DBRS upgrades Spain’s debt rating

Madrid: Canadian credit rating agency DBRS said Friday it has lifted Spain´s rating to "A" from "A (low)" citing the country´s "strong economic recovery and progress reducing the fiscal deficit in recent years".

"DBRS considers structural improvements in the Spanish economy have strengthened the prospects for sustainable growth," it said in a statement.

"Against this background, DBRS anticipates that higher revenues and expenditure control will allow the Spanish government to continue to reduce its fiscal deficit in coming years."

Another ratings agency, Fitch, had upgraded Madrid´s sovereign debt rating in January while S&P Global followed suit last month. DBRS said it believed Spain´s "strong economic and fiscal performance" would continue "largely unaffected" by political tensions in Catalonia over the wealthy northeastern region´s independence drive.