Fitch Ratings has revised Spain's outlook upward from negative to stable and affirmed the country's ratings at "BBB."

The ratings agency says 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 Friday, it says 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 to the two-year recession that has nevertheless left the country saddled with a staggering 26 percent 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.