...Credit Fundamentals: Spain's ratings are supported by governance indicators consistent with the `A' rating category and eurozone membership supporting institutional stability. These strengths are balanced against a still high public debt ratio. Snap Elections: Prime Minister Pedro Sßnchez has called snap elections on 29 November, nine months earlier than planned. This followed the defeat of two bills from the governing PSOE party in Congress to address the country's housing crisis, and intensifying nationwide protests over rising rents and insufficient housing supply. Opinion polls suggest that the opposition conservative Partido Popular (PP) will win the largest number of seats, but is likely to need support from the far-right, anti-migration Vox party to govern. Uncertain Fiscal Outlook: Spain's minority government has rolled over the 2023 budget for a third consecutive year, and the election outcome will determine whether a new government can secure a parliamentary majority to pass budgets...
