LONDON (Standard&Poor's CreditWire) Feb. 6, 2001--Standard&Poor's today affirmed its double-'A'-plus long-term issuer credit and senior unsecured debt ratings on the Kingdom of Spain. Standard&Poor's also affirmed its 'A-1'-plus short-term ratings on Spain. The outlook is stable. The ratings on Spain reflect: -- Continued fiscal consolidation as reflected by an estimated general government deficit of 0.3% of GDP in 2000, less than the 0.8% original target. The impressive reduction in the general government deficit by 4.6 percentage points of GDP since 1996 has relied on tight expenditure control, declining interest payments, and strong revenues. The political commitment to pursue further fiscal adjustment remains resilient, with the government aiming for a fiscal balance in 2001 and
