LONDON (Standard&Poor's) Nov. 8, 2006--Standard&Poor's Ratings Services said today it assigned its 'AAA' local currency senior unsecured debt rating to the Kingdom of Spain's (foreign and local currency AAA/Stable/A-1+) €5 billion bond issue due January 2017. The rating on the bonds reflects the local currency rating on the sovereign. "The ratings on the Kingdom of Spain reflect its robust fiscal consolidation in recent years," said Standard&Poor's credit analyst Trevor Cullinan. Following buoyant revenue growth at the central government level and increasing social security surpluses, the general government is expected to post modest surpluses in the medium term. Moreover, the debt-to-GDP ratio is expected to continue on a downward trend. Reforms to labor and product
