In our view, Andorra's economic performance and prudent fiscal policies underpin the sovereign's budgetary position, with government gross debt forecast to decline further over 2019-2022. Andorra's accession to the IMF and association with the EU appear to be progressing well. We expect the government in Andorra to continue pursuing its alignment with international and EU standards for improved scrutiny of the financial sector. As a result, we are revising our outlook on Andorra to positive from stable, and affirming the 'BBB/A-2' ratings. On July 19, 2019, S&P Global Ratings revised its outlook on the Principality of Andorra to positive from stable. At the same time, we affirmed our 'BBB/A-2' long- and short-term foreign and local currency sovereign credit ratings on
