Spain Credit Rating

Current Spain credit ratings, according to the main rating agencies, provide a snapshot of the country’s creditworthiness and financial stability. These ratings are critical for understanding how international and domestic investors perceive Spain ability to honor its financial commitments.

The ratings are determined by comprehensive evaluations conducted by major credit rating agencies such as Standard & Poor's (S&P), Moody's, and Fitch Ratings. Each of these agencies uses a distinct rating scale and methodology to assess the economic and financial health of Spain, taking into account various factors such as economic performance, fiscal policies, political stability, and debt levels.

The table below shows the current Spain credit ratings, according to the main rating agencies.

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Rating Agency Rating Outlook Last Update Action
Standard & Poor's A - 21 Mar 2022 outlook upgrade
Moody's Investors Service Baa1 positive 18 Mar 2024 outlook upgrade
Fitch Ratings A- - 19 Jan 2018 rating upgrade
DBRS A positive 3 Jun 2024 outlook upgrade

Spain: Long-term Rating Scales Comparison

Spain long-term credit ratings, as assigned by major rating agencies, offer a comparative insight into the country's creditworthiness over an extended period. Each rating agency uses its own scale to evaluate the credit risk associated with Spain sovereign debt. These scales help investors understand the likelihood that Spain will meet its financial obligations.

Symbol means a positive outlook assigned by the rating agency.
Symbol means a negative outlook.
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Grade Description S&P Moody's Fitch DBRS
Investment
Grade
Prime
AAA
Aaa
AAA
AAA
High Medium Grade
AA+
Aa1
AA+
AA(high)
AA
Aa2
AA
AA
AA-
Aa3
AA-
AA(low)
Upper Medium Grade
A+
A1
A+
A(high)
A
A2
A
A
A-
A3
A-
A(low)
Lower Medium Grade
BBB+
Baa1
BBB+
BBB(high)
BBB
Baa2
BBB
BBB
BBB-
Baa3
BBB-
BBB(low)
Speculative
Grade
Speculative
BB+
Ba1
BB+
BB(high)
BB
Ba2
BB
BB
BB-
Ba3
BB-
BB(low)
Highly Speculative
B+
B1
B+
B(high)
B
B2
B
B
B-
B3
B-
B(low)
Substantial Risk
CCC+
Caa1
CCC+
CCC(high)
CCC
Caa2
CCC
CCC
CCC-
Caa3
CCC-
CCC(low)
Extremely Speculative
CC
Ca
CC
CC
C
C
C
C
In Default
RD
/
RD
RD
SD
/
SD
SD
D•NR
D•NR
D•NR
D•NR
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Spain Credit Ratings historical data

Timetable of Spain credit ratings by S&P, Moody's, Fitch and DBRS agencies.
Symbol means a positive outlook assigned by the rating agency.
Symbol means a negative outlook.
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Date S&P Moody's Fitch DBRS
3 Jun 2024 A
18 Mar 2024 Baa1
21 Mar 2022 A
19 Sep 2020 A
30 May 2020 A
23 Sep 2019 A
21 Sep 2019 A
13 Apr 2018 Baa1
6 Apr 2018 A
23 Mar 2018 A-
19 Jan 2018 A-
21 Jul 2017 BBB+
31 Mar 2017 BBB+
8 Apr 2016 A (low)
19 Feb 2016 Baa2
9 Oct 2015 A (low)
2 Oct 2015 BBB+
10 Oct 2014 A (low)
23 May 2014 BBB
25 Apr 2014 BBB+
21 Feb 2014 Baa2
4 Dec 2013 Baa3
29 Nov 2013 BBB-
1 Nov 2013 BBB
10 Oct 2012 BBB-
8 Aug 2012 A (low)
13 Jun 2012 Baa3
7 Jun 2012 BBB
22 May 2012 A (high)
3 May 2012 A (high)
26 Apr 2012 BBB+
13 Feb 2012 A3
27 Jan 2012 A
13 Jan 2012 A
8 Dec 2011 AA (low)
18 Oct 2011 A1
13 Oct 2011 AA-
7 Oct 2011 AA-
17 Aug 2011 AA
10 Mar 2011 Aa2
4 Mar 2011 AA+
15 Dec 2010 Aa1
21 Oct 2010 AA
30 Sep 2010 Aa1
30 Jun 2010 Aaa
28 May 2010 AA+
28 Apr 2010 AA
9 Dec 2009 AA+
19 Jan 2009 AA+
12 Jan 2009 AAA
13 Dec 2004 AAA
10 Dec 2003 AAA
30 Jul 2003 AA+
13 Dec 2001 Aaa
19 Sep 2001 Aa2
1 Sep 1999 AA+
31 Mar 1999 AA+
6 May 1998 AA
6 Feb 1996 AA
10 Aug 1994 AA
26 Jun 1989 AA
1 Aug 1988 AA
3 Feb 1988 Aa2
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