Spain Credit Ratings & Outlooks
Country | Moody's | S&P | Fitch | DBRS | Scope Ratings |
|---|---|---|---|---|---|
Baa1 Positive | A- Positive | A- Stable | A Stable | A Stable |
Credit Rating History
Country | Date of Change | Rating Agency | Previous Rating | Previous Outlook | Current Rating | Current Outlook |
|---|---|---|---|---|---|---|
| Nov 08, 2024 | S&P | A | Stable | A- | Positive | |
| Sep 06, 2024 | Scope Ratings | A- | Positive | A | Stable | |
| Mar 22, 2024 | Scope Ratings | A- | Stable | A- | Positive | |
| Mar 15, 2024 | Moody's | Baa1 | Stable | Baa1 | Positive | |
| Mar 18, 2022 | S&P | A | Negative | A | Stable | |
| Jul 16, 2021 | Scope Ratings | A- | Negative | A- | Stable | |
| Sep 18, 2020 | S&P | A | Stable | A | Negative | |
| Aug 21, 2020 | Scope Ratings | A- | Stable | A- | Negative | |
| May 29, 2020 | DBRS | A | Positive | A | Stable | |
| Sep 20, 2019 | DBRS | A | Stable | A | Positive | |
| Sep 20, 2019 | S&P | A- | Positive | A | Stable | |
| Apr 13, 2018 | Moody's | Baa2 | Stable | Baa1 | Stable | |
| Apr 06, 2018 | DBRS | A (low) | Stable | A | Stable | |
| Mar 23, 2018 | S&P | BBB+ | Positive | A- | Positive | |
| Jan 19, 2018 | Fitch | BBB+ | Positive | A- | Stable | |
| Jul 21, 2017 | Fitch | BBB+ | Stable | BBB+ | Positive | |
| Jun 30, 2017 | Scope Ratings | NR | A- | Stable | ||
| Mar 31, 2017 | S&P | BBB+ | Stable | BBB+ | Positive | |
| Apr 08, 2016 | DBRS | A (low) | Positive | A (low) | Stable | |
| Feb 19, 2016 | Moody's | Baa2 | Positive | Baa2 | Stable |
Table Key
| Grade | Moody's | S&P | Fitch | DBRS | Scope Ratings |
|---|---|---|---|---|---|
Prime | Aaa | AAA | AAA | AAA | AAA |
High Grade | Aa1 | AA+ | AA+ | AA (high) | AA+ |
Aa2 | AA | AA | AA | AA | |
Aa3 | AA- | AA- | AA (low) | AA- | |
Upper Medium Grade | A1 | A+ | A+ | A (high) | A+ |
A2 | A | A | A | A | |
A3 | A- | A- | A (low) | A- | |
Lower Medium Grade | Baa1 | BBB+ | BBB+ | BBB (high) | BBB+ |
Baa2 | BBB | BBB | BBB | BBB | |
Baa3 | BBB- | BBB- | BBB (low) | BBB- | |
Non-investment Grade Speculative | Ba1 | BB+ | BB+ | BB (high) | BB+ |
Ba2 | BB | BB | BB | BB | |
Ba3 | BB- | BB- | BB (low) | BB- | |
Highly Speculative Grade | B1 | B+ | B+ | B (high) | B+ |
B2 | B | B | B | B | |
B3 | B- | B- | B (low) | B- | |
Substantial Risk Grade | Caa1 | CCC+ | CCC+ | CCC | |
Caa2 | CCC | CCC | CCC | CCC | |
Caa3 | CCC- | CCC- | CCC | ||
Extremely Speculative Grade | Ca | CC | CC | CCC | CC |
C | CCC | C | |||
In Default with Little Prospect for Recovery | CD | RD | RD | ||
In Default | SD | SD | |||
C | D | D | D | D | |
DD | DD | ||||
DDD | DDD | ||||
Not Rated | NR | NR | NR | NR | NR |
FAQ
What is Spain’s current credit rating?
Spain’s sovereign credit rating reflects its government’s ability and willingness to meet debt obligations. It is assigned by major agencies such as S&P, Moody’s, Fitch, DBRS, and Scope, and represents how international markets view Spain’s credit risk.
Has Spain’s credit rating changed recently?
This page lists the latest rating and outlook actions for Spain, showing when each agency last reviewed or changed its assessment.
Why does Spain’s credit rating matter to investors?
Ratings directly affect borrowing costs, investor confidence, and market access. Changes can influence Spain's bond yields, currency, and equity flows as investors reassess risk.
How does Spain’s rating compare to other countries?
You can explore how Spain ranks globally using our Credit Ratings Hub, which displays all countries’ ratings from S&P, Moody’s, Fitch, DBRS, and Scope.
What do outlooks like Positive, Stable, and Negative mean?
They indicate the expected direction of a rating. Positive signals a possible upgrade, Stable means no change is likely, and Negative points to potential downgrade risk
What is the difference between investment grade and speculative grade?
Investment grade (BBB−/Baa3 or higher) means relatively low risk and steady market access. A speculative grade (BB+/Ba1 or lower) signals higher risk and volatility, but can attract yield-seeking investors.
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