SPGI · News · 20261106N

Andorra Sovereign Rating Upgrade

S&P Global Inc. · 2026-11-06 · Importance 10 · Surprise 24

S&P Global Ratings upgraded Andorra’s long- and short-term sovereign ratings to 'A/A-1' from 'A-/A-2' on November 6, 2026. The upgrade cited stronger financial stability, fiscal performance, and access to the European Central Bank’s EUREP liquidity framework, which strengthens the Andorran Financial Authority’s lender-of-last-resort capacity. S&P projected solid budget and external surpluses through 2030, supported by fiscal discipline and economic growth.

Key facts

• S&P Global Ratings said Andorra’s new access to the European Central Bank's EUREP liquidity framework significantly strengthens the Andorran Financial Authority's capacity as a lender of last resort. source
• S&P Global Ratings assigned Andorra a stable outlook, reflecting projections of solid budget and external surpluses through 2030, supported by fiscal discipline and economic growth. source
• S&P Global Ratings upgraded Andorra’s long- and short-term sovereign credit ratings to 'A/A-1' from 'A-/A-2'. source
• S&P Global Ratings cited enhanced financial stability and robust fiscal performance as reasons for Andorra’s rating upgrade. source