Banks
Outlook: Stable
Action date: 04/08/2021
Rating action: Downgrade

INSTITUTO DE CREDITO OFICIAL EPE

We downgrade the credit rating of the Instituto de Crédito Oficial EPE to A- with a stable outlook from A with a under observation outlook due to the sovereign rating downgrade. The Instituto de Crédito Oficial is a Entidad Pública Empresarial that acts as a countercyclical public bank to promote financing for the self-employed and companies. It operates a business with low profitability, with a default rate in the direct financing activity at controlled thresholds and in line with the sector average. All the debt has the irrevocable guarantee of the Spanish State.

Rating

Unsolicited
Date last rating: 04/08/2021
Date first rating: 07/06/2020