“Fitch Ratings [...] evaluated the performance of regional public accounts and assigned the rating BBB, which corresponds to the first level of investment grade”, reads the information sent by the Finance Department to Lusa.
The note highlights that this classification is “the best financial rating obtained since 2011”, taking Madeira from speculative to investment grade.
This is also the same rating that was given to the Portuguese Republic and is better than the last rating given to the Azores, which was “BBB-” at the end of 2021.
“Fitch Ratings recognised that the fundamental trajectory and rigor in public management remained unchanged, despite the context of the pandemic crisis and in the midst of conflict in Europe”, says the coalition executive from Madeira.
“This rating level was assigned after a thorough analysis was carried out, with numerous quantitative variables and a wealth of qualitative information analysed, both in relation to the Region’s accounts and in terms of the quality of the financial management of public resources carried out by the Regional Government”.