Printer Friendly

Fitch Ratings affirms Autonomous Community of Catalonia's IDR at 'BB'.

Barcelona: Fitch Ratings, a nationally recognized statistical rating organization (NRSRO) designated by the U.S. Securities and Exchange Commission, affirmed the Autonomous Community of Catalonia's (Catalonia) Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDR) at 'BB' and removed them from Rating Watch Negative (RWN).

The Outlook is Stable. The Short-Term Foreign Currency IDR of 'B', and the ratings on the EMTN programme and bond issues - all rated at 'BB'/'B' have also been affirmed and removed from RWN. The rating actions reflect: (i) the central government is continuing to service Catalonia's debt and despite the political uncertainties, we consider this will continue; (ii) the tensions between the governments have reduced, while pro-independence parties have a majority at the regional parliament; and (iii) the Catalan economy is performing well, as indicated by the increase in the number of workers.

It placed Catalonia on RWN on 5 October 2017 following the escalation of the political tensions between the central government and Catalonia, in the aftermath of the referendum held on 1 October, which was ruled illegal by the Spanish constitutional court. Intervention by the central government in Catalonia's administration led to regional elections taking place on 21 December.

COPYRIGHT 2018 Plus Media Solutions
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2018 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:Daily the Pak Banker (Lahore, Pakistan)
Geographic Code:4EUSP
Date:Jul 18, 2018
Previous Article:Fitch Ratings affirms Autonomous Community of Canary Island's IDRs at 'BBB'.
Next Article:Fitch Ratings affirms Polish Region of Mazowieckie's IDR at 'A-'.

Terms of use | Privacy policy | Copyright © 2020 Farlex, Inc. | Feedback | For webmasters