Photo: Barcelona Activa

Photo: Barcelona Activa

Last modified: 08/04/2014

Fitch underlines the strength and economic prosperity of Barcelona

The latest report from the international rating agency gives a very favourable evaluation of the budget settlement for 2013 and underlines its strong financial position in the medium term, maintaining the highest rating possible.

The latest report from the rating agency Fitch (published on 4th April), makes a positive assessment of Barcelona City Council's budget settlement for 2013, emphasising the solid budgetary results achieved and its economic prosperity in relation to national standards, the strength of the main financial indicators and metrics of the debt. 

These facts mean that the agency keeps the Catalan capital's rating at the maximum level allowed by the sovereign debt of Spain (BBB), as well as ensuring that Barcelona City Council continues to maintain a strong financial position in the medium term. 

The study also views positively the fact that Barcelona City Council set aside in its accounts a significant part of the advance from the Share of State Revenue, which the city will almost certainly have to return to central Government. 

Regarding debt, the report also highlights a strong cash position, which represents 47% of the debt at the end of 2013, meaning that lines of credit or state mechanisms will not have to be used to finance outstanding invoices to suppliers. Currently, 29.2 days is the average period for payments to the City Council's suppliers. 

For the Deputy Mayor for Economy, Business and Employment, Sònia Recasens, the report “highlights Barcelona's economic and financial strength and reinforces its image as the ideal city for economic growth and opportunities for the future”. 

The year 2013 closed with the implementation of 97.5% of the budget, equivalent to 2,246 million euros, and investments worth 356 million euros. In addition, the accumulated surplus of 23.5 million euros allows the continuation of the positive development shown over the last two years. 

Press release (Catalan) 

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