The Community of Madrid is the first Spanish public sector issuer to mandate Scope Ratings

Rodrigo Robledo Tobar, General Director of Financial Policy and Treasury at Comunidad de Madrid said: “Scope is the first European credit rating agency to be accepted by the European Central Bank in its Eurosystem Credit Assessment Framework (ECAF). With mandating Scope, the Community of Madrid gains a broader view on its credit risks and reaffirms its support for a European rating agency.”

Alvise Lennkh-Yunus, Head of Scope’s Sovereign and Public Sector Team said: “The solicited rating underscores the growth of Scope’s sovereign and public-sector rating franchise as issuers and investors value an alternative to the oligopoly of US-based rating agencies.”

Scope rates the Community of Madrid, home to Spain’s national capital and a key financial hub in Spain, at A/Stable in line with the Kingdom of Spain.

The Community of Madrid demonstrates economic resilience, strong fiscal management and resilient budget performance, supporting the region’s robust market access and favourable financing conditions. Madrid also benefits from the region’s diversified and wealthy economy, with a GDP per capita 37% above the national average, driven by high-value sectors and significant foreign direct investment.

More news on Scope Group:

• Malta becomes latest sovereign issuer to mandate Scope Ratings (Oct 2024)
• Baden-Württemberg is the latest German Bundesland to mandate Scope (Sep 2024)
• France’s CADES mandates Scope; public-sector rating coverage grows (Sep 2024)
• German Bundesländer mandate Scope Ratings (Feb 2024)
• ECB accepts Scope Ratings in its credit assessment framework ECAF (Nov 2023)