Spanish Regions Brief: After A Strong 2024, Tailwinds Will Fade

This report does not constitute a rating action. Editor?s note: S&P Global Ratings believes there is a high degree of unpredictability around policy implementation by the U.S. administration and possible responses--specifically with regard to tariffs--and the potential effect on economies, supply chains, and credit conditions around the world. As a result, our baseline forecasts carry a significant amount of uncertainty. As situations evolve, we will gauge the macro and credit materiality of potential and actual policy shifts and reassess our guidance accordingly (see our research here: spglobal.com/ratings). Data released by the Spanish Ministry of Finance on March 31, 2025, show an improvement in Spanish regions' budgetary performance compared to the previous year. Although we had anticipated this outcome, the results

...April 10, 2025 This report does not constitute a rating action. Editor's note: S&P Global Ratings believes there is a high degree of unpredictability around policy implementation by the U.S. administration and possible responses--specifically with regard to tariffs--and the potential effect on economies, supply chains, and credit conditions around the world. As a result, our baseline forecasts carry a significant amount of uncertainty. As situations evolve, we will gauge the macro and credit materiality of potential and actual policy shifts and reassess our guidance accordingly (see our research here: spglobal.com/ratings). Spanish regions improved their budgetary performance in 2024. Data released by the Spanish Ministry of Finance on March 31, 2025, show an improvement in Spanish regions' budgetary performance compared to the previous year. Although we had anticipated this outcome, the results were stronger than we had expected in many cases. This was mostly due to continuous economic...

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