April 29, 2019 / 3:25 PM / 3 months ago

Spain to keep pro-European stance, tight budget after election - S&P Global

LONDON, April 29 (Reuters) - Rating agency S&P Global expects Spain to retain its pro-European stance and continue on a path of budgetary consolidation following the country’s most hotly contested elections in decades.

Spain’s ruling Socialists were weighing options for forming a new government on Monday after they won a national election but fell short of a majority in a deeply fragmented parliament that could spell prolonged political uncertainty.

S&P’s first reading is that “there is unlikely to be reversal in what has been so far a pro-European stance of the government,” S&P’s sovereign analyst Marko Mršnik said on a webcast, adding “we expect budgetary consolidation to continue”.

S&P currently rates Spain at A- with a positive outlook.

Reporting by Marc Jones; Editing by Josephine Mason

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