April 13, 2018 / 8:50 PM / 3 months ago

BRIEF-Moody's Upgrades Spain's Ratings To Baa1 From Baa2, Outlook Remains Stable

April 13 (Reuters) - Moody’s:

* MOODY’S UPGRADES SPAIN’S RATINGS TO BAA1 FROM BAA2; THE OUTLOOK REMAINS STABLE

* MOODY’S SAYS ALSO UPGRADED THE LONG-TERM ISSUER RATING OF THE FONDO DE REESTRUCTURACION ORDENADA BANCARIA (FROB) TO BAA1 FROM BAA2

* MOODY’S ON SPAIN SAYS RATING UPGRADE REFLECTS IMPROVEMENTS SEEN IN RECENT YEARS ARE SUFFICIENTLY WELL-ENTRENCHED TO MOVE TO HIGHER RATING

* MOODY’S SAYS STABLE OUTLOOK ON SPAIN’S RATINGS REFLECTS MOODY’S VIEW THAT FURTHER CHANGES IN RATING UNLIKELY OVER MEDIUM TERM

* MOODY’S SAYS KEY DRIVER FOR RATING ACTION IS VIEW THAT RECENTLY EMERGED IMPROVEMENTS IN SPAIN’S CREDIT PROFILE NOW OUTWEIGH DRAG FROM POLITICAL/INSTITUTIONAL FACTORS

* MOODY’S SAYS EXPECT POLITICAL TENSIONS BETWEEN CENTRAL GOVT, PRO-INDEPENDENCE FORCES IN CATALUNYA TO REMAIN ELEVATED FOR FORESEEABLE FUTURE; BASELINE IS CATALUNYA WILL REMAIN PART OF SPAIN

* MOODY’S ON SPAIN SAYS ONGOING RECOVERY OF THE BANKING SECTOR HAS FURTHER REDUCED THE THREAT THAT IT POSES TO THE SOVEREIGN’S BALANCE SHEET

* MOODY'S ON SPAIN SAYS DO NOT EXPECT ANY MATERIAL CHANGES IN DEBT BURDEN; DEBT-TO-GDP RATIO IS LIKELY TO REMAIN OVER 90% FOR SOME YEARS Source text (bit.ly/2EHJ61y)

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