...The Spanish Fitch Fundamentals Index (FFI) held steady at +5 in 4Q15 as a deterioration in ABS performance was offset by an improvement in Ratings Outlooks. Trends in transportation, unemployment, new credit and SME delinquencies remained strongly positive and are the main drivers of the overall positive index reading. Corporate earnings and capex forecasts are neutral and the only negative component was the CDS outlook as spreads widened year on year. 4Q15 was the ninth consecutive quarter in which the index recorded a positive score. The +5 reading indicates credit conditions are still improving, but the pace has slowed slightly from the first half of 2015....
