LONDON -- Standard&Poor's CreditWire 5/6/98 -- Standard&Poor's today confirmed that its long-term local and foreign currency credit ratings on the Kingdom of Spain have converged at double-'A'. This action reflects Standard&Poor's criteria for sovereigns joining EMU first outlined in 1996 and described in a press release issued earlier today. Previously, Spain's long-term local and foreign currency credit ratings were triple-'A' and double-'A', respectively. Standard&Poor's also affirmed the Kingdom's 'A-1'-plus short-term credit ratings. In addition, the outlook on Spain's long-term rating has been revised to positive from stable. The ratings and positive outlook are supported by: -- Spain's strong commitment to fiscal consolidation. The general government deficit dropped to 2.6% of GDP in
