Following Axesor Rating’s growth plan, Axesor has started the development of a common framework to analyse the creditworthiness of nonfinancial corporates. This report describes the Axesor Rating’s methodology to rate these companies. Axesor has not received any comments for this notification during the open period designated for allegations and comments.

Axesor Rating has assigned an unsolicited rating of A- with a stable outlook to the Republic of Chile in the initial rating report of the country.

Axesor Rating has downgraded its unsolicited rating on the Kingdom of Spain to A- with stable outlook due to the deep decline that the health crisis is causing on the economy and the public finances.

Axesor Rating affirms the credit rating of the Community of Madrid at A- with a change to negative outlook due to the foreseeable impact of COVID-19 over the economic performance and the public finances.

Axesor Rating publishes the sovereign rating of the Republic of Portugal, assigning it a BBB with a stable outlook.