We see improvement in Spain's external position as economic growth gradually resumes. Other credit metrics are stabilizing, in our view, due to budgetary and structural reforms, coupled with supportive eurozone policies. We are therefore revising our outlook on Spain to stable from negative and affirming our 'BBB-/A-3' ratings. The stable outlook incorporates our view that Spain's credit metrics are stabilizing and that we currently see less than a one-in-three probability of the rating moving up or down over the next two years. On Nov. 29, 2013, Standard&Poor's Ratings Services revised its outlook on the Kingdom of Spain to stable from negative. At the same time, we affirmed our 'BBB-/A-3' long- and short-term foreign and local currency sovereign credit
