...Continued Willingness To Support: Spain will remain willing to provide timely liquidity support to its regional governments if such support is needed, in Fitch Ratings' view. The sovereign's willingness to provide support is reflected in the `BBB-' ratings floor for Spanish regions, which Fitch introduced in 2013. Preliminary accounts for 2013, released by the Ministry of Finance and Public Administration, show that the aggregate fiscal deficit narrowed to 1.54% of GDP (2012: 1.86%). The data set is complex and the accounts will not be finalised until later this year and may be adjusted. The improved operating performance of the regions in 2013 broadly met state requirements. However, several regions are likely to have missed the individual deficit targets that the central government set for the first time last July. Operating Revenue Flat: Operating revenue decreased by just EUR177m yoy in 2013. Between 2010 and 2013, while nominal national GDP declined by 1%, operating revenue fell by...
