The economic outlook for Spain has improved, says ratings agency Standard and Poor’s (S&P).
The debt-laden country, whose banks came under severe pressure during the financial crisis, has been struggling to improve its public finances.
S&P raised its assessment from negative to stable and re-affirmed its BBB- long-term sovereign credit rating.
However, S&P cut its credit rating for the Netherlands from the top-level AAA rating to AA+.
S&P citing the Netherland’s worsening growth prospects as a reason for the cut.
This demotion leaves only Germany, Luxembourg and Finland as the remaining eurozone countries with the top rating of AAA, according to S&P.
But rival ratings agencies, Moody’s and Fitch, have maintained their AAA rating for the Netherlands.
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