Moody's Made a Statement About Spain

Moody's Made a Statement About Spain

International credit rating agency Moody’s commented on the Spanish economy affected by the outbreak. The new type of coronavirus (Covid-19) outbreak that emerged in China and influenced the whole world caused many deaths in Spain; had a negative impact on the country's economy.

Debt Burden May Increase

In the statement made by the international credit rating agency Moody’s, it was stated that the credit rating of Spain was "Baa1" and the credit rating was "stable". Moody's, evaluating the situation in the Spanish economy, announced that the country's economy is expected to grow by the second half of 2020. On the other hand, Moody's said that a considerable deterioration in Spain's financial structure is expected, adding that the country's debt burden is expected to increase.

"There Will Be A Serious Financial Deterioration In Spain"

Moody's Senior Vice President, Kathrin Muehlbronner, whose views were included in the statement made by Moody's, used the following statements regarding the issue: “In Spain, there will be a serious financial deterioration with the effect of the epidemic shock. But thanks to the policy actions of the European Central Bank (ECB), the country's financing costs will be positive. This will be an important factor in terms of Spain's financial criteria. ”