Outlook: Stable
Action date: 11/12/2021
Rating action: Affirmed


We maintain our credit rating of the city of Madrid at A- with a Stable outlook. The city of Madrid, capital of Spain, is one of the leading economies nationally with a population of 3.2 million and a GDP of € 135,643 million at the end of 2019. GDP per capita in 2019 was € 46,554. The rating is based on the maintenance of the socioeconomic and financial risk profile compared to the previous review. Despite the impact of the crisis on the Madrid economy (-11.01%) and the increase in the unemployment rate (14.0%), we expect the reactivation of the Madrid economy in 2022. We highlight also the solid public finances. However, our rating is limited by the challenges related to the duality of the labour market and the aging population.


Date last rating: 11/12/2021
Date first rating: 06/21/2019