Sovereign Rating Kingdom of Spain

In its march review, EthiFinance Ratings (formerly Axesor Rating) maintains the credit rating of the Kingdom of Spain at A- Under Observation. The credit rating considers the good evolution of the Spanish economy and public finances during the financial year 2021, even considering that pre-pandemic levels have not been reached yet. In addition, a positive impact is expected from investments financed by European Funds which are included in the Recovery, Transformation and Resilience Plan. It takes into account that Brussels is expected to release EUR 18 billion from these funds this year, in addition to the EUR 19 billion received last year.