Fitch degrades to Madrid, Cantabria, Asturias, Basque Country and various cities
The rating agency Fitch has lowered risk today in two steps the solvency of the Community of Madrid and a step of Cantabria, Asturias and the Basque Country, while it has cut the solvency of the cities of Barcelona, Madrid, Pamplona and San Sebastian.
In a statement, Fitch said that all these cuts are justified following the drop yesterday from the rating of the long-term debt of Spain, who was in a “pass” (BBB) after losing three steps.
With the downs announced today, the solvency of the Community of Madrid, Cantabria and Asturias is also a simple approved, the same note as the long-term debt of the city of Madrid, Barcelona and Pamplona, losing three steps.
In the case of the Basque Country, your debt still stands above the rest of Spain after losing a step and remains in a “remarkable” (A), as the city of San Sebastián, which so far had a outstanding (AA), three places above.
Apart from these regions and cities, Fitch has also downgraded the creditworthiness of three steps the provinces of Alava, Vizcaya and Guipuzcoa, to a “remarkable” (A).
In fourth place, with a “remarkably low” (A-), remains the Biscay Transport Consortium, after losing two positions.
As usual after a change in Spain’s rating, Fitch equals the note of the State Industrial Holdings Company (SEPI) and Bank Restructuring Fund (FROB) to the Kingdom of Spain.
Thus, both long-term debt as the FROB SEPI are left with an approved (BBB), compared with notable that had so far (A).
Category: Mutual Funds
