Spain maintains its country risk rating at 'A2' (low risk) in the latest edition of the 'Coface Risk Review' from June 2026, placing it again among the advanced economies with a more favorable risk profile, despite the complex international context marked by the conflict in the Middle East, the rising cost of energy, trade tensions, and more restrictive financial conditions.
According to the data released by Coface, Spain only shares this level of risk within Europe with Portugal, the Netherlands, Belgium, and Sweden, ahead of powers like Germany, France, and the United Kingdom, which remain in the 'A3' category (satisfactory risk).
Globally, outside of Europe, the Spanish economy is at the same 'A2' rating as the United States, Japan, and Australia. The company also specifies that, although the growth of the Spanish economy will moderate in 2026, "it will continue to show solid performance, supported by private consumption and investment."
In contrast to Spain's stability, Coface has decided to downgrade the risk rating of eight countries, highlighting the declines of Indonesia, Malaysia, the Philippines, Vietnam, and Kuwait (from 'A4' to 'B'), Tanzania (from 'B' to 'C'), and Cambodia and Madagascar (from 'C' to 'D'), revisions that "reflect the greater impact that the conflict in the Middle East and tensions over energy supply are having on the most exposed economies."
In the Spanish sectoral analysis, the paper industry has seen its rating deteriorate from "high" risk to "very high," now positioned, along with the automotive sector, as the only two sectors in the country at the highest risk level.
On the opposite side, the pharmaceutical sector continues to be the best-performing activity as it remains the only one with a "low" risk rating, while construction, energy, ICT, retail, and transport remain at "medium" risk, and agri-food, chemicals, metallurgy, textiles, and wood continue to be classified as "high" risk.