Sovereign Rating Kingdom of Spain

In its September review, EthiFinance Ratings maintains the unsolicited rating of the Kingdom of Spain at A- with an Under-observation outlook. Despite the situation of uncertainty that economies are facing, the rating assesses both the positive growth that has been observed in 2021 and that has had continuity in the first two quarters of the year, and the impact of the Next Generation Funds, whose investments shall aim mainly to sectors of the productive economy with high added value (technology and industry, among others), the recovery of tourism activity, with an annual increase in tourism expenditure of 271.3%, and the dynamism of the labor market.