In our view, Andorra's positive real GDP growth and expected economic performance, combined with prudent fiscal policies, will support its net creditor position over the 2018-2019 period. Following general elections next year, we expect to see continuity in the government's reform agenda, including continued negotiations with international institutions that upon successful conclusion would support the country's economic resilience. We are affirming our 'BBB/A-2' long- and short-term ratings on Andorra. The outlook remains stable. On July 20, 2018, S&P Global Ratings affirmed its 'BBB/A-2' long- and short-term foreign and local currency sovereign credit ratings on Andorra. The outlook is stable. The stable outlook balances our expectation of robust economic activity and sound fiscal performance against risks related to the large size
