...MADRID (S&P Global Ratings) Oct. 31, 2017--S&P Global Ratings said today that the recent developments in the Spanish Autonomous Community of Catalonia should have no immediate effect on the sovereign ratings or outlook on Spain (###+/Positive/A-2). On Friday, Oct. 27, 2017, the Catalan regional parliament voted in favor of independence from Spain. The Spanish central government responded by invoking Article 155 of the Spanish constitution, which removed Catalonia's regional government from office and dissolved Catalonia's regional parliament. The central government also announced that new regional elections would be held on Dec. 21. In our view, orderly application of Article 155 and the frontloading of regional elections have reduced the likelihood of a short-term escalation of tensions. As stated in our previous releases, we do not believe that Catalan independence will occur. As we expected, no national government has recognized Catalonia as an independent state. The most prominent credit...
