Moody’s upgrades Spain Government bond rating to Baa2 (from Baa3), assigns positive outlook

Moody’s upgrades Spain Government bond rating to Baa2 (from Baa3), assigns positive outlook

• Cites rebalancing of the Spanish economy towards a more sustainable growth model
• Cites improvement in government’s funding conditions since the height of the Euro area sovereign debt crisis in mid-2012
• Says Spain;s short-term foreign currency debt and deposit ceiling are prime (upgraded Spain’s short-term rating to (P) Prime-2 from (P) Prime-3)
• Says local and foreign currency bond and deposit ceilings have been raised to A1 from A3

Moody’s upgrades Spain’s government bond rating to Baa2; assigns positive outlook