Rating: Spain Credit Rating 2025

Rating Moody's Spain

Long term Rating				Short term Rating
Foreign currency		Local currency		Foreign currency		Local currency
Date	Rating(Outlook)	Date	Rating	Date	Rating	Date	Rating
2024-03-15	Baa1 (Positive)	2024-03-15	Baa1
2022-07-15	Baa1 (Stable)	2022-07-15	Baa1
2020-09-18	Baa1 (Stable)	2020-09-18	Baa1
2018-04-13	Baa1 (Stable)	2018-04-13	Baa1
2016-02-19	Baa2 (Stable)	2016-02-19	Baa2
2014-02-21	Baa2 (Positive)	2014-02-21	Baa2
2013-12-04	Baa3 (Stable)	2013-12-04	Baa3
2012-10-16	Baa3 (Negative)	2012-10-16	Baa3
2012-06-13	Baa3 (Under Review)	2012-06-13	Baa3
2012-02-13	A3	2012-02-13	A3
2011-10-18	A1 (Negative)	2011-10-18	A1			2015-03-13	(P)P-2
2011-07-29	(Under Review)	2011-03-10	Aa2			2014-04-22	P-2/(P)P-2
2011-03-10	Aa2 (Negative)	2010-12-15	Aa1			2014-02-21	(P)P-2
2010-12-15	(Under Review)	2010-09-30	Aa1			2013-12-04	(P)P-3
2010-09-30	Aa1 (Stable)	2010-07-29	Aaa			2012-10-16	(P)P-3
2010-06-30	(Under Review)	2001-12-13	Aaa			2012-06-13	(P)P-3
2003-11-15	(Stable)	1997-01-31	Aa2			2012-02-13	(P)P-2
2001-12-13	Aaa	1993-03-25	Aa2			2010-08-28	(P)P-1
1988-02-03	Aa2	1992-08-04	Aa2			2000-01-21	P-1

Moody's: Long term Rating

Rating S&P Spain

Long term Rating				Short term Rating
Foreign currency		Local currency		Foreign currency		Local currency
Date	Rating(Outlook)	Date	Rating	Date	Rating	Date	Rating
2022-03-18	A (Stable)
2020-09-18	(Negative)
2019-09-20	A (Stable)
2018-03-23	A- (Positive)
2017-03-31	(Positive)	2022-03-18	A
2015-10-02	BBB+ (Stable)	2019-09-20	A
2014-05-23	BBB (Stable)	2018-03-23	A-
2013-11-29	(Stable)	2015-10-02	BBB+
2012-10-10	BBB- (Negative)	2014-05-23	BBB	2019-09-20	A-1	2019-09-20	A-1
2012-04-26	BBB+ (Negative)	2012-10-10	BBB-	2014-05-23	A-2	2014-05-23	A-2
2012-01-13	A (Negative)	2012-04-26	BBB+	2012-10-10	A-3	2012-10-10	A-3
2011-12-05	(Negative)	2012-01-13	A	2012-04-26	A-2	2012-04-26	A-2
2011-10-13	AA- (Negative)	2011-10-13	AA-	2012-01-13	A-1	2012-01-13	A-1
2010-04-28	AA (Negative)	2010-04-28	AA	1984-01-03	A-1+	1995-08-03	A-1+

S&P: Long term Rating

Rating Fitch Spain

Long term Rating				Short term Rating
Foreign currency		Local currency		Foreign currency		Local currency
Date	Rating(Outlook)	Date	Rating	Date	Rating	Date	Rating
		2019-12-13	A-	2019-12-13	F1
		2019-06-21	A-	2019-06-21	F1
2019-12-13	A-	2019-01-11	A-	2019-01-11	F1
2019-06-21	A-	2018-07-13	A-	2018-07-13	F1
2019-01-11	A-	2018-01-19	A-	2018-01-19	F1
2018-07-13	A- (Stable)	2017-07-21	BBB+	2017-07-21	F2
2018-01-19	A- (Stable)	2017-01-27	BBB+	2017-01-27	F2
2017-07-21	BBB+ (Positive)	2016-07-29	BBB+	2016-07-29	F2
2017-01-27	BBB+ (Stable)	2016-07-22	BBB+	2016-07-22	F2
2016-07-29	BBB+ (Stable)	2016-01-29	BBB+	2016-01-29	F2
2016-07-22	BBB+ (Stable)	2015-10-23	BBB+	2015-10-23	F2
2016-01-29	BBB+ (Stable)	2015-04-24	BBB+	2015-04-24	F2
2015-10-23	BBB+	2014-10-24	BBB+	2014-10-24	F2
2015-04-24	BBB+	2014-10-14	BBB+	2014-10-14	F2
2014-10-24	BBB+ (Stable)	2014-09-24	BBB+	2014-09-24	F2
2014-10-14	BBB+ (Stable)	2014-09-04	BBB+	2014-09-04	F2
2014-09-24	BBB+ (Stable)	2014-08-29	BBB+	2014-08-29	F2
2014-09-04	BBB+ (Stable)	2014-08-04	BBB+	2014-08-04	F2
2014-08-29	BBB+ (Stable)	2014-07-30	BBB+	2014-07-30	F2
2014-08-04	BBB+ (Stable)	2014-07-10	BBB+	2014-07-10	F2
2014-07-30	BBB+ (Stable)	2014-05-22	BBB+	2014-05-22	F2
2014-07-10	BBB+ (Stable)	2014-04-25	BBB+	2014-04-25	F2
2014-05-22	BBB+ (Stable)	2014-03-28	BBB	2014-03-28	F2
2014-04-25	BBB+ (Stable)	2014-02-26	BBB	2014-02-26	F2
2014-03-28	BBB (Stable)	2014-02-14	BBB	2014-02-14	F2
2014-02-26	BBB (Stable)	2014-01-31	BBB	2014-01-31	F2
2014-02-14	BBB (Stable)	2014-01-24	BBB	2014-01-24	F2
2014-01-31	BBB (Stable)	2013-12-16	BBB	2013-12-16	F2
2014-01-24	BBB (Stable)	2013-11-01	BBB	2013-11-01	F2
2013-12-16	BBB (Stable)	2013-10-17	BBB	2013-10-17	F2
2013-11-01	BBB (Stable)	2013-10-01	BBB	2013-10-01	F2
2013-10-17	BBB (Negative)	2013-09-26	BBB	2013-09-26	F2
2013-10-01	BBB (Negative)	2013-07-29	BBB	2013-07-29	F2
2013-09-26	BBB (Negative)	2013-05-21	BBB	2013-05-21	F2
2013-07-29	BBB (Negative)	2013-03-25	BBB	2013-03-25	F2
2013-05-21	BBB (Negative)	2013-03-07	BBB	2013-03-07	F2
2013-03-25	BBB (Negative)	2013-02-08	BBB	2013-02-08	F2
2013-03-07	BBB (Negative)	2012-11-14	BBB	2012-11-14	F2
2012-06-28	BBB (Negative)	2012-10-04	BBB	2012-10-04	F2
2012-06-07	BBB (Negative)	2012-06-28	BBB	2012-06-28	F2
2012-02-21	A (Negative)	2012-06-07	BBB	2012-06-07	F2
2012-01-27	A (Negative)	2012-02-21	A	2012-02-21	F1
2011-12-16	AA- (Negative)	2012-01-27	A	2012-01-27	F1
2011-11-18	AA- (Negative)	2011-12-16	AA-	2011-12-16	F1+
2011-10-07	AA- (Negative)	2011-11-18	AA-	2011-11-18	F1+
2011-03-04	AA+ (Negative)	2011-10-07	AA-	2011-10-07	F1+
2010-05-28	AA+ (Stable)	2011-03-04	AA+	2011-03-04	F1+
2003-12-10	AAA (Stable)	2010-05-28	AA+	2010-05-28	F1+
2000-09-21	AA+ (Stable)	2003-12-10	AAA	2003-12-10	F1+
1999-09-01	AA+	2000-09-21	AA+	2000-09-21	F1+	2019-12-13	F1
1998-07-14	AA	1999-09-01	AA+	1999-09-01	F1+	2019-06-21	F1
1995-10-26	AA	1998-07-14	AA	1998-07-14	F1+	2019-01-11	F1
1994-08-10	AA	1995-10-26	AAA	1995-10-26	F1+	2018-07-13	F1

Fitch: Long term Rating

Grade	Moody's	S&P	Fitch
Prime	Aaa	AAA	AAA
High grade	Aa1	AA+	AA+
	Aa2	AA	AA
	Aa3	AA-	AA-
Upper medium grade	A1	A+	A+
	A2	A	A
	A3	A-	A-
Lower medium grade	Baa1	BBB+	BBB+
	Baa2	BBB	BBB
	Baa3	BBB-	BBB-
Non-investment grade speculative	Ba1	BB+	BB+
	Ba2	BB	BB
	Ba3	BB-	BB-
Highly speculative	B1	B+	B+
	B2	B	B
	B3	B-	B-
Substantial risks	Caa1	CCC+	CCC+
	Caa2	CCC	CCC
	Caa3	CCC-	CCC-
Extremely speculative	Ca	CC	CC
Extremely speculative			C
In default with little prospect for recovery		SD	RD
In default	C	D	D
			DD
			DDD
Not rated	WR	NR

Grade	Moodys	S&P	Fitch
High grade	P-1	A-1+	F1+
Upper medium grade	P-1	A-1	F1
Lower medium grade	P-2	A-2	F2
Non-investment grade speculative	P-3	A-3	F3
Highly speculative		B	B
Extremely speculative	NP	C	C