Photo: Barcelona Growth

Photo: Barcelona Growth

Last modified: 27/03/2013

The Fitch ratings agency confirms the strong economic-financial position of Barcelona

The agency assesses Barcelona as having a solid debt coverage ratio and a stable economy.

Fitch keeps Barcelona at the highest level that can be obtained in accordance with the current rating of the Spanish state's sovereign debt (which at this moment is BBB with a negative outlook). The aim of Barcelona, taking into account that this is the ceiling, is not to fall to a lower position.

The ratings agency noted that the treasury position of the City Council improved during 2012 and that the city didn't need to resort to the State's liquidity fund mechanism to deal with payments to providers. It also assessed Barcelona as having strong budgetary management with a solid debt coverage ratio and a stable economy. 

Fitch considers that the new government of the city has committed to comply with the new Budgetary Stability and Sustainable Finance Law approved last April. The Catalan capital has a good track record and results in budgetary management, demonstrated by the financial capacity of 60 million euros at the close of 2012 in terms of the European System of Accounting.

The city has a gross savings in excess of 20% and a very solid ratio of debt to current income (52.1%). Fitch expects this to be maintained in the mid-term.

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