Spain succeeded in maintaining the rating of its long-term sovereign debt by the main rating agencies in 2022, despite the uncertainty due to the war of Ukraine and the impact of inflation on the economic recovery of the country and the euro zone after overcoming the pandemic, which has led the European Central Bank (ECB) to react with aggressive interest rate hikes that will continue into next year.
In this way, Spanish debt ends the year with the same credit rating, equivalent to a “remarkable”, with which it closed 2019the last year before the pandemic, after throughout 2022 only S&P Global changed its outlook from negative to stable.
Spain will therefore start 2023 with a long-term sovereign debt rating of ‘Baa1’, lowest among the big four agenciesby Moody’s, which will be the first entity to review the solvency of Spain, to which it assigns a stable outlook, with a first assessment on January 13, which will be repeated on July 14, 2022.
on your side, the Canadian DBRS will be the second agency to examine the rating of Spain, with a first assessment on February 17, 2023 of the stable trending “A” rating assigned to Spanish long-term debt, followed by a second assessment on June 9 next year and a third assessment on December 1, 2023 .
In the case of S&P Global Ratings, whose rating for Spain is ‘A’ with a stable outlookthe results of the Spanish debt solvency tests will be announced on March 17 and September 15, 2023.
Similarly, the Fitch agency, which assigns an “A-” rating to Spain with a stable outlook, will assess the country’s creditworthiness for the first time in 2024 on May 26 and conduct a second review on November 17, 2023.
According to European regulations in force since 2014, rating agencies are required to publish a calendar with the planned dates for the update of sovereign credit ratings and their outlook.
In this sense, the regulations on rating agencies require entities that these dates are fridays and that their announcements take place outside regulated trading hours on the European markets
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