Moody's improves Catalonia's ratings outlook

Moody's has improved Catalonia's ratings outlook from "negative" to "stable".

In a press release made public on Friday, the ratings agency argued that they had expected a "significant deterioration" of the Catalan economy after the declaration of independence last October but, according to the financial services firm, in the end the impact was "limited."

Moody's says that in the last quarter of 2017 there was a "slowdown" in the country's domestic demand growth, but overall its effects on the annual GDP were "limited" as Catalonia's economy grew by 3.3%, versus 3.1% at the level of Spain as a whole in 2017.

The ratings agency also highlighted that the industry sector "remained seemingly intact" after the October 2017 turmoil, growing above the Spanish level as well.