Standard & Poor's credit rating for Spain stands at A with negative outlook. Moody's credit rating for Spain was last set at Baa1 with stable outlook. Fitch's credit rating for Spain was last reported at A- with stable outlook. DBRS's credit rating for Spain is A with stable outlook. In general, a credit rating is used by sovereign wealth funds, pension funds and other investors to gauge the credit worthiness of Spain thus having a big impact on the country's borrowing costs. This page includes the government debt credit rating for Spain as reported by major credit rating agencies.


AgencyRatingOutlookDate
S&PA Negative Sep 18 2020
DBRSA Stable May 29 2020
DBRSA Positive Sep 20 2019
S&PA Stable Sep 20 2019
Moody'sBaa1 Stable Apr 13 2018
DBRSA Stable Apr 06 2018
S&PA- Positive Mar 23 2018
FitchA- Stable Jan 19 2018
FitchBBB+ Positive Jul 21 2017
S&PBBB+ Positive Mar 31 2017
DBRSA (low) Stable Apr 08 2016
Moody'sBaa2 Stable Feb 19 2016
DBRSA (low) Positive Oct 09 2015
S&PBBB+ Stable Oct 02 2015
DBRSA (low) Stable Oct 10 2014
S&PBBB Stable May 23 2014
FitchBBB+ Stable Apr 25 2014
Moody'sBaa2 Positive Feb 21 2014
Moody'sBaa3 Stable Dec 04 2013
S&PBBB- Stable Nov 29 2013
FitchBBB Stable Nov 01 2013
Moody'sBaa3 Negative Oct 16 2012
S&PBBB- Negative Oct 10 2012
DBRSA (low) Negative Aug 08 2012
Moody'sBaa3 Negative Watch Jun 13 2012
FitchBBB Negative Jun 07 2012
DBRSA (high) Under Review May 22 2012
DBRSA (high) Negative May 03 2012
S&PBBB+ Negative Apr 26 2012
Moody'sA3 Negative Feb 13 2012
FitchA Negative Jan 27 2012
S&PA Negative Jan 13 2012
FitchAA- Negative Watch Dec 16 2011
DBRSAA (low) Negative Dec 08 2011
S&PAA- Negative Watch Dec 05 2011
Moody'sA1 Negative Oct 18 2011
S&PAA- Negative Oct 13 2011
FitchAA- Negative Oct 07 2011
DBRSAA Negative Aug 17 2011
Moody'sAa2 Negative Watch Jul 29 2011
Moody'sAa2 Negative Mar 10 2011
FitchAA+ Negative Mar 04 2011
Moody'sAa1 Negative Watch Dec 15 2010
DBRSAA Stable Oct 21 2010
Moody'sAa1 Stable Sep 30 2010
Moody'sAaa Negative Watch Jun 30 2010
FitchAA+ Stable May 28 2010
S&PAA Negative Apr 28 2010
S&PAA+ Negative Dec 09 2009
S&PAA+ Stable Jan 19 2009
S&PAAA Negative Watch Jan 12 2009
S&PAAA Stable Dec 13 2004
FitchAAA Stable Dec 10 2003
S&PAA+ Positive Jul 30 2003
Moody'sAaa Stable Dec 13 2001
Moody'sAa2 Positive Watch Sep 19 2001
FitchAA+ Stable Sep 21 2000
FitchAA+ N/A Sep 01 1999
S&PAA+ Stable Mar 31 1999
S&PAA Positive May 06 1998
S&PAA Stable Feb 06 1996
FitchAA N/A Aug 10 1994
S&PAA Positive Jun 26 1989
S&PAA N/A Aug 01 1988
Moody'sAa2 Stable Feb 03 1988

 S&PMoody'sFitchDBRSTE
B+ B1 35
BBB BBB+ 62
CCC+ Caa1 CCC 21
CCC+ Ca CCC CCC 15
Ba3 B+ 16
BBB+ BB 55
AAA Aaa AAA AAA 100
AA+ Aa1 AA+ AAA 96
BB+ Ba2 BB+ 48
BB Ba2 50
B+ B2 B+ 35
BB- Ba3 BB- 40
B- Caa1 22
B B3 B 28
AA Aa3 AA- AA (high) 86
CCC+ Caa1 14
B+ B2 B 31
A+ A2 N/A 78
B+ B2 B 33
B B3 27
BBB+ A2 70
BB- Ba2 BB- BB (low) 42
BBB Baa1 BBB 60
B 25
N/A B2 30
B- B2 B 28
AAA Aaa AA+ AAA 100
B B- 27
Aa3 85
A+ A1 A- N/A 78
A+ A1 A+ A (high) 80
BBB- Baa2 BBB- BBB 57
CCC+ Caa1 20
B B2 B 31
BBB- Ba2 BBB- 51
Caa2 15
BBB- Ba2 BBB- BBB (low) 50
AA- Aa3 AA- 83
AAA Aaa AAA AAA 100
BB- Ba3 BB- 40
B- Caa3 B- 18
B B2 B+ 30
B- B3 B- 25
AA- A1 AA- AA (low) 83
B B2 B 30
AA Aaa AAA AAA 98
BB- Ba3 40
AA+ Aa1 AA+ AA (high) 96
AA Aa2 AA AA (high) 92
N/A Caa1 CCC 26
BB Ba2 BB 45
AAA Aaa AAA AAA 100
B- B3 B 23
BB- B1 BB BB (low) 37
SD
BB- Ba1 BB- 45
BB- B1 35
AA+ Aa3 AA- 90
BBB Baa3 BBB 58
A A2 A 75
BBB- Baa3 BBB- BBB 56
BBB Baa2 BBB 60
B- Caa1 B- 23
AA- A2 A+ A (high) 78
N/A Aa3 90
AA- A1 A+ 81
BBB Baa3 BBB- BBB (high) 61
Ba3 B+ 37
B+ B2 B+ 33
A+ A1 A A (high) 77
B+ B1 BB- 36
BBB- Baa3 BBB 56
B+ B2 B+ 33
AA- A1 AA 88
NR B2 30
Caa2 CCC 20
A+ A3 A- A (low) 73
D C RD 11
B 30
AAA 100
A+ A3 A A 75
AAA Aaa AAA AAA 100
Aa3 AA 87
BB- BB+ 45
A- A3 A- 70
B3 B 30
Caa1 25
A- A2 A+ A (high) 75
Baa1 65
BBB Baa1 BBB- BBB 60
B3 25
B B3 B 28
B+ B1 35
BBB- 55
BBB- Ba1 BB+ 53
CCC+ Caa2 CCC 14
Ba2 BB 45
AAA Aaa AAA AAA 100
AA Aaa AA 93
B- B3 B- 25
B3
B- B2 B 28
AAA Aaa AAA AAA 99
B+ Ba3 BB- 40
B- B3 B- 25
BBB+ Baa1 BBB 63
B- B2 30
BB Ba1 BB+ 46
BBB+ A3 BBB+ N/A 65
BBB+ Baa2 BBB 61
A- A2 A- A 71
BBB Baa3 BBB BBB (high) 71
D 0
AA- Aa3 AA- 85
CCC+ Caa2 CCC 20
BBB- Baa3 BBB- 55
BBB- Baa3 BBB 55
B+ B2 B+ 33
BB+ 55
A- A1 A 75
B+ Ba3 37
BB+ Ba3 BB+ 46
B+ 45
AAA Aaa AAA AAA 98
A+ A2 A A (high) 76
AA- A3 A A (high) 75
B3 25
BB- Ba1 BB 46
AA Aa2 AA- 86
A Baa1 A- A 71
B- Caa1 B- 26
B3 25
CCC Caa3 C 15
B3 30
AAA Aaa AAA AAA 99
AAA Aaa AAA AAA 100
AA- Aa3 AA- 83
B- B3 25
B2 35
BBB+ Baa1 BBB+ 65
B B3 30
BBB- Ba1 52
N/A B2 B 30
B+ B2 BB- BB (high) 36
B B2 B+ 31
B B3 B 26
AA Aa2 AA 90
AA Aa3 AA- AAA 91
AA+ Aaa AAA AAA 98
BBB Baa2 BBB- BBB (low) 55
BB- B1 BB- 38
SD WR RD 11
BB Ba3 BB 43
SD Ca C 30


Credit Ratings

TE S&P Moody's Fitch DBRS Description
100 AAA Aaa AAA AAA Prime
95 AA+ Aa1 AA+ AA (high) High grade
90 AA Aa2 AA AA
85 AA- Aa3 AA- AA (low)
80 A+ A1 A+ A (high) Upper medium grade
75 A A2 A A
70 A- A3 A- A (low)
65 BBB+ Baa1 BBB+ BBB (high) Lower medium grade
60 BBB Baa2 BBB BBB
55 BBB- Baa3 BBB- BBB (low)
50 BB+ Ba1 BB+ BB (high) Non-investment grade
speculative
45 BB Ba2 BB BB
40 BB- Ba3 BB- BB (low)
35 B+ B1 B+ B (high) Highly speculative
30 B B2 B B
25 B- B3 B- B (low)
20 CCC+ Caa1 CCC CCC (high) Substantial risks
15 CCC Caa2 CCC Extremely speculative
10 CCC- Caa3 CCC (low) In default with little
prospect for recovery
  CC Ca CC
5 C C C
0 D / DDD   In default
/ DD D
D
Standard & Poor, Moody's, Fitch and DBRS' sovereign debt credit rating is displayed above. In addition, the Trading Economics (TE) credit rating is shown scoring the credit worthiness of a country between 100 (riskless) and 0 (likely to default). Unlike the ratings provided by the major credit agencies, our index is numerical because we believe it is easier to understand and more insightful when comparing multiple countries. Arguably, our ratings are less likely to be manipulated because they are unsolicited and we are not paid in any way to provide countries with a rating. Technically, our ratings are based on a forward looking macro economic model which takes into account several leading economic indicators, financial markets and very little discretion. If you have any question please email us at contact@tradingeconomics.com