Makrognosis

Spain Credit Rating & Sovereign Risk Score

Model scoreCode CREDIT:ES

Model score78 / 1009 Nov 2026
Grade equivalentA+model-implied
BandInvestment grade0–100 scale, 100 = strongest
Rank25th of 84economies scored

Makrognosis sovereign credit model scores Spain at 78 out of 100 as of 9 November 2026, equivalent to A+ on the familiar letter scale — investment grade.

The score is down 0.10 points from 78 on 1 October 2026.

That places Spain 25th of the 84 economies the model scores; Russia has the highest score at 100.

Key inputs include government debt of 101.4% of GDP, a fiscal balance of −2.4% of GDP, a current account balance of 3.2% of GDP.

This is a model-implied assessment built from official macroeconomic data. It is not a credit rating issued by S&P, Moody's or Fitch, and agency ratings are not reproduced here.

Spain sovereign credit score (0–100), 18 Jun 2026 – 9 Nov 20267072747678Robomacro
Spain sovereign credit score (0–100), 18 Jun 2026 – 9 Nov 2026. Source: Makrognosis sovereign credit model.

Score history

Assessment dateScoreGrade equivalent
9 November 202678.0A+
1 October 202678.1A+
31 July 202678.1A+
30 July 202676.5A
26 July 202677.0A
21 June 202670.4A-
18 June 202670.4A-
Get the Spain sovereign risk score in your code

Score, grade equivalent and inputs for 84 economies. Free tier available.

curl -H "X-API-Key: $MAKROGNOSIS_KEY" \
  "https://makrognosis.robomacro.com/v1/credit/ES"

# Python
import requests
r = requests.get("https://makrognosis.robomacro.com/v1/credit/ES",
                 headers={"X-API-Key": KEY})
score = r.json()["headline"]["score_0_100"]
Get a free API key → · API docs

What drives the score

The model's published inputs for Spain, from official national and international statistics.

InputValueVintage
GDP per capitaUS$40,0582026
Real GDP growth, 5-year average4.3%2026
Inflation, recent average3.6%2026
Government debt101.4% of GDP2026
Fiscal balance−2.4% of GDP2026
Current account balance3.2% of GDP2026
Foreign-exchange reserves2.0 months of imports2026
Net international investment position−42.7% of GDP2026
Governance (World Bank WGI composite)0.7542026

How Spain compares

#EconomyAs ofScore
1Russia9 Nov 2026100
2Turkey9 Nov 2026100
3Denmark9 Nov 202698
4Switzerland9 Nov 202696
5Netherlands9 Nov 202695
20France9 Nov 202682
21Singapore9 Nov 202682
22Jamaica9 Nov 202680
23Belgium9 Nov 202680
24Hong Kong9 Nov 202678
25Spain9 Nov 202678
26Estonia9 Nov 202676
27Italy9 Nov 202676
28Uruguay9 Nov 202675
29Portugal9 Nov 202675
30Poland9 Nov 202673
31Czech Republic9 Nov 202672

All 84 economies ranked →

Spain economic indicators

Spain GDP (Gross Domestic Product)Spain GDP at market prices, current prices, SA+calendarSpain Inflation Rate (CPI)Spain Core Inflation RateSpain Unemployment RateSpain 10-Year Government Bond YieldSpain Industrial ProductionSpain Retail SalesSpain Producer Price Inflation (PPI)Spain Current account balance (Banco de Espana balance of payments, BE_17_1.1), EUR millionsSpain Current account balance, % of GDPSpain Trade Balance: Goods & ServicesSpain Exports of goods and services, Current prices, million EURSpain Exports of goods and services, chain-linked volumeSpain Exports of goods, total trade (World), seasonally adjustedSpain Imports of goods and services, Current prices, million EUR

FAQ

What is Spain's credit rating?
Makrognosis sovereign credit model scores Spain at 78/100 as of 9 November 2026, equivalent to A+ (investment grade). This is a model-implied assessment built from official macroeconomic data. It is not a credit rating issued by S&P, Moody's or Fitch, and agency ratings are not reproduced here.
How is the sovereign risk score calculated?
A statistical model scores each economy from published inputs — government debt and fiscal balance, current account and external debt, GDP per capita and growth, inflation, reserves and governance — on a 0–100 scale where 100 is the strongest credit. It is re-run as the inputs update.
Where can I get the data?
Through the Makrognosis API: GET /v1/credit/ES returns the score history and inputs; /v1/credit/universe lists every economy.

This is a model-implied assessment built from official macroeconomic data. It is not a credit rating issued by S&P, Moody's or Fitch, and agency ratings are not reproduced here.

Last assessed 2026-11-09. Source: Makrognosis sovereign credit model.