Andorra has substantially improved its external data in recent years, giving us greater confidence in assessing its large net external asset position. We anticipate that data dissemination could improve further over the next few years. The association agreement, negotiated with the EU at the end of 2023, signals strong policy effectiveness, and should further enhance liquidity management in the financial sector in the next few years by allowing participation in the EU Common Market. Economic growth remains stable but slower than peers on a per capita basis, and we expect that Andorra's prudent budgetary policy will keep government debt levels in check. Therefore, we raised our long-term ratings on Andorra to 'A-' and affirmed the short-term rating at 'A-2'. The
