OREANDA-NEWS. Fitch Ratings has withdrawn the City of Madrid's Long-term foreign and local currency Issuer Default Ratings (IDRs) of 'BBB+' with Stable Outlooks. Fitch has also withdrawn Madrid's Short-term foreign currency IDR of 'F2' and outstanding bonds ratings of 'BBB+'.

Under EU credit rating agency (CRA) regulation, the publication of sovereign (including by CRA definition regional or local authorities of a state) reviews is subject to restrictions and must take place according to a published schedule, except where it is necessary for CRAs to deviate from this in order to comply with their legal obligations.

KEY RATING DRIVERS
Fitch has withdrawn the ratings for commercial reasons. Accordingly, Fitch will no longer provide ratings or analytical coverage for the City of Madrid

RATING SENSITIVITIES
Not applicable.