In its January review Axesor Rating maintains the unsolicited rating of the autonomous community of Galicia in BBB with a stable trend,

Comments related to the commercial real estate transactions rating methodology

In its November review Axesor Rating maintains the city of Madrid’s unsolicited credit rating at A- with stable trend. Despite the capital growth potential of Spain, there is a slowdown in the evolution of both private consumption and the tourism sector, limiting GDP growth to 4.7%, in line with forecasts for Spain.

In its November review Axesor Rating maintains the city of Barcelona’s unsolicited credit rating in A- with stable trend. The rating also takes into account the expansionary character of the 2022 Consistory’s draft accounts, noting the importance of public investment for recovery.

Following Axesor Rating’s growth plan, Axesor has reviewed the insurance companies rating methodology.

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

Following Axesor Rating’s growth plan, Axesor has started the development of a common framework to analyse the creditworthiness of non financial corporates.

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

In its six-monthly review, Axesor confirms the rating of Chile at A- with a stable outlook and raises the growth forecast of the Chilean economy to 10.9% this year. The European rating agency highlights the fast recovery in private consumption fostered by the fiscal impulse provided by the Government of Chile. Looking towards 2022, economic growth is expected to normalize to 2.4%. In turn, the report points to the progressive decline in the unemployment rate, which, although closing by 9% in 2021, will recover pre-pandemic levels by the end of next year. The rating also values the moderate level of net public debt, which will stand at 19.8% on a net basis at the end of. However, it warns of the worsening of public deficit levels to -7.9% this year. In addition, Axesor Rating alerts about the excessive dependence of the evolution of both the price of copper and the economies of China and the United States, its main trading partners.

The unsolicited credit rating of the Kingdom of Spain of A- with a stable outlook values the progress of the Spanish economy during the second and third quarters of 2021 -in parallel to the evolution of the vaccination campaign-, which has allowed a relaxation of the limitations to mobility and the gradual return to normality in the sectors most affected by the pandemic.

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

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

In its July review Axesor Rating maintains the unsolicited rating of the autonomous community of Galicia in BBB+ with a stable trend, due to the potential of recovery presented by the region’s economy during this second semester of the year, as well as for the foreseeable acceleration throughout 2022