LONDON (Standard&Poor's) Nov. 28, 2006--Standard&Poor's Ratings Services said today that it has affirmed its 'AAA' long-term and 'A-1+' short-term sovereign credit ratings on the Kingdom of Spain. The outlook is stable. "The ratings reflect Spain's strong fiscal position, which has been supported by expenditure control, declining interest payments, and healthy revenues," said Standard&Poor's credit analyst Trevor Cullinan. Although the general government has recorded small deficits in recent years, Standard&Poor's expects modest surpluses in the medium term thanks to buoyant revenue growth at the central government level, social security surpluses, and the largely balanced position of Spanish local and regional governments. Moreover, debt to GDP is likely to continue its downward trend toward
