The Moody's rating agency has concluded in a report that Spain and Portugal are better placed Italy to face the transition to the environment «postprogram of purchase of debt of the European Central Bank (ECB)».
The ECB has put an end to its debt purchase program that started in 2015, with which it has accumulated bonds worth 2.5 billion euros, of which 12.55% corresponded to Spanish debt securities.
In his report, Moody`s has explained that Italy, Spain and Portugal will need to continue diversifying its funding sources "To meet its still very high debt requirements" when the ECB finalizes its debt purchase program.
However, the rating agency has added that Spain and Portugal They are well placed to continue managingor this environment «posfin debt purchase program, while Italy will have to face more significant challenges », driven by its political and economic situation.
Spain: higher credit quality and demand
In its report, the agency has highlighted Spain its higher credit quality and robust demand from foreign investors, while in the case of Portugal it brings value to investors and funding sources that are increasingly diversified.
These factors, has placed both countries «In a comparatively good position» after the ECB debt purchase program, as the agency says. «Although we consider that the risks of a Liquidity crises for Italy are low, the massive sale made by non-resident investors as of May of this year means that the management of the transition will be more difficult for the country, "Moody's has warned.