???s???a ?? ap? t?? Fitch...????t???? s???pe?e? st?? p?st?t??? ?a?a?t??a t?? ???a? ?a e??e ? a?e?a?t?s?a t?? ?ata????a? ap? t?? ?spa??a. ??a?t?a? t??...
µe?????? t?? a?t???µ?? pe?????? ?a? t?? e?d???? ß????? t?? st?? ??????µ?a t??, ???d??e?e? ? e???st?a t?? s???????? ??????µ?a? t?? ???t???, e?t?µ? se ??es??? t?? a?af??? ? ????? a???????s?? Moody’s.
Ost?s? , ? a?e???t?t?? a?t?? e?t?µ?t?? p?ste?e? ?t? ? ?ata????a ?a e?a???????se? ?’ ap?te?e? tµ?µa t?? ?spa??a?, ?a??? ?f?sta?ta? a??µ? p???? eµp?d?a ??a ?a p?a?µat?p???se? t? ??µa t?? a?e?a?t?s?a?.
«? ?ata????a pa???e? s?ed?? t? 19% t?? ??? t?? ?spa??a? ?a? ap?te?e? t? 16% t?? s???????? p????sµ?? t?? ???a?, a?t?p??s?pe???ta? ep?s?? ??a ?at? ?efa??? ??? p??? ?????te?? ap? t?? µ?s? e????? ???, s??ep?? µ?a ???d?? t?? ?a ap?d???µ??e t?? ??????µ??? e???st?a t?? ?spa??a? ?a? a?t? ?a e??e ep?pt?se?? st?? p?st?t??? ?a?a?t??a t?? ???a?», t??????? st?? ???es? t??? ? ????a a?t?p??ed??? t?? Moody’s S??a ????s?? ?a? ? a?a??t??a ?a??s?? ?p????e?.
S?µf??a µe ta p?????st??? t?? a????s?? «? ?ata????a ?a e?a???????se? ?a ap?te?e? tµ?µa t?? ?spa??a?», ?a??? ?p?????? p???? eµp?d?a ??a ?a ep?te???e? ? a?e?a?t?s?a. ???µesa st??? s??p????? a?t???, ? ????? e?t?p??e? t?? «sta?e?? ?a? d???e?? a?t??es?» t?? ?e?t????? ??ß????s??, t?? ?pa??? ?esµ???? e??a?e??? sta ?p??a d??ata? ?a p??sf??e? t? ???t?? ?a? pa??????a ?? sf??µ?µet??se?? de?????? p?? ? «?a??? st????? st? d?ad??as?a ?p??e?peta?». ?a??????a, e?t?µ? p?? st?? pe??pt?s? p?? st? d?µ???f?sµa ?pe??s??se? t? ‘?a?’ st?? a?e?a?t?s?a, ? ???e??? ??µ???? e?????t?ta? ?a? ? µ???? s?µµet??? «p??a??tata ?a ?p?s?apta? t? ??µ?µ?t?t? t??».
?p?s??, ? ????? e?t?µ? p?? ?? p???t???? s??se?? a??µesa st? ?ad??t? ?a? t?? t?p??? ??ß????s? ?a «pa?aµe????? tetaµ??e?», ??t? p?? e?d??eta? ?a pe??p???e? t?? p??sp??e?e? ??a ?a ep?te???e? µ?a s??a??et??? ??s? p?? ?a a?tap?????eta? st?? e?seß? p??? t?? ?ata????a? ??a µe?a??te?? a?t???µ?a.
? Moody’s ?e??e? p?? ? «µ?a µe?a??te?? ap????t??s? p??? ?fe??? t?? ?ata????a?, e??a? p??a??? ?a ep?te???e? ded?µ???? t?? a?t???µ?st???? p??se??» ?a? e?t?µ? p?? ? ß??t?st? ??s? ?a ?ta? ?a ??a??p??????? ???sµ??e? ap? t?? ?????te?e? a???se?? t?? pe??????, ?p?? a?t?? p?? af????? t?? f????????? a?t?t??e?a, t? µeta????µ?s? t?? ???µat?d?t?s?? t??, a??? p??t?te e?t?? t?? p?a?s??? t?? ??µ?µ?t?ta? ß?se? t?? ?spa????? S??t??µat??.
? Moody’s p??e?d?p??e? ep?s?? p?? ?? d?a??????µe?e? s??????se?? µe t?? ?e?t???? ??ß????s? ???f????? ep?s?? a???t???? ep?p????? ?a? ??a t?? ?ata?a???? ??ß????s?, ?a??? t? ep?ped? t?? ??????µ?a? t?? a??????e?ta? st? "?a 3µe a???t???? p???pt????", p?? a?tap?????eta? se aµf?ß???? p???t?ta? fe?e????t?ta, p?? a????e? d?ad??µ??? ??a ep?p???? ?p?ß??µ?s?.
??t? ?a? se s??d?asµ? µe t?? p??a??t?ta ?a p???e? ? ???µat?d?t?s? t?? ?ata????a? ap? t? ?ad??t? µ?sa ap? t? ?aµe?? ?e?st?t?ta? (FLA), ??te? e? aµf?ß??? t?? p?st?t??? ??a??t?ta t?? ?ata????a? st? s????? t??.
????, ? Moody’s de? e??a? ? µ???? ????? a???????s?? p?? p??e?d?p??e? ??a t?? s???pe?e? µ?a? p??a??? a?e?a?t?s?a? t?? ?ata????a?. ?a? ? ????? Fitch t?? p??????µe?? eßd?µ?da d???e?µe st??? epe?d?t?? µ?a a????s?, st?? ?p??a ?e?????se ap? t?? ??s? ?t? ? p?st???pt??? ??a??t?ta t?? ?ata????a? p???e?ta? ?a ?p?ßa?µ?s?e? ap? t? ?e????? µ???? ?t? p??????????e t? d?µ???f?sµa. ?p?? ?a? ? Moody’s, ? Fitch e?t?µ? p?? ? a?e?a?t?s?a e??a? «ap??a??», a??? ep?s?µa??e? ?d?a?te?a p?? ? ???µ???s? t?? ??tas?? ?a ??e? a???t??? ap?te??sµata st?? a???????s? t?? ?ata????a?, ?d?a?te?a e?? ? ??? ?efa?a??? ap? t?? ??ß????s? «ap?d??aµ??e?, ? a??µ? d?a??pe?».
«?? s??se?? µe t?? ?e?t???? ??ß????s? e??a? s?µa?t???? ??a t? µ??f? t?? ?ata?a????? ??????, µ?a? ?a? ? pe????? e??a? ap???ta s??dedeµ??? µe t?? ??????µ??? st????? ap? t?? ?e?t???? ??ß????s?, µ?????t? ta ?e????ta s?et??? µe t? d?µ???f?sµa s????????? p??? t?? a???????s? p?? ???aµe t?? ??????, ?ta? ßa?µ?????saµe t?? ?ata????a µe "?? µe a???t???? p???pt????"», t????e? ? Fitch.
H ??????µ??? aßeßa??t?ta st?? ?spa??a ?pese t?? ?????st? ?at? ??t? µ???de?, st? 43, ?a??? ? e????a t?? ???a? de? ep???? ap? t?? ?e?p???t??? ?at?stas?, ??te ?a? ap? t?? p??e?a t?? "?ata?a?????", s?µf??a µe t?? te?e?ta?? de??t? ??????µ???? ?ßeßa??t?ta? t?? IESE, a??? t?? ?????st? a??µ? de? e??e e??a?e? se ??? t?? t? µ??e??? t? ??µa t?? d?µ???f?sµat?? ?p?? a?af??e? t? ????a??? ??a?t??e?? ??d?se??.