, praising the country’s progress in rebalancing the economy and implementing structural reforms.
Speaking to CNBC on the sidelines of the G-20 meeting of world finance ministers in Sydney, Luis de Guindos, Minister of Economy and Competitiveness of Spain, said he was pleased with the ratings upgrade but that more work needed to be done.
“I think that if growth starts to pick up and accelerate as we are predicting now, and we are able to stabilize our public debt ratio, these two elements will be the two main factors behind a potential future additional upgrading of the Spanish economy,” he said.
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