Type of ratings: Sub-Sovereign

Rating value: A-

Outlook: Stable

License: EthiFinance Ratings


We maintain our credit rating on the Community of Madrid at A- with an outlook change from Negative to Estable. Madrid is the leading economy within the region as a whole in terms of gross domestic product. With a population of 6.7 million inhabitants and a GDP of € 240,219 million at the end of 2019. The GDP per capita is 32,048 euros at the end of 2020. Despite the impact of the COVID shock on the Madrid regional economy (-10.3%) and the increase in the unemployment rate (12.5%) in 2020, the Community of Madrid closes 2021 with a good growth figure (+6.5%, a point and a half above the national average), accompanied by an improvement in the unemployment rate (11.55%) which, if this trend continues in 2022 and 2023, would represent an important strength for the region's economy.


Rating action: Affirmed

Action date: 2022-12-02

Date last rating: 2022-12-02

Date first rating: 2019-07-26


Rating report:


Return to the rating page