Andorra http://www.alacrastore.com/country-snapshot/Andorra Thursday, July 24, 2008 12:23:54 PM en AlacraStore RSS Builder 1.0 30 http://www.alacrastore.com/storecontent/spcred/601411spcred/601411normThe latest Summary from S&P9/12/2007 10:29:00 AMSummary175global601411Andorra (Principality of)Europe, Middle East, AfricaGlobal IssuersSovereignsSummaryThe ratings on the Principality of Andorra reflect the Principality's growth prospects and generally prudent policy approach, which have assisted the development of a modern and prosperous economy. Andorra's economic diversification is constrained by its small size and limited natural resources. The tourism-related commercial sector is the main contributor to economic growth and the declining number of visitors during the past two years highlights emerging competitive risks. Nevertheless, economic growth in the Principality has been relatively robust and GDP per capita levels are high, at an estimated $44,000 in 2007. Meanwhile, political institutions are stable and consensus in favor of fiscal prudence remains strong. Andorra's financial sector is large relative to the size of the economy. Moreover, domestic credit toANDAndorra (Principality of)368146EUROMIDAFR1095Z@SMSUMMARYGLOBISSSOVCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/601179spcred/601179normThe latest Full Report from S&P9/11/2007 8:29:00 AMFull Report400global601179Andorra (Principality of)Europe, Middle East, AfricaGlobal IssuersSovereignsFull ReportA wealthy economy, with a competitive services sector. Relatively robust general government balance sheet. A stable political and institutional framework. A moderately diversified economy open to external shocks. Significant focus on tourism-related activities. The potential risks posed by the size of Andorra's banking sector, which is large relative to the economy. The ratings on the Principality of Andorra reflect the Principality's growth prospects and generally prudent policy approach, which have assisted the development of a modern and prosperous economy. Andorra's economic diversification is constrained by its small size and limited natural resources. The tourism-related commercial sector is the main contributor to economic growth and the declining number of visitors during the past two years highlights emerging competitive risks. Nevertheless, economicANDAndorra (Principality of)368146EUROMIDAFR1095Z@SMFULLGLOBISSSOVCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/596629spcred/596629normThe latest Research Update from S&P8/16/2007 1:13:35 PMResearch Update175global596629Andorra (Principality of)Europe, Middle East, AfricaGlobal IssuersSovereignsResearch UpdateOn August 16, 2007, Standard&Poor's Ratings Services revised its long-term rating outlook on the Principality of Andorra to negative from stable, reflecting increasing vulnerabilities associated with the narrow focus of the economy. At the same time, Standard&Poor's affirmed its 'AA' long-term and 'A-1+' short-term sovereign credit ratings on the Principality, as well as the 'AAA' transfer and convertibility assessment. Andorra's economic diversification is constrained by its small size and limited natural resources. The tourism-related commercial sector is the main contributor to economic growth and the declining number of visitors during the past two years highlights emerging competitive risks. Nevertheless, economic growth in the Principality has been relatively robust in recent years and GDP per capita levelsANDAndorra (Principality of)368146EUROMIDAFR1095Z@SMRESUPDGLOBISSSOVCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/596591spcred/596591normThe latest News from S&P8/16/2007 10:50:47 AMNews100global596591Andorra (Principality of)Europe, Middle East, AfricaGlobal IssuersSovereignsNewsLONDON (Standard&Poor's) August 16, 2007--Standard&Poor's Ratings Services said today it revised its long-term rating outlook on the Principality of Andorra to negative from stable, reflecting increasing vulnerabilities associated with the narrow focus of the economy. At the same time, Standard&Poor's affirmed its 'AA' long-term and 'A-1+' short-term sovereign credit ratings on the Principality, as well as the 'AAA' transfer and convertibility assessment. "Andorra's economic diversification is constrained by its small size and limited natural resources," said Standard&Poor's credit analyst Trevor Cullinan. "The tourism-related commercial sector is the main contributor to economic growth and the declining number of visitors during the past two years highlights emerging competitive risks." Nevertheless, Andorra's economic growth hasANDAndorra (Principality of)368146EUROMIDAFR1095Z@SMNEWSGLOBISSSOVCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/596592spcred/596592normThe latest Research Update from S&P8/16/2007 10:50:47 AMResearch Update175global596592Andorra (Principality of)Europe, Middle East, AfricaGlobal IssuersSovereignsResearch UpdateOn August 16, 2007, Standard&Poor's Ratings Services revised its long-term rating outlook on the Principality of Andorra to negative from stable, reflecting increasing vulnerabilities associated with the narrow focus of the economy. At the same time, Standard&Poor's affirmed its 'AA' long-term and 'A-1+' short-term sovereign credit ratings on the Principality, as well as the 'AAA' transfer and convertibility assessment. Andorra's economic diversification is constrained by its small size and limited natural resources. The tourism-related commercial sector is the main contributor to economic growth and the declining number of visitors during the past two years highlights emerging competitive risks. Nevertheless, economic growth in the Principality has been relatively robust in recent years and GDP per capita levelsANDAndorra (Principality of)368146EUROMIDAFR1095Z@SMRESUPDGLOBISSSOVCredit & Investment ResearchS&P Credit Research