Published October 2, 2015 12:02pm EDT | Updated October 2, 2015 1:04pm EDT

Standard & Poor's Upgrades Spain Credit Rating, Cites Labor Market Reforms

Standard & Poor's Ratings Services on Friday upgraded Spain's long-term sovereign credit rating to BBB plus from BBB, citing two rounds of labor market reforms. The ratings firm said its outlook on Spain's rating is stable. Citing the benefits from two rounds of labor market reforms since 2010, S&P said, in a news release, that the upgrade reflects its view of "Spain's strong, balanced economic performance over the past four years, which is gradually benefiting public finances."