Catalonia drops S&P ‘to save cash’

Catalonia cancelled its ratings contract with S&P Global last Friday to save costs, according to an official at its Treasury. But the source added that rating agency reports “don’t show the actual picture of Catalan finances” due to Spanish central government control.

  • By Craig McGlashan, Victor Jimenez
  • 10 Sep 2018

S&P rated Catalonia’s debt B+, the lowest score among the four rating agencies used for setting collateral requirements within the European Central Bank’s lending operations. The other three — Moody’s, Fitch and DBRS — rate it Ba3/BB/BB.

But a source at the Catalan Treasury said the decision to ...

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