Standard & Poor’s confirmed, in its note of Friday January 17th, Andorra’s rating at “BBB/A-2” and maintained the positive outlook established last July.
The text highlights the steps taken by the Principality of Andorra to join the International Monetary Fund, a fact which could lead to an improvement in the country’s rating. The rating agency also welcomes the progresses made to achieve an association agreement with the European Union and access to its internal market. Both situations are considered key elements to increase Andorra’s resilience to future financial crises, reduce reputational risks and improve the quality, transparency and standardization of statistical data.
On the other hand, Standard & Poor’s appreciates the new Government, led by Xavier Espot, for maintaining among its priorities the economic opening, the consolidation of the tax model and the regulation of the financial sector to adapt to international standards.
Finally, the rating agency highlights the good performance of the Andorran economy, which was better than the initial forecasts and those of the surrounding countries. The government’s balanced budgetary management is also leaning towards progressive debt reduction.

Text: Govern d’Andorra