Type of ratings: Sub-Sovereign

Rating value: A-

Outlook: Observation

License: EthiFinance Ratings


We affirm the credit rating on the city of Barcelona at A- changing the outlook from Stable to Under Observation. The city of Barcelona is one of the leading economies at the national level, which has recorded GDP growth of 5.5% in 2021. It has a population of 1.6 million inhabitants and a GDP per capita of 31,561 euros at the end of 2020. Our rating is based on the maintenance of the socioeconomic and financial risk profile compared to the previous review. 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%), Barcelona's economy started its recovery path during 2021, growing by 5.5% and reducing its unemployment rate to 9.7%, having a favorable liquidity profile. However, our rating is limited by challenges related to labor market duality and population aging..


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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