S and P upgrades Spain a notch to 'BBB', outlook stable

Standard and Poor's on Friday upgraded Spain's credit rating a notch to 'BBB' from 'BBB-', saying structural reforms have improved economic growth and outlook. Reforms undertaken since 2010 have boosted economic growth and competitiveness, the agency said, adding that its outlook for the country was stable. Spain, the eurozone's fourth-biggest economy, was plunged into a double-dip recession in 2008 when a decade-long property bubble burst, wiping out millions of jobs. Spain's economy emerged slowly from a two-year downturn in mid-2013, posting 0.4-percent quarterly growth -- the fastest pace in six years -- in the first three months of this year.