Type of ratings: Sub-Sovereign

Rating value: A-

Outlook: Stable

License: EthiFinance Ratings


We maintain our credit rating on Barcelona City Council from A- with a rating change from Under-observation to Stable, due to the application of the country ceiling (A- / Stable revised on February 24, 2023). The city of Barcelona is one of the leading economies at the national level, with a population of 1.6 million inhabitants and a GDP per capita of 46,000 euros at the end of 2021. The rating is based on the maintenance of the socioeconomic and financial risk profile compared to the previous review. In addition, we highlight the favorable evolution of its economy and labor market during 2021 and the first three quarters of 2022, as well as the state of its public finances, as it continues to present positive gross savings and a debt level below the limit set by the municipality. However, our rating is constrained by challenges related to labor market duality and population aging.


Rating action: Affirmed

Action date: 2023-04-21

Date last rating: 2023-04-21

Date first rating: 2019-06-21


Rating report:


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