Outlook: Negative
Action date: 07/10/2020
Rating action: Affirmed


We affirm our unsolicited credit rating from the Community of Madrid from A- with a change in trend from Stable to Negative based on the foreseeable depth that the current economic shock will have on the regional economy, as Madrid is one of the regions most affected by the health crisis, and on which we expect to see both a contraction in GDP that could be in line with Spain (A / In Observation) and an evolution of the unemployment rate that we expect will show similar trend, in addition to an impact on the public finances that, although it is true, will be counteracted by the measures announced by the Central Executive, the rigidity of its main items of expenditure -education and health- will deteriorate the process of fiscal consolidation observed in recent years


Date last rating: 07/10/2020
Date first rating: 07/26/2019