Standard&Poor's Ratings Services has affirmed its 'AAA' long-term and 'A-1+' short-term sovereign credit ratings on the Kingdom of Spain. The outlook is stable. The ratings reflect the Kingdom's strong fiscal position, and modern and relatively diversified economy. The stable political environment should facilitate an acceleration in the government's program of structural reforms in order to maintain the strength of the public finances and support the economy's growth prospects. Public finances have in recent years been supported by expenditure control, declining interest payments, and healthy revenues, resulting in a surplus of 2.2% of GDP in 2007. This, along with a low debt-to-GDP ratio, estimated at 35% of GDP in 2008, will allow flexibility for the government to provide support
