The Request for Comment period launched the 7th of July 2022 for the new EthiFinance Ratings methodology on Reverse Mortgage Structure Finance Ratings has lapsed, with the consultation closing on 25 August.

No comments have been received for this notification during the open period. The final version is expected to be published and implemented in Q4 2022.

The document corresponds to the RfC and is provided for information purposes.

The Request for Comment period launched on 8 July 2022 for EthiFinance Ratings’ three new methodologies on Social Housing Providers Ratings, Investment Holding Ratings and Commercial Real Estate Transactions Ratings has lapsed, with the consultation closing on 25 August.

No comments have been received for this notice during the open period. The final versions are expected to be published and implemented in Q4 2022.

These proposed new methodologies cover the following new asset classes: i) Investment Holdings: a legal entity, or a group, with the primary purpose of owning a portfolio of investments. ii) Social Housing Providers: a legal entity, or a group, operating as an owner and operator of social housing, iii) Commercial Real Estate Transactions: a self-financing special-purpose vehicles (SPVs) or holding companies with activity limited to ownership of an SPV whose debt is serviced via the rental income generated by the underlying real estate asset or via the disposal of the asset, or a mix of both.

In its May review, EthiFinance Ratings maintained the city of Madrid’s unsolicited credit rating at A- with a rating of A-. unsolicited credit rating for the city of Madrid at A- with a change in Trend from Stable to On Watch.

In its May review, EthiFinance Ratings maintained the city of Barcelona’s unsolicited unsolicited credit rating of the city of Barcelona at A- with a change in Trend from Stable to On Watch.

You can access to the Notification Madrid.

You can access to the Notification Barcelona.

The Agency plans a minor change to its long-term rating scales. The current scales consist of 22 notches plus Default, from AAA to D, plus the Default level. The proposed new scales maintain the 22 notches, but the D level corresponds to a Default. The change is minor and has no impact on our long-term rating portfolio as none of them are assigned a D rating.

In its June review, EthiFinance Ratings maintained the unsolicited rating of the Community of Madrid at A- with a Negative trend due to the favorable rating of the Community of Madrid at A- with a Negative trend due to the favorable evolution of the regional economy over the past fiscal year 2021.

In its June review, EthiFinance Ratings affirms the Republic of Portugal’s unsolicited credit rating in BBB for the positive performance of the Portuguese economy in both 2021 and the first quarter of 2022, mainly explained by the recovery of domestic demand. In this regard, the report supports the 5.8% growth forecast by the European Commission for the Portuguese economy, a figure already advanced in January’s review by the European credit rating agency. The report also values the strength of the Portuguese labor market, whose unemployment rate fell to 5.9% at the end of the first quarter, one point lower than at the end of last year. However, the European rating agency warns of the risk posed by the high levels of inflation and public debt (120.7% of GDP by the end of 2022).

In its June review, EthiFinance Ratings maintained its unsolicited rating on the autonomous community of Galicia at BBB+ with a Stable trend.

In its march review, EthiFinance Ratings (formerly Axesor Rating) maintains the credit rating of the Kingdom of Spain at A- Under Observation. The credit rating considers the good evolution of the Spanish economy and public finances during the financial year 2021, even considering that pre-pandemic levels have not been reached yet. In addition, a positive impact is expected from investments financed by European Funds which are included in the Recovery, Transformation and Resilience Plan. It takes into account that Brussels is expected to release EUR 18 billion from these funds this year, in addition to the EUR 19 billion received last year.

Axesor Rating confirms the Republic of Portugal’s unsolicited rating at BBB with a stable outlook.

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