Standard & Poor’s raises Aragón’s credit rating to A- with a stable outlook

The credit rating agency Standard & Poor’s has raised Aragón ‘s rating for 2023, placing it at ‘A- with a stable outlook’ , a rating that recognizes both the region’s solid economic health and its ability to maintain sustained growth . Since 2019, Aragón’s rating has remained at BBB+ , although S&P had already improved the  outlook to positive in 2024, anticipating a possible increase in its rating.

According to an analysis by Standard & Poor’s, Aragon will continue to grow in line with the national average and exceed the eurozone’s economic growth rates in the 2025-2027 period. The report, published Friday night, also highlights the region’s solid budgetary performance , which will allow it to reduce its debt level more quickly than previously expected.

According to S&P, this improvement in budget execution is due to both higher revenues and the ability to contain spending growth . It also underscores Aragon’s economic strength, which benefits from a diversified economy and remains attractive for investment projects in logistics, technology , and renewable energy .

The agency also highlights the prudent management carried out by the Government of Aragon in 2024, especially in spending control, including the advance of some extraordinary expenses planned for 2025 to the previous year. As an example, it points to the review of healthcare spending, which allowed for the identification of efficiency measures and reduction of payments in the healthcare sector during 2024.

Regarding debt, Standard & Poor’s believes that Aragón will maintain operating surpluses over the next two years, which will allow it to gradually continue reducing its debt ratio , which stood at 19.4% of regional GDP in February of this year . Even so, the agency forecasts slight budget deficits resulting from capital investments linked to the Recovery Plan .

The Aragonese economy, the report highlights, maintains a solid performance, with real GDP growth of 3.2% in 2024, reinforcing its solvency. Furthermore, Aragon has a GDP per capita almost 12% higher than the national average and the second lowest unemployment rate in Spain, standing at 8.1% . For all these reasons, Standard & Poor’s reaffirms its confidence in Aragon , a region that, thanks to its strong and diversified economy, and its solid financial management , is well positioned to continue growing and maintaining stability in the coming years.