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The rating agencies S&P and Moody's maintain the rating of Spanish debt unchanged in the midst of the economic crisis unleashed by the impact of the coronavirus on the country's activity. However, S&P estimates that as a result of this impact, the Spanish economy will fall 1.8% in 2020, compared to the 1.5% growth previously forecast.

The review coincides with an unprecedented situation in the country. Spain has been in alarm since last Saturday, in a context marked by the impact of the coronavirus epidemic on the economy and the economic measures announced by the Government to mitigate its effect, as well as by the intervention of central banks.

In the case of Moody's, the agency has limited itself to maintaining the rating it has assigned to the country so far, that is, Baa1 with a stable outlook, and has announced that the next review will take place on September 18.

S&P, for its part, maintains the country note in a notable medium ( A ) with a stable outlook, although in its case it does explain in an extensive note what the consequences of the pandemic could be in the country's economy. Thus, after the 2020 recession, the agency predicts a significant rebound in GDP by 2021, which could grow more than 3.1%, compared to the 1.6% initially calculated, so that despite the negative impact of the coronavirus, growth It will be similar for the two years as a whole.

The Government has echoed this comment, "which demonstrates the solidity of the Spanish economy," according to a statement sent on Friday night by the Ministry of Economic Affairs.

"In any case, as the economic vice president, [Nadia Calviño] has reiterated in recent weeks, all forecasts, whatever they may be, must be taken with the utmost caution," added the note from the Executive.

The pandemic unleashed by the coronavirus is hitting the Spanish society and economy hard. Pedro Sánchez presented his plan to deal with the economic impact last Tuesday, which has meant the total paralysis of the country's activity. The package includes mobilizing 200,000 million euros to guarantee the liquidity of the companies until the companies can resume their operations again.

S&P lowered its growth forecast for Spain in 2020 to 1.3% in early March due to the impact of the pandemic, although last Tuesday the agency announced that it anticipated a recession in the Eurozone, with a 2020 contraction in GDP of between 0.5% and 1%, compared to the forecast in early March for an expansion of 0.5%.

According to the criteria of The Trust Project

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