(Reuters) -Spain received a double boost from global ratings agencies Moody’s and Fitch on Friday, joining S&P Global to upgrade the country’s rating citing its improving economy and labour market.

The country’s economy, which expanded more than initially expected, outpaced its euro zone peers in the second quarter as all major sectors expanded. Unemployment also fell to its lowest levels since early 2008.

“Spain’s economic strength is improving due to a more balanced economic growth model, improvements in the labour market, and strengthening in the banking sector that increase the economy’s resiliency,” Moody’s said, as it raised the country’s rating to ‘A3’ from ‘Baa1’.

Fitch seconded that sentiment and gave Spain an ‘A’ rating, a notch above the ‘A-‘ it previously held.

“Recent prod

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