May 2 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)