Investor Presentaiton
Navarra is a stable region
RATING
S&P analysis
•Navarra's high fiscal autonomy and sound finantial management make it more resilent in a stress
scenario than Spain.
•Navarra does not participate in spain's equalization system for funding regions.
•Navarra's economy is wealthier, more competitive and more export-oriented than Spain and competitive
industry, focused on internationally diverse markets, which partly mitigates its high concentration on
Spain's economy.
•Robust revenue growth and cost containment are helping reduce debt while strengthening Navarra's
liquidity cushion.
S&P has manteined the assessment of Navarre's stand-alone credit profile (SACP) at 'aa-'. The SACP is a
meaure of the intrinsic creditworthiness before taking into account any constrained arising from the
sovereign rating.
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Nafarroako Gobernua
Gobierno de NavarraView entire presentation