...The Spanish Fitch Fundamentals Index dipped slightly to `+5' in 3Q, reflecting a slower rate of improvement in credit risk trends. Some indicators, as we expected, are returning to normal levels as the cyclical peak approaches. Corporate forecasts were neutral and although ratings Outlooks continued to improve they did so at a slower rate. The Index remains positive or neutral in all but one component, the CDS outlook. Trends in SME performance, unemployment, transportation and new credit were strongly positive. The Index turned positive in 4Q13, foreshadowing Spain's economic acceleration. A `+5' Index reading shows that credit conditions are still improving (albeit at a slightly slower rate than in the previous quarter), which is supportive of growth....
