{"id":195,"date":"2024-11-13T15:18:06","date_gmt":"2024-11-13T14:18:06","guid":{"rendered":"https:\/\/www.gattimarco.com\/en\/?p=195"},"modified":"2024-11-13T15:19:38","modified_gmt":"2024-11-13T14:19:38","slug":"san-marino-rated-bbb-a-3","status":"publish","type":"post","link":"https:\/\/www.gattimarco.com\/en\/2024\/11\/13\/san-marino-rated-bbb-a-3\/","title":{"rendered":"San Marino rated \u201cBBB-\/A-3\u201d"},"content":{"rendered":"\n<figure class=\"wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-4-3 wp-has-aspect-ratio\"><div class=\"wp-block-embed__wrapper\">\n<iframe loading=\"lazy\" title=\"S&amp;P Global Ratings assegna a San Marino i Ratings BBB-\/A-3\" width=\"1180\" height=\"885\" src=\"https:\/\/www.youtube.com\/embed\/D-5sNj6g29A?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe>\n<\/div><\/figure>\n\n\n\n<p><strong>San Marino rated \u201cBBB-\/A-3\u201d by S&amp;P Global Ratings <\/strong><\/p>\n\n\n\n<p>The economic situation in San Marino is showing positive signs, as highlighted in the S&amp;P report. The main aspects and considerations for the country&#8217;s growth and economic stability emerging from the report are as follows:<\/p>\n\n\n\n<!--more-->\n\n\n\n<ol class=\"wp-block-list\">\n<li>GDP growth: Real GDP growth is expected to reach 1.0% this year and to accelerate further in the coming years, supported by robust domestic demand and a recovery in major trading partners.<\/li>\n\n\n\n<li>Association Agreement with the EU: S&amp;P has given a positive assessment on the conclusion of the Association Agreement, considered as an important opportunity to improve governance standards and promote economic growth, making the system more integrated and competitive.<\/li>\n\n\n\n<li>Banking sector: The restructuring of the banking sector through the Asset Management Company (AMC) contributed significantly to reducing non-performing loans (NPLs) from 55% to 24.6%.<\/li>\n\n\n\n<li>Public debt: Net public debt is projected to decline from 64% of GDP in 2023 to 60% in 2027, assuming no further direct support to the banking system.<\/li>\n<\/ol>\n\n\n\n<p>All this is a prerequisite to assign BBB-\/A-3&#8242; long- and short-term foreign and local currency sovereign credit ratings to San Marino, with a stable outlook. An improvement in the fiscal position could lead to a possible rating upgrade, especially if the public debt-to-GDP-ratio falls faster than expected.<\/p>\n\n\n\n<p>In conclusion, San Marino is on a sustainable growth path, supported by structural reforms and the opportunities of European integration. Monitoring the development of the banking sector and public debt management remains crucial to ensure long-term economic stability.<\/p>\n\n\n\n<p><strong><a href=\"https:\/\/www.gattimarco.com\/en\/wp-content\/uploads\/2024\/11\/RatingsDirect_ResearchUpdateRepublicofSanMarinoRatedBBBA3OutlookStable_59978724_Nov-13-2024-1.pdf\">Report S&amp;P Global Ratings<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>San Marino rated \u201cBBB-\/A-3\u201d by S&amp;P Global Ratings The economic situation in San Marino is showing positive signs, as highlighted in the S&amp;P report. The main aspects and considerations for the country&#8217;s growth and economic stability emerging from the report are as follows:<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-195","post","type-post","status-publish","format-standard","hentry","category-finance-and-budget"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>San Marino rated \u201cBBB-\/A-3\u201d - Marco Gatti<\/title>\n<meta name=\"description\" content=\"The economic situation in San Marino is showing positive signs, as highlighted in the S&amp;P report.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.gattimarco.com\/en\/2024\/11\/13\/san-marino-rated-bbb-a-3\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"San Marino rated \u201cBBB-\/A-3\u201d - 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