Ratings: Foreign and Local Currency: BBB/Stable/A-2 For further details see ratings list. We expect Andorra's real GDP growth to average 1.5% over the next two years, following the expected economic recovery of its main trading partners, Spain and France. In our view, Andorra's economic performance and sound fiscal performance will support continuing improvement in its net creditor position over the next two years. We are affirming our 'BBB/A-2' long- and short-term ratings on Andorra. The outlook remains stable. On Jan. 19, 2018, S&P Global Ratings affirmed its 'BBB/A-2' long- and short-term foreign and local currency sovereign credit ratings on the Principality of Andorra. The outlook remains stable. The stable outlook reflects our expectation that, over the coming two years, ongoing
