S&P Global raised Spain's long-term sovereign credit rating to A+ from A on Friday while affirming a stable outlook, citing a private sector–driven improvement in the country’s external finances, supported by high savings and strong exports. A decade of private sector deleveraging has strengthened Spain’s external balance sheet, making the economy less vulnerable to sudden external financing shocks and more resilient to economic downturns. “Spain’s service-based economy and limited US trade exposure insulate it from the immediate consequences of US merchandise tariffs,” the agency said in a statement. The government expects GDP to grow by 2.6% this year. In the second quarter, GDP expanded 2.8%, driven by investment and consumption. Moody's credit rating for Spain was last set at Baa1 with a positive outlook, while DBRS most recently rated Spain at A (high) with a stable outlook.