Spain's overall economic and budgetary performance has not been hampered by political tensions in Catalonia. We expect Spain's GDP will expand faster than the eurozone average over 2018-2021, and that the government's budget deficit will continue to shrink. As a result, we are raising our unsolicited long-term sovereign credit ratings on Spain to 'A-' from 'BBB+' and assigning a positive outlook, while affirming our unsolicited 'A-2' short-term sovereign credit ratings. On March 23, 2018, S&P Global Ratings raised its unsolicited long-term sovereign credit ratings on Spain to 'A-' from 'BBB+'. The outlook is positive. At the same time, we affirmed our 'A-2' unsolicited short-term sovereign credit ratings on Spain. The positive outlook signifies that we could raise our ratings on
