The rating agency Standard & Poor's has affirmed Spain's credit rating at BBB+, citing the strong commitment of the nation to economic and fiscal adjustment. However, the outlook remains negative as S&P sees multiple risks to Spain's economic rebalancing, FXstreet.com said.

The current rating is premised on the assumption that the government will not provide any additional direct support to the commercial banking sector beyond the maximum €100 billion.

"In our view, Spain's commitment to the ongoing implementation of a comprehensive fiscal and structural reform agenda remains strong," said S&P in a statement. "The negative outlook reflects our view of multiple risks to Spain's economic rebalancing, the potential for the crystallization of additional contingent liabilities, and the effectiveness of the eurozone policies in stabilizing funding markets."