Fitch upgrades ICO's outlook from "stable" to "positive" and confirms its rating
This improvement is linked to a similar revision, on 21 July, of the outlook for the Kingdom of Spain.
The credit rating agency Fitch has upgraded Instituto de Crédito Oficial's outlook from "stable" to "positive". This improvement is the result of a similar revision, on 21 July, of the outlook for the Kingdom of Spain, since ICO is explicitly, directly, unconditionally and irrevocably guaranteed by the state.
Furthermore, Fitch has ratified ICO's long-term issuer default rating (IDR) of BBB+.
Fitch has placed particular emphasis on ICO's continuous contribution to the Spanish economy and highlighted the strategic importance of the Institute's role as the financial wing of the Spanish state.