Credit Rating Report

Madeira, Autonomous Region of: Rating Report

Sovereigns

Summary

DBRS Ratings GmbH (DBRS Morningstar) upgraded the Long-Term Issuer Rating of the Autonomous Region of Madeira (Madeira) to BB (high) from BB and changed its trend to Stable. At the same time, DBRS Morningstar confirmed Madeira’s Short-Term Issuer Rating at R-4. The trend on the Short-Term Issuer Rating remains stable.

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