XUNTA DE GALICIA
Type of ratings: Sub-Sovereign
Rating value: BBB+
Outlook: Stable
License: EthiFinance Ratings
Unsolicited
The rating reflects a stable socioeconomic profile which, despite still being far from the national growth and GDP per capita levels, presents a convergence path, where it is expected to grow at a similar rate to the national one by 2024. In addition, we highlight the maintenance of unemployment rates below the national average, although sharing some structural problems in the labor market, as well as the demographic challenge. Likewise, we emphasize the situation of the public finances of the community, which continues to bring debt levels towards more sustainable levels and presents a decreasing dependence on extraordinary resources from the Central Administration.
Ratings
Rating action: Affirmed
Action date: 2023-11-17
Date last rating: 2023-11-17
Date first rating: 2021-01-08
Methodology