A robust fiscal framework alongside positive economic developments will maintain Andorra's net asset position over 2019-2020. While this year's general elections could delay the conclusion of negotiations with international institutions, we expect the incoming government to continue the process. We are affirming our 'BBB/A-2' long- and short-term ratings on Andorra. The outlook remains stable. On Jan. 18, 2019, 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 of Andorra's financial sector. It also reflects our expectation that the upcoming government will continue with Andorra's reform agenda
