The Andorran Financial Authority published an update noting that Standard & Poor’s has confirmed Andorra’s sovereign credit rating at A-/A-2 and revised the outlook to stable. S&P cited the strength of the Andorran economy, including GDP growth of 3.4% in 2024, solid public finances, low indebtedness of 30% of GDP, and international reserves of 12% of GDP. The move to a stable outlook was linked to the delayed materialisation of expected economic benefits from the Association Agreement with the European Union, slower than expected access by the Andorran banking system to direct liquidity, and limited data on external debt financing; S&P nevertheless continued to assess Andorra’s economic and fiscal strength positively despite global risks.
Andorran Financial Authority 2025-05-12
Andorran Financial Authority reports S&P affirms Andorra at A-/A-2 and revises outlook to stable
The Andorran Financial Authority announced that Standard & Poor’s affirmed Andorra’s sovereign credit rating at A-/A-2, revising the outlook to stable. This reflects Andorra's economic strength, with 2024 GDP growth at 3.4%, low public debt at 30% of GDP, and international reserves at 12% of GDP. The stable outlook is due to delayed economic benefits from the EU Association Agreement and slower banking system access to liquidity, despite positive assessments of economic and fiscal strength.