Moody's Investors Service has retained Spain's government bond rating at Baa3, the agency reported on Wednesday.

In mid-June, the agency downgraded the country’s rating from A3 to Baa3 on review for possible further downgrade.

The decision not to further downgrade the rating is explained by analysts that it will make easier for Spain to gain access to capital markets in view of the European Central Bank’s intentions to purchase Spanish state bonds.

Another positive factor, according to analysts, is the desire of the country’s authorities to conduct structural and financial reforms to solve the existing problems.

Last week, international ratings agency Standard & Poor's (S&P) lowered Spain's long-term sovereign credit rating two levels, from BBB+ to BBB- and its short-term rating by one level, from A-3 to A-2.

Spain officially requested a 100 billion euro recapitalization of its banking sector on June 25. At the end of September the initial results of an official audit revealed a 60 billion hole in the banking system.

Spain plans 27.3 billion euro worth of budget cuts this year, by freezing salaries for state employees, and cutting ministerial budgets by 17 percent.