Scope Ratings upgrades Spain's rating to 'A' due to the strength of its economy and fiscal consolidation

The credit rating agency Scope Ratings has raised the rating of the Kingdom of Spain from A- to A, with a stable outlook. This improvement is due to the resilience and strength of the Spanish economy, as well as its fiscal consolidation process, which is allowing it to reduce both the debt-to-GDP ratio and the deficit.

Scope Ratings highlights the differential growth of the Spanish economy, driven by the diversification of sectors and the dynamism of the labour market, favoured by reforms and migration flows. The agency predicts that Spain will continue to record growth higher than that of the main European economies, thus consolidating its resilience and productivity in the long term.

In addition, the agency values the effective execution of the Recovery Plan, which has boosted investment and favoured economic sustainability, thereby improving growth forecasts.

The agency also highlights the strength of the foreign sector, which has contributed to improving the country's external position.

With regards to tax situationScope forecasts that the public deficit will fall to 2,5% in 2025, 2% in 2026 and 1,8% in 2027. In addition, it anticipates a gradual decrease in the debt-to-GDP ratio and a primary balance in 2025, which will help offset the moderate increase in interest rates.