Given Spain's currently fragmented political landscape, it is uncertain whether the general elections on April 28, 2019, will deliver an effective mandate to the next government. Nevertheless, Spain's economy is performing well, with GDP growth poised to exceed the eurozone average over 2019-2022, even as the country's external balance sheet continues to improve. We are therefore affirming our 'A-/A-2' sovereign credit ratings on Spain. The outlook is positive. On March 22, 2019, 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 12 months if budgetary consolidation continues in line with our
