In its May review Axesor Rating maintains the unsolicited credit rating of the city of Madrid of A- with a Stable trend for the expected recovery from the second half of this year 2021, which will raise the growth rate of the municipality to 6%.

In its May review, Axesor Rating maintains the unsolicited credit rating of the city of Barcelona with a stable trend, due to the expected recovery from the second half of this year 2021, With an economy that will grow online or even above that of Spain as a whole.

In its April review, Axesor Rating confirms the credit rating of Chile at A- with stable outlook because of the economic growth outlook for 2021 and 2022, driven by a marked improvement in private consumption and the foreign sector. The European rating agency estimates that GDP will grow by 6.2% and 3.8% in 2021 and 2022, respectively. In turn, these rates will allow the labor market to recover, with the unemployment rate falling by more than two percentage points by 2022. The note positively values the moderate level of public debt, which will be around 33.6% at the end of 2021, and the expectations of reducing the public deficit from 8% to levels of -5% and -2.8% throughout this year and next. However, Axesor Rating warns of the excessive dependence on copper both in the public accounts and in the current account balance, as well as the high levels of debt of the private sector.

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.

Axesor Rating maintains the rating of the Community of Madrid in A- with negative trend.

In the first credit rating report on the Galician autonomous community, Axesor Rating has given a BBB+ rating with a stable trend.

Axesor Rating downgrades Portugal’s unsolicited rating to BBB with a Stable outlook.

Following Axesor Rating’s growth plan, Axesor has started the development of a common framework to analyse the creditworthiness of nonfinancial corporates. This report describes the Axesor Rating’s methodology to rate these companies.

Axesor has not received any comments for this notification during the open period designated for allegations and comments.

Axesor Rating has assigned an unsolicited rating of A- with a stable outlook to the Republic of Chile in the initial rating report of the country.

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.