Axesor Rating has downgraded its unsolicited rating on the Kingdom of Spain to A- with stable outlook due to the deep decline that the health crisis is causing on the economy and the public finances.

Axesor Rating affirms the credit rating of the Community of Madrid at A- with a change to negative outlook due to the foreseeable impact of COVID-19 over the economic performance and the public finances.

Axesor Rating publishes the sovereign rating of the Republic of Portugal, assigning it a BBB with a stable outlook.

Axesor Rating maintains the unsolicited credit rating of the Council of Madrid & City Council of Barcelona at A. Outlook has been changed to Under Observation from Stable due to the impact of COVID-19.

Axesor maintains Spain’s unsolicited sovereign rating at A. Outlook has been changed to under observation from stable due to the economic uncertainties for 2020.