Fitch Ratings has revised Spain's outlook upwards from negative to stable and affirmed the country's ratings at "BBB," according to The Associated Press.

The ratings agency said Spain "has improved its policy track record in 2012-13" and that its balance-of-payments adjustment within the eurozone is proceeding "at a faster pace than expected".

In a statement released November 1, it said the effort Spain has "made to date should put the economy on a surer footing".

Spain's economy grew in the third quarter, confirming the end of a two-year recession that has nevertheless left the country saddled with a staggering 26% unemployment rate.

The government admits that, while the recession may have technically ended, it could take years for Spain to recover from the economic crisis, which began with a real estate sector collapse in 2008.