This is especially relevant for a country like Spain, where the unemployment rate continues to hover around 12% despite the improvements of the last decade", underlines Moody's. The agency warns in its report that, if measures are not taken, pensions will exert credit pressure at the end of this decade. In previous studies we have underlined that the worsening of fiscal imbalances due to measures to increase the deficit would exert negative pressure on the rating", he points out. For this reason, it recommends actions: "the application of new savings measures to guarantee the long-term sustainability of the pension system would be positive from a credit point of view," says the agency. Moody's insists that the Spanish population is aging "at one of the fastest rates in Europe", and that it will reach 14 million pensioners in the 2050s compared to 9 million last year.