Type of ratings: Sub-Sovereign

Rating value: A-

Outlook: Observation

License: EthiFinance Ratings


We maintain our credit rating of the city of Madrid at A- Under Observation. The city of Madrid, capital of Spain, is one of the leading economies nationally with a population of 3.2 million and a GDP of € 135,643 million at the end of 2019. GDP per capita in 2020 was € 41.345. The rating is based on the maintenance of the socioeconomic and financial risk profile with respect to the previous review. Despite the economic impact of the crisis on the Madrid economy (-11.1%) and the increase in the unemployment rate (14.03%), the Madrid began its recovery during 2021, with an economic growth of 6.7% and an unemployment rate of 10.3%. In addition, the city continues to present a solid fiscal and debt profile. Nevertheless, our rating is limited by the challenges related to the duality of the labor market and the aging population..


Rating action: Affirmed

Action date: 2022-10-28

Date last rating: 2022-10-28

Date first rating: 2019-06-21


Rating report:


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