S&P Global Ratings<\/strong> has raised San Marino’s sovereign rating from BBB-\/A-3<\/strong> to BBB+\/A-2<\/strong>, while maintaining a stable outlook<\/strong>. This upgrade confirms the soundness of the country’s economic policies and the credibility of its financial reform path.<\/p>\n\n\n\n The announcement was made by the State Secretariat for Finance<\/strong> on August 1st and follows similar positive assessments from other major rating agencies such as Fitch Ratings<\/strong> and Morningstar DBRS<\/strong>.<\/p>\n\n\n\n One of the main aspects highlighted by S&P is the revised methodology for calculating net public debt<\/strong>, which now includes the liquid reserves of the Social Security Fund<\/strong>. This new approach shows a stronger financial position, further supported by cooperation with the International Monetary Fund<\/strong>.<\/p>\n\n\n\n However, S&P clarified that the use of these funds will only be possible through targeted legislative reforms<\/strong> and in exceptional circumstances<\/strong>, emphasizing the need for prudent management of national reserves<\/strong>.<\/p>\n\n\n\n The Association Agreement with the European Union<\/strong>, expected by 2026<\/strong>, is also viewed as a major catalyst for institutional stability<\/strong> and economic development<\/strong>.<\/p>\n\n\n\n Lastly, the agency welcomed the ongoing structural reforms<\/strong>, especially those concerning the labor market<\/strong> and the pension system<\/strong>, considering them essential for ensuring the long-term sustainability<\/strong> of San Marino\u2019s public finances.<\/p>\n\n\n\n