Fitch Ratings on Feb. 24 affirmed Andorra's BBB/F3 long- and short-term issuer default ratings and revised the outlook on the long-term rating to positive from stable.
Fitch also affirmed Andorra's country ceiling at A-.
The outlook revision is based on Andorra's stronger-than-expected tax revenues in the second half of 2016, which have strengthened public finances.
Andorra's general government debt ratio was 40.5% of GDP at 2016-end, while Fitch also noted the resilience of th
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