Spain is one of the fastest growing economies in the eurozone and, more broadly, the OECD, but trade tensions represent a risk to the Spanish economy. Despite this, at just over 100% of GDP, gross general government debt remains high and pressures to increase defense spending could worsen budgetary performance. Private debt has been declining far faster than government debt, and Spain continues to operate current account surpluses. We affirmed our 'A/A-1' unsolicited sovereign credit ratings on Spain. The outlook is stable. On March 14, 2025, S&P Global Ratings affirmed its 'A/A-1' long- and short-term foreign- and local-currency unsolicited sovereign credit ratings on Spain. The outlook is stable. The transfer and convertibility assessment is 'AAA'. The stable outlook reflects balanced
