Type of ratings: Sub-Sovereign

Rating value: A-

Outlook: Stable

License: EthiFinance Ratings


We maintain our credit rating on the city of Barcelona at A- with a Stable trend. The city of Barcelona is one of the leading economies at the national level, which has recorded GDP growth of 6.6% in 2022. It has a population of 1.6 million inhabitants and a GDP per capita of 46,000 euros at the end of 2021. Despite the impact of the crisis, with a fall in GDP of -11.6% in 2020 and an increase in the unemployment rate (to 12.4%), the economy of Barcelona has maintained high economic growth rates of 5.5% and 6.6% in 2021 and 2022, respectively. Likewise, the unemployment rate at the end of 2022 was 7.6%, much lower than the national rate. It also has a favorable liquidity profile and public finances at adequate levels. However, our rating is limited by the challenges related to the duality of the labor market and population aging.


Rating action: Affirmed

Action date: 2023-10-20

Date last rating: 2023-10-20

Date first rating: 2019-06-21


Rating report:


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