Fitch raises Madrid, Barcelona ratings to 'BBB+' from 'BBB'

Fri May 2, 2014 12:19pm EDT

May 2 (Reuters) - Fitch Ratings raised the long-term foreign and local currency issuer default ratings of Spain's Madrid and Barcelona to "BBB+" from "BBB."

Fitch said the ratings of Barcelona reflected the city's strong budgetary performance and debt metrics.

Madrid's ratings reflected its enhanced budgetary performance and debt stabilization, Fitch said in a statement. (r.reuters.com/han98v)

Fitch has also affirmed its short-term foreign currency issuer default rating (IDR) for the cities at 'F2'. (Reporting by Abinaya Vijayaraghavan; Editing by Kirti Pandey)

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