Credit Rating Report

Madrid, City of: Rating Report

Sub-Sovereign Governments

Summary

DBRS Ratings GmbH (Morningstar DBRS) upgraded the Long-Term Issuer Rating of the City of Madrid's (Madrid) to A (high) from "A" and changed the trend to Stable from Positive. At the same time, Morningstar DBRS confirmed Madrid's Short-term Issuer Rating at R-1 (low) with Stable trend.

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