DBRS confirms Spain at A (low) with a stable trend

Waiting on comments from S&P on Spain and France.

Here's what DBRS had to say about Spain:

"The confirmation of the Stable trend reflects our view that the signs of macroeconomic and financial stability that we perceived in our last review have become more entrenched. The forceful policy response to the crisis, combined with bond purchases from the European Central Bank, is resulting in a stronger recovery supported by rapid employment creation, lower oil and energy prices, better financing conditions and higher confidence. We expect that these factors will continue to support growth despite the drag from very high unemployment and high public and private sector debt. The recovery should help to maintain the public deficit on a declining path through this year's election cycle, and stabilize the public debt burden in 2016 at just over 100% of GDP."