Bulletin: Spain's Close Election Results Imply Prolonged Coalition Talks

This report does not constitute a rating action. MADRID (S&P Global Ratings) July 24, 2023--With a 33% share of the popular vote, center-right Partido Popular (PP) won Spain?s parliamentary elections on July 23, followed closely by the center-left Socialist Party (PSOE) with just under 32% of the total vote. Based on these results, neither the electoral block on the right (PP and Vox, according to announcements made by PP party leaders before the election), nor that on the left (PSOE and Sumar, currently in government) can reach 176 seats in the lower house, the required number to form a majority. As a consequence, we expect an extended period of coalition negotiations, and potentially a rerun of elections toward the end

...This unsolicited rating(s) was initiated by a party other than the Issuer (as defined in S&P Global Ratings' policies). It may be based solely on publicly available information and may or may not involve the participation of the Issuer and/or access to the Issuer's internal documents and/or access to management. S&P Global Ratings has used information from sources believed to be reliable based on standards established in our policies and procedures, but does not guarantee the accuracy, adequacy, or completeness of any information used....

Bulletin