We expect that Spain's GDP will continue to expand faster than the eurozone average over 2018-2021. Despite the recent restatement of budgetary goals, the government deficit is trending downward, and Spain continues to run current and capital account surpluses. As a result, we are affirming our sovereign credit ratings on Spain at 'A-/A-2'. The outlook is positive. On Sept. 21, 2018, S&P Global Ratings affirmed its 'A-/A-2' unsolicited foreign and local currency long- and short-term sovereign credit ratings on Spain. The outlook is positive. The positive outlook signifies that we could raise our ratings on Spain within the next 18 months if budgetary consolidation continues in line with our current expectations, or if Spain makes more rapid progress in paying
