Sovereign Rating Kingdom of Spain

Axesor Rating maintains its unsolicited rating on the Kingdom of Spain to A- with stable outlook. The European rating agency expects a gradual recovery of the Spanish economy from the second half of 2021, both because of the evolution of the immunization schedule that will allow the recovery of activity, especially in the sectors most affected by the restrictions (hospitality, leisure, and tourism) as well as for the reception of 140 billion euros from the European recovery fund (European Next Generation) that will boost the national economy and whose conditionality and orientation towards projects that foster a sustainable economy will help improve the competitiveness and productivity of the productive fabric, boosting the national economy.