There were celebrations at the Spanish treasury last month. Two days after secretary of state for the economy José Folgado presented Spain’s debt issuance plans for 2002 to investors in Madrid, Moody’s upgraded it.
The two-notch upgrade, from Aa2 to Aaa, proved that patience is a virtue, says Carlos San Basilio Pardo deputy director general for public debt, at the economy ministry’s treasury. “We’ve been arguing with Moody’s and Standard&Poor’s for a few years about the fact that we thought we should be upgraded,” he says.
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