Catalonia, Autonomous Community of: Rating Report

On 27 September 2019, DBRS Ratings GmbH (DBRS) confirmed the Long-Term Issuer Rating of the Autonomous Community of Catalonia at BB (high) and its Short-Term Issuer Rating at R-4. The trend on all ratings remains Positive. The Positive trend on Catalonia’s BB (high) ratings reflects (1) the continued improvement in the region’s finances in 2018 and the expectation of further fiscal consolidation in 2019 (independent of one-offs related to the regional financing system); (2) the positive track record on the economic and financial management fronts in spite of political tensions in the region and; (3) a political agenda pursued by the current regional government perceived as less confrontational towards the national government.