Scope Ratings on 11 September 2026 Long-term rating of the Kingdom Spain raised from A to A+ and set the outlook to stable. The agency cites robust economic growth, an improved fiscal position and lower external vulnerabilities, which strengthen Spain’s credit profile. The Ministry of Economy and the Tesoro Público welcomed the decision as confirmation of recent economic and fiscal developments.
According to Scope, strong domestic demand, positive employment trends, higher investment and Net migration are supporting the recovery. The agency expects real growth of around 2.6 per cent in 2026 and about 2.1 per cent in 2027. For 2026 to 2031, it forecasts average growth close to 2 per cent, above the potential growth rate of 1.7 per cent estimated by Scope. These figures are the agency’s forecasts, not official assumptions.
On the fiscal front, Scope points to further consolidation. The general government deficit stood at 3.3 per cent of gross domestic product in 2023. For 2025, the agency gives a projection of around 2.4 per cent and expects it to stabilise at just over 2 per cent in the following years. These figures should be understood as forecasts and depend on economic conditions, interest rates and political decisions.
In Scope Ratings’ view, the upgrade signals to investors that Spain is better able to meet its long-term obligations. This may tend to reduce risk premiums on new issues, but it is no guarantee of persistently lower yields, which are also affected by global interest rates and market conditions. The state’s funding position is nevertheless improved, while the medium-term task of keeping the debt ratio and interest burden sustainable remains.
In response, the Economy Ministry stressed that the decision reflects progress made in recent years in growth, employment and consolidation. The Tesoro Público noted that Spain has broadly diversified its access to capital markets among the major euro-area countries. Government statements are political assessments; the underlying indicators come from Scope’s assessments and published budget and economic data.
Editor: Daniel Mayer (Article created with AI assistance).