OREANDA-NEWS. Results from the first edition of the new Fitch Spanish Fundamentals Index points to a broadening recovery, albeit from a very low base, with strongly positive trends in mortgage performance, SME delinquencies, unemployment and transportation.

The Fitch Fundamentals Index (FFI) tracks changes in credit fundamentals across key sectors of the Spanish economy. Analysing the relative strength or weakness of the index or its sub components can provide insight into how conducive conditions in Spain are towards economic growth. In this edition, only the corporate capex forecast sub-component is negative.

The FFI takes data from across Fitch's ratings universe, including consumer, corporate, bank and macro analysis. As a result, the index provides a complete picture of the health of the Spanish credit markets.

The trend in potential drivers or constraints on economic growth or decline is indicated by the relative strength or weakness of the FFI, ranging from +10 to -10. The FFI's components include mortgage and ABS performance, SME performance, corporate revenue and EBITDA forecasts, corporate capital expenditure forecasts, ratings outlooks, the CDS outlook, new credit availability, unemployment forecasts and the transportation trend.