Sub-Sovereign
Outlook: Observation
Action date: 06/05/2020
Rating action: Affirmed

AYUNTAMIENTO DE MADRID

We reviewed our unsolicited credit rating of the City of Madrid with a change in outlook from Stable to Under Review, following the recent review of the Kingdom of Spain (A / Under Review) based on the current economic environment, a city seriously affected by the human consequences of this health crisis. We highlight the good starting point of municipal finances to face this shock (stand-alone A +). Its dependence on resources from the Central Administration limits its rating.

Rating

Unsolicited
Date last rating: 06/05/2020
Date first rating: 06/21/2019