Monitoring of Macroeconomic Impact

The purpose of Monitoring the Macroeconomic Impact is to analyse the behaviour of the country main macroeconomic parameters versus the Default rate defined by EthiFinance Ratings.

This document identifies the impact that macroeconomic or economic cycle changes may have on the credit ratings prepared by EthiFinance Ratings. More specifically, it analyses:

• • The historical evolution of the Default rate versus the main Spanish macroeconomic parameters (PIB, IPC and Unemployment Rate).
• • The projection of the Default rate for the fourth quarter of the last complete year with regards to the analysed parameters.
• • The rating distribution of EthiFinance Ratings during the last five years.

You can access the current document using the following link.