Type of ratings: Sovereign

Rating value: A-

Outlook: Stable

License: EthiFinance Ratings


We affirm the credit rating of the Kingdom of Spain at A-, changing its outlook to Stable from Under Observation. Spain is the fourth largest economy within the European Union, with a population of 46.9 million and a GDP of 1.2 trillion euros at the end of the 2021. The GDP per inhabitant stood close to 25,000 euros at the end of the same period. The rating responds to a more favorable year-end than initially expected, with an improvement in energy markets conjuncture and inflation starting to ease, factors we identified as key in our previous report of September 2022. Our rating also takes into account the positive effects of the NGEU Funds on growth potential in the medium term, as well as the financial and external sector consolidation. Nevertheless, it is constrained by high debt and deficit levels, albeit with an improving trend as some fiscal stimulus linked to COVID-19 are gradually withdrawn, higher tax collection and nominal GDP growth.


Rating action: Affirmed

Action date: 2023-02-24

Date last rating: 2023-02-24

Date first rating: 2018-10-26


Rating report:


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