...+ As the correction of economic imbalances in Spain progresses, we expect banks' credit provisions to continue to decline, reaching normalized levels by the end of 2016. + After several years of adjustments, we now see trends in the real estate market stabilizing and the economy returning to growth, even though the outlook for the eurozone as a whole is more uncertain. + As a result, we have revised our assessment of the economic risks faced by the Spanish banking system to 6 from 7, indicating that risks are abating, albeit from a high level. + We see a stable trend for economic risk because we believe that more time is needed for the private sector to restore its creditworthiness and resilience, for the banks to work out and reduce their meaningful legacy portfolios of problematic exposures, and for the government to improve its public finances and restore budgetary flexibility. + We are raising our long- and short-term ratings on three Spanish financial institutions, and our long-term...
