Credit Rating Report

Madeira, Autonomous Region of: Rating Report

Sub-Sovereign Governments

Summary

DBRS Ratings GmbH (DBRS Morningstar) upgraded the Long-Term Issuer Rating of the Autonomous Region of Madeira to BBB (low) from BB (high) and Madeira's Short-Term Issuer Rating to R-2 (low) from R-4. At the same time DBRS Morningstar changed the trend on all ratings to Stable from Positive.

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