Spain: Sovereign credit ratings

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Sovereign credit ratings in Spain: The table shows the history of sovereign credit ratings. Click on the following link to see the values of Sovereign credit ratings around the world. Sources: Fitch, Moody's, S&P, Scope.

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Agency Rating Outlook Date
Fitch A- Stable 5/2024
Moody's Baa1 Positive 3/2024
Scope A- Positive 3/2024
Fitch A- Stable 11/2023
Scope A- Stable 10/2023
Fitch A- Stable 5/2023
Scope A- Stable 11/2022
Moody's Baa1 Stable 7/2022
Fitch A- Stable 6/2022
Scope A- Stable 5/2022
Standard & Poor's A Stable 3/2022
Fitch A- Stable 12/2021
Scope A- Stable 7/2021
Fitch A- Stable 6/2021
Fitch A- Stable 12/2020
Moody's Baa1 Stable 9/2020
Scope A- Negative 8/2020
Fitch A- Stable 6/2020
Fitch A- Stable 12/2019
Standard & Poor's A Stable 9/2019
Fitch A- Stable 6/2019
Fitch A- Stable 1/2019
Fitch A- Stable 7/2018
Scope A- Stable 5/2018
Moody's Baa1 Stable 4/2018
Standard & Poor's A- Positive 3/2018
Fitch A- Stable 1/2018
Fitch BBB+ Positive 7/2017
Scope A- Stable 6/2017
Scope A- Under Review 5/2017
Standard & Poor's BBB+ Positive 3/2017
Fitch BBB+ Stable 1/2017
Fitch BBB+ Stable 7/2016
Moody's Baa2 Stable 2/2016
Fitch BBB+ Stable 1/2016
Standard & Poor's BBB+ Stable 10/2015
Fitch BBB+ Stable 10/2014
Fitch BBB+ Stable 9/2014
Fitch BBB+ Stable 8/2014
Fitch BBB+ Stable 7/2014
Standard & Poor's BBB Stable 5/2014
Fitch BBB+ Stable 5/2014
Fitch BBB+ Stable 4/2014
Fitch BBB Stable 3/2014
Moody's Baa2 Positive 2/2014
Fitch BBB Stable 2/2014
Fitch BBB Stable 1/2014
Moody's Baa3 Stable 12/2013
Fitch BBB Stable 12/2013
Standard & Poor's BBB- Stable 11/2013
Fitch BBB Stable 11/2013
Fitch BBB Negative 10/2013
Fitch BBB Negative 9/2013
Fitch BBB Negative 7/2013
Fitch BBB Negative 5/2013
Fitch BBB Negative 3/2013
Standard & Poor's BBB- Negative 10/2012
Moody's Baa3 Negative 10/2012
Moody's Baa3 Negative watch 6/2012
Fitch BBB Negative 6/2012
Standard & Poor's BBB+ Negative 4/2012
Moody's A3 Negative 2/2012
Fitch A Negative 2/2012
Standard & Poor's A Negative 1/2012
Fitch A Negative 1/2012
Standard & Poor's AA- Negative watch 12/2011
Fitch AA- Negative 12/2011
Fitch AA- Negative 11/2011
Standard & Poor's AA- Negative 10/2011
Moody's A1 Negative 10/2011
Fitch AA- Negative 10/2011
Moody's Aa2 Negative watch 7/2011
Moody's Aa2 Negative 3/2011
Fitch AA+ Negative 3/2011
Moody's Aa1 Negative watch 12/2010
Moody's Aa1 Stable 9/2010
Moody's Aaa Negative watch 6/2010
Fitch AA+ Stable 5/2010
Standard & Poor's AA Negative 4/2010
Standard & Poor's AA+ Negative 12/2009
Standard & Poor's AA+ Stable 1/2009
Standard & Poor's AAA Negative watch 1/2009
Standard & Poor's AAA Stable 11/2005
Standard & Poor's AAA Stable 12/2004
Fitch AAA Stable 12/2003
Standard & Poor's AA+ Positive 7/2003
Moody's Aaa Stable 12/2001
Moody's Aa2 Positive watch 9/2001
Fitch AA+ Stable 9/2000
Standard & Poor's AA+ Stable 3/1999
Standard & Poor's AA Positive 5/1998
Standard & Poor's AA Stable 2/1996
Standard & Poor's AA Positive 12/1992
Standard & Poor's AA Positive 6/1989
Moody's Aa2 Stable 2/1988

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Definition: S&P includes long-term ratings from the highest AAA to the lowest D rating. Moody’s includes long-term ratings from the highest Aaa to the lowest C. Fitch includes long-term ratings from the highest AAA to the lowest D rating. Scope includes long-term foreign-currency ratings from the highest AAA to the lowest D rating.

For all four international credit rating agencies, ratings are divided into two main groups based on the level of credit risk: investment grade for lower levels of credit risk and speculative grade for higher levels of credit risk. For S&P, Fitch and Scope, investment grade issues/issuers are those rated from BBB- and above, while those from BB+ and below are categorized as speculative grade. Moody’s denotes as investment grade issues/issuers as those rated from Baa3 and above, while ratings from Ba1 and below fall into the category of speculative grade.

All four agencies include modifiers into their generic alphabet-based ratings for particular ranges. Ratings from S&P, Fitch and Scope are modified with “+” or “-” from the range AA to CCC. Moody’s appends numerical modifiers from 1 to 3 to the generic rating classifications from Aa to Caa. 1 indicates standing in the higher end of the generic category, while 3 indicates ranking in the lower end. All modifiers denote relative status within major ratings categories.

Rating Outlooks indicate the direction the rating is likely to move over a one- to two-year period. In determining an outlook, consideration is given to any changes in fundamental business conditions. Credit Watch focuses on identifiable events that cause ratings to be placed under special surveillance.

Rating Outlooks/Watches for the four agencies are the following:

- Positive means that a rating may be raised
- Negative means that a rating may be lowered
- Stable means a rating is not likely to change
- When the fundamental trend has strong, conflicting elements of both positive and negative, the Outlook/Watch can be denoted as Developing (for Scope, a Stable Outlook would be assigned in this case).

Credit Watches do not include a Stable Watch because they are only event driven and denote higher probability of change in the rating. Credit Outlooks and Watches are mutually exclusive.
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