fitch

The rating agency Fitch reduced Catalonia’s long term debt’s appreciation, going from A to A- because of the expected weak economic growth. Nevertheless, Fitch recognised the efforts to reduce the public deficit carried out by the Catalan Government. Fitch has lowered the debt rating of five Spanish Autonomous Communities and given others a negative perspective for the future. The Catalan Ministry of Finance thought that the reduction is due to “the international situation” and stressed that efforts are already made.

The European Commission also recognised "a different effort" to the rest of Spain’s Autonomous Communities. Brussels said so when on Tuesday it asked Spain “to strictly control” the public “deficit and debt of regional governments”, the day after Moody’s rating agency warned about Catalonia’s expected deficit for 2011. The Spanish Government took note from this particular recommendation but not the other made by Brussels, which included increasing energy taxes and VAT. The Catalan Government criticised Moody’s for “creating alarm” with assessments that do not take into account the whole situation. In addition, it denounced how the Spanish Government has reduced its own deficit by transferring it to the Autonomous Communities.